Medoro Announces 2010 Third Quarter Financial Results

Medoro Resources Ltd. (TSX:MRS) announces its unaudited consolidated financial results for the three and nine month periods ended September 30, 2010.

The press release is quoted as saying:

For Q3 2010, Medoro reported a net loss of $3.9 million or $0.03 per share compared to a net loss of $2.7 million or $0.02 per share in the previous quarter (“Q2 2010″). The increase in net loss in Q3 2010 over Q2 2010 is primarily associated with an increase in administrative expenses incurred due to employment-related costs as well as the foreign exchange loss related to the effect of the appreciation of the Colombian Peso and the Venezuelan Bolivar against the Canadian dollar due to the Company’s future income tax liability denominated in these foreign currencies.

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