Mexoro Minerals Ltd. reported earnings results for the second quarter ending Aug. 31, 2009. Net loss for the quarter was $816,762, up from $2.23 million net loss for the same quarter the previous year.

Mexoro Minerals, Ltd., in a filing with the Securities and Exchange Commission said that, the company will raise additional capital. The company said, “We will require additional financing during the current fiscal year according to our planned exploration activities. We plan to spend approximately $2,050,000 from September 2009 to August 2010 to carry out exploration and administration activities on our Mexican mineral properties. We also anticipate spending approximately $1,500,000 during the next 12 months on general and administrative costs. At this time we do not have the necessary capital to initiate the exploration program and to cover general and administrative costs. We will need to raise additional working capital to maintain basic operations. We plan to raise those funds through the sale of equity or debt. Other than our definitive agreements signed with MRT and Paramount, at this time we do not have any other sources to raise additional capital for the Company and no assurance may be given that we will be able to find sources to raise additional capital. Failure to raise any additional capital would most likely require us to cease operations and abandon all of our exploration properties.”

On September 21, 2009, Manuel Flores and Steven A. Sanders resigned from Mexoro Minerals Ltd. board of directors. The resignations did not involve any disagreement on any matter relating to the company's operations, policies or practices. Effective upon his resignation, Mr. Flores entered into an employment agreement with the company pursuant to which Mr. Flores will serve as an operations manager of the company. Upon the resignations of Mr. Flores and Mr. Sanders, the company increased the size of its Board to four members and appointed George Young, John Clair and Mario Ayub to the Board. George Young and John Clair were appointed to the Board effective immediately upon the resignations of Mr. Flores and Mr. Sanders, and effective October 7, 2009, Mario Ayub will be appointed to the Board. In addition, the company has entered into an employment agreement with Mr. Young. Mr. Young will serve as Chief Operating Officer. Mr. Young previously served as Vice President and director of International Royalty Corporation from February 2005 to February 2008. Mr. Ayub, currently serves as President of MRT Investments Ltd. In addition to appointing Mr. Young as the Chief Operating Officer, the company appointed Salil Dhaumya as Chief Financial Officer and Secretary. Mr. Dhaumya will serve as the company's principal financial and accounting officer. Previously, Barry Quiroz had been serving as the principal financial and accounting officer.