Dorato soars on Peruvian acquisition plans (November 21, 2007)

Vancouver – Dorato Resources (DRI.H-V, DRIFF-O) has emerged from a trading halt with plans to acquire a major land package in northern Peru – straddling the border with Ecuador.

The strategic mineral concessions, in close proximity to several major discoveries on the Ecuadorian portion of the Cordillera del Condor gold-copper belt, are relatively unexplored with the region closed to exploration and mining until recently.

Dorato points out its Peruvian portion of the mineralized belt shares similar geology, structural setting and extensions of known trends to that across the border. The area hosts an abundance of placer gold occurrences but has essentially seen no drilling to test potential source rock.

In Ecuador the belt hosts Corriente Resources‘ (CTQ-T, ETQ-X) Mirador deposit of 431 million measured and indicated tonnes at 0.61% copper and 0.2 gram gold per tonne, Aurelian Resources‘ (ARU-T, AUREF-O) Fruta del Norte deposit with an inferred resource of 58.9 million tonnes at 7.23 grams gold (13.7 million contained oz. gold) and Ecometals‘ (EML-V, ECOMF-O) Condor project where drilling has intersected wide intervals of significant gold mineralization.

Dorato has four option agreements covering the roughly 55 km by 10 km swath of ground (comprised of the Vicmarama, Maqravilla, Lahaina 1 and Lahaina 2 properties) that sees the reactivated junior issuing 7.15 million shares and paying out US$1.22 million.

The company also has an agreement to purchase Compania Minera Afrodita, a private Peruvian company, for 3 million shares and US$8 million over three years. Afrodita owns mining concessions in the area of the claims being acquired by Dorato.

The transaction is deemed a change of business for Dorato, to the mining sector, and it will have to fulfill TSX-Venture exchange requirements including shareholder approval and completion of a filing statement plus National Instrument 43-101 compliant technical reports.

Dorato also plans a non-brokered private placement of up to $10.2 million – comprised of up to 17 million shares at 60 apiece to fund its planned acquisition and exploration programs.

After being halted in mid-October at 67 per share the company saw its shares climb to a high of $2.00 in November 21st trading before closing the day up 78 at $1.45 per share.