March 23, 2006
Medoro Resources invests in exploration rights in Venezuela

(Small Cap News) - "Gold exploration and development company Medoro Resources has secured the rights to the Lo Increible 4A and 4B exploration properties in the El Callao area of Bolívar, Venezuela by acquiring Panwest Seas Corporation in a cash and shares deal.

Medoro Resources said the Lo Incredible concessions have seen a siginificant amount of exploration work over the last 10 years. The Lo Incredible 4A and 4B properties, which total 2,216 hectares , are in an area where Crystallex, Gold Fields, Hecla Mining and CVG Minerven all have producing gold mines and are actively exploring for gold in the area.

The Lo Incredible concessions have indicated gold resource of 746,000 ounces , inferred resources of 548,000 oz and probable reserves of 225,000. Medoro said there are strong drill indications at five additional targets and excellent exploration potential on the concessions. It intends to initiate an aggressive exploration and resource definition programme on the properties".