BROOMFIELD, Colo., Jan. 26 /PRNewswire/ -- Mexoro Minerals Ltd (OTC Bulletin Board: MXOM) (the "Company") today announced progress in its plans to move the Company forward as an emerging gold producer. Form S-1 Registration Statement Declared Effective On December 23, 2009, the Company filed a registration statement on Form S-1 with the United States Securities Exchange Commission ("SEC") registering for resale the shares of common stock issued by the Company in its $2.5 millionSeptember 2009 private placement. Management is very pleased to announce that on Tuesday, January 12, 2010, the SEC declared the Form S-1 effective. As required by the SEC, the Form S-1 includes the Company's business summary; financial summary; risk factors; management description and compensation; any material legal agreements or proceedings; and finally management's discussion and an analysis of financial condition and results of operations. Because of its thorough description of the Company's activities, management encourages investors to read it as well as the subsequent documents the Company files with the SEC. The Form S-1 document can be obtained on the SEC website at www.sec.gov or on the Company's website at www.panamericangoldfields.com . Guazapares Sale Set to Close, Bringing $3.7 Million to the Company On July 8, 2009, the Company signed a definitive agreement to sell its Guazapares Project, located in southwestern Chihuahua, Mexico to Paramount Gold de Mexico, SA de C.V., the Mexican subsidiary of Paramount Gold and Silver Corp. ("Paramount") for a total consideration of up to $5.3 million USD. The payment on closing is $3.7 million. An additional $1.6 million will be paid to the Company if, within 36 months following execution of the agreement, either (i) Paramount Gold de Mexico SA de C.V. is sold by Paramount, either through a stock sale or a sale of substantially all of its assets, or (ii) Paramount's San Miguel project is put into commercial production. As a consequence of the sale, the Company will pay down a significant amount of its debt and strengthen its balance sheet, while fully funding the 2010 drilling program at its three properties from both sale proceeds and production revenues.