Saturday, August 22, 2009

Medoro Resources second quarter loss narrows to $0.5 million from $3 million

TORONTO - Junior gold mine developer Medoro Resources Ltd. (TSXV:MRS) says it narrowed its second quarter net loss to $0.5 million or one cent a share from $3 million or three cents a year ago.

The company had no metals revenues as it develops its operations through acquisitions, but cut quarterly operating expenses by $1.6 million year over year and reduced foreign exchange losses.

Medoro said it cut $1.2 million from general and administrative costs and reduced stock-based compensation by about $400,000. The Toronto company also benefited from an $800,000 decrease in other expenses, mainly from lower foreign exchange losses.

At the end of June, the company had cash and short-term investments of $8.1 million and no debt.

The company is focused on closing the acquisitions of Colombia Goldfields and Colombia Gold plc, which will give it significant interests in the historic Marmato gold district of Colombia.

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