Statement re Filing of 2006 Financial Statements
Medoro Resources Announces Notice of Default
TORONTO, May 4 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS, AIM: MRL)
announced today that it has filed a Notice of Default in respect of the
Company's inability to file its Annual Audited Financial Statements for the
year ended December 31, 2006 by the deadline of April 30, 2007. In connection
with the company's inability to file the Annual Financial Statements on time,
the Canadian securities regulators may issue a cease trade order. The Company
has applied to applicable Canadian securities regulators requesting that if a
cease trade order is issued, it be a management cease trade order (which
restricts trading in the Company's securities by the Company's insiders) as
opposed to an issuer cease trade order (which restricts all trading in the
Company's securities).
The Company is unable to file the Annual Financial Statements on time due
to delays in the integration of the Company's acquired business and for
reasons relating to reporting from the Company's recently established
Venezuelan office.
The Company currently expects to file the annual financial statements
within the next five days. Additional information is contained in the attached
Notice of Default.
Medoro Resources is a gold exploration and development company focussed
on acquiring properties of merit for potential joint ventures with senior
producers. Additional information on Medoro Resources can be found by visiting
the Company's website at www.medororesources.com.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
NOTICE OF DEFAULT
Pursuant to CSA Staff Notice 57-301
MEDORO RESOURCES LTD.
1. Medoro Resources Ltd. (the "Corporation"), a venture issuer, was
required to file its financial statements for the year ended
December 31, 2006 on or before April 30, 2007.
2. The Company is unable to file the Annual Financial Statements on time
due to delays in the integration of the Company's acquired business
and for reasons relating to reporting from the Company's recently
established Venezuelan office.
3. The Corporation expects to file financial statements within the next
five days.
4. June 30, 2007 is the date that is two months after the filing
deadline. The Corporation understands that the securities commissions
or regulators may impose an issuer cease trade order ("Issuer CTO")
if the financial statements are not filed by that time. The
Corporation further understands that an Issuer CTO may be imposed
sooner if the Corporation fails to file its default status reports on
time.
5. The Corporation intends to satisfy the requirement to issue a default
status report on a bi-weekly basis by providing specified disclosure
as long as it remains in default of the financial statement filing
requirement.
6. The Corporation is not subject to any insolvency proceedings.
7. There is no other material information concerning the affairs of the
Corporation that has not been generally disclosed.
For further information: Peter Volk, General Counsel & Secretary, (416)
603-4653, pvolk(at)medororesources.com
(MRS. MRL)
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