UPDATE 1-Medoro sees $30-$40 mln investment in Colombia mine

* Medoro plans $30 mln-$40 mln investment over two years

* Plans shares to be on Colombian stock market

(Adds details on investments)

BOGOTA, April 15 (BestGrowthStock) – Canadian gold company Medoro
Resources (MRS.V: ) plans to invest $30 million to $40 million
over two years in its recently purchased Colombian gold mine
operations, company general manager Juan Manuel Pelaez said on
Thursday.

Medoro recently agreed to purchase Frontino Gold Mines for
$200 million. Frontino has three gold mines in Colombia’s
northeastern province of Antioquia and only one of them is in
production with output at 44,000 ounces in 2009.

Pelaez said the company would seek to list its shares on
the Colombian stock market within about four months.

Medoro believes Frontino has significant potential to
expand the deposits and production. But, feasibility studies
are underway to determine the economic viability of the mines.

The Canadian company has been actively buying gold mines in
Colombia attracted by rich precious metal deposits and improved
security conditions under President Alvaro Uribe, who for two
terms has taken a hard line with leftist rebels.

In February, it concluded the acquisition of Mineros
Nacionales for $35 million in Caldas province.

Last year, it bought the entire share capital of Colombia
Gold PLC, a London-based gold and nonferrous metal ore mining
company, for about $20 million, and earlier this year it
concluded the purchase of Colombia Gold.

Investing Analysis

(Reporting by Diana Delgado, writing Patrick Markey in
Bogota, Editing by Bob Burgodrfer)

UPDATE 1-Medoro sees $30-$40 mln investment in Colombia mine