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Medoro Retains Investor Relations Services of The Capital Lab Inc.

TORONTO, ONTARIO--(Marketwire - Oct. 8, 2010) - Medoro Resources Ltd. (TSX VENTURE:MRS - News) announced today that it has retained the services of The Capital Lab Inc. to provide investor relations services, subject to regulatory approval. Capital Lab will develop and implement Medoro's investor communications and marketing program in support of the Company's growth strategy.The investor relations agreement dated October 6, 2010, is effective as of September 15, 2010, and terminates on September 1, 2011. The agreement may be terminated by Medoro of Capital Lab upon 30 days' written notice. Under the terms of the agreement, Capital Lab will be paid a monthly fee of $10,000 (plus applicable taxes) for its investor relations services, plus an additional fee relating to the preparation of Medoro's annual report. Medoro will reimburse Capital Lab for expenses incurred in connection with its investor relations services. Capital Lab is also eligible to participate in Medoro's stock option plan.Capital Lab is a Toronto-based company that provides strategic investor relations and business development solutions for international publicly listed companies in various industry sectors. It focuses on advising global companies during transition periods, as a part of their team, to provide immediate and full support throughout their growth and evolution.Neither Capital Lab or its Principal, Belinda Labatte, has any interest, directly or indirectly, in Medoro or its securities, or any rights or intent to acquire such an interest.Medoro also announced the resignation of Linda Dorrington as Director, Investor Relations of Medoro, effective as of September 30, 2010. The Company would like to thank Ms. Dorrington for her contributions to Medoro.About Medoro Resources Ltd.Medoro Resources Ltd. is a gold exploration, development and mining company with a primary emphasis on Colombia. The Company operates the producing Mineros Nacionales gold mine located in Zona Baja at Marmato and is conducting an exploration and in-fill drilling program at its Marmato Project to upgrade and expand its gold resources there.Medoro also holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela where it is continuing its efforts to obtain an exploitation permit to allow development of these gold properties when circumstances in Venezuela allow. Medoro owns interests in gold exploration properties in Mali in respect of which it is seeking possible joint venture partners to further explore these properties.Additional information on Medoro Resources Ltd. can be found on the Company's website at www.medororesources.com and by reviewing the Company's profile on SEDAR at www.sedar.com.This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements are detailed from time to time in the company's periodic reports filed with the British Columbia Securities Commission and other regulatory authorities. The company has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.Neither TSX Venture Exchange nor 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.