OTTAWA, ONTARIO--(Marketwire - 12/30/10) - Mazorro Resources Inc. ("Mazorro" or the "Company")(TSX-V:MZO - News)(Frankfurt:JAM - News) announces the closing of both a private placement offering of non-flow-through units and of flow-through shares (the "Offerings") for total gross proceeds of $1,611,250. The Offerings consisted of the issuance of 2,916,666 non-flow-through units (the "Units") at a price of $0.12 per Unit for gross proceeds of $350,000 and the issuance of 8,408,333 flow-through common shares at a price of $0.15 per share for gross proceeds of $1,261,250.Each Unit consists of one common share of the Company and one-half common share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share of the Company at a price of $0.20 per share for a period of 24 months expiring on December 30, 2012.Finder's fees payable in connection with the Offerings consist of cash commissions totalling $72,880 and non-transferrable compensation options to acquire 506,400 common shares at a price of $0.15 per share for a period of 24 months expiring on December 30, 2012.The Company's CEO and CFO acquired a total of 316,667 flow-through shares for total proceeds to the Company of $47,500. All securities issued in the Offerings are subject to a four month hold period from the closing date of the Offerings which will expire on May 1, 2011. Completion of the Offerings is subject to TSX Venture Exchange acceptance.Proceeds from the sale of flow-through shares will be utilized to fund drilling and other exploration costs for the Lapaska property in the Louvicourt Township of Quebec (the "Property") held under option from Adventure Gold Inc. (see Press Release of December 15, 2010). The Property is comprised of 26 claims covering an area of approximately 352 hectares located 20 kilometres east of the city of Val d'Or, in the eastern part of the Val d'Or gold mining camp, Quebec. The flow-through share proceeds will be used to fund these Canadian exploration expenses prior to December 31, 2011 at the latest. The Company intends to renounce the qualifying expenditures to subscribers for the year ended December 31, 2010. Non-flow-through funds raised pursuant to the Offerings will be used to fund expenses and initial consideration payable under the Lapaska property option agreement and for general working capital requirements.Subsequent to the closing of the Offerings Mazorro has 34,759,394 common shares outstanding.Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential mineralization) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, changes in world gold markets or markets for other commodities, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.Neither the TSX Venture Exchange or its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.