Private Placement

Medoro Resources Announces Completion of Private Placement

    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
    THE UNITED STATES OF AMERICA/

    TORONTO, March 20 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS/AIM: MRL)
announced today that it has completed a brokered private placement of
30,810,000 units at a price of $0.40 per unit, for gross proceeds of
$12,324,000. Each unit consists of one common share of the company and
one-half of a common share purchase warrant, with each whole share purchase
warrant being exercisable at a price of $0.60 for a period of two years from
the date of closing. GMP Securities L.P. acted as agent on the private
placement.
    All securities issued as part of this placement are subject to a
four-month hold period commencing on the closing date. The funds will be used
for the company's exploration programs in Venezuela and Mali and for general
corporate and working capital purposes.
    The private placement is being made in compliance with the rules of the
TSX Venture Exchange. Application has also been made for the common shares
issued pursuant to the private placement to be admitted to AIM. It is
anticipated that the common shares will be admitted to trading on AIM on March
26, 2008.

    Medoro Resources is a gold exploration and development company focused on
acquiring properties of merit for potential joint ventures with senior
producers. The company holds a 100% interest in the Lo Increible 4A and 4B
concessions in Venezuela and interests in eleven gold exploration areas in the
Republic of Mali. Additional information on the company can be found by
visiting the company's website at www.medororesources.com. Medoro's Nominated
Adviser for the purposes of AIM is Canaccord Adams Ltd. (Ryan Gaffney/Robin
Birchall), [phone].

    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE


For further information: Robert Doyle, Chief Executive Officer, (416)
603-4653, rdoyle(at)medororesources.com
(MRL)