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| | July 28, 2010
Mundoro Announces Project Update
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| | VANCOUVER, BRITISH COLUMBIA - Further to the Mundoro Capital Inc. (TSX:MUN - News; the "Company", "Mundoro") press release dated March 19, 2010, the Company advises that it has received a letter dated July 26, 2010 from its Chinese partner in the Maoling joint venture again suggesting that the parties immediately terminate the joint venture. The July 2010 letter is in all material respects similar to the March 2010 letter Mundoro received from its Chinese partner, and does not address any of the points raised by Mundoro in its response to the March 2010 letter.
Mundoro does not intend to terminate the joint venture and liquidate the joint venture company and will respond to the July 2010 letter accordingly. The Company believes the work completed to date by its Chinese and international engineering firms and environmental consultants demonstrates that the Maoling Gold Project can be developed in a sustainable and responsible manner. The Company will continue its efforts, and continue to work with the Canadian Embassy, to engage the appropriate governmental authorities on the matter.
Mundoro Mining inc. is in discussions with various Chinese companies with respect to a strategic partnership in China. These efforts are in various stages of discussion with no certainty of completion.
The Company continues to carefully evaluate new resource opportunities at the project level and the corporate level and weigh these opportunities against the value they would create for shareholders and the necessity to conserve cash in order to maintain current activity and future developments. The Company maintains a low share count of 38.3 million shares and holds $10.7 million in cash as of the end of the second quarter.
About Mundoro Capital Inc.
Mundoro Capital Inc. is a Canadian based company which operates as a mineral exploration, development and investment company. The 100% ownership of Mundoro Mining, and its Maoling Gold Project, remains the key asset of the Company. Mundoro Capital will also evaluate and invest in other resource assets or companies in the natural resources field, which can create value for Mundoro Capital and its shareholders, using management's years of specialized experience in the capital markets focused on evaluating exploration and production assets, resource investment opportunities.
About Mundoro Mining Inc.
Our vision is to create value for all of our stakeholders from responsible mining. Our mission is to build a state of the art large scale gold mine at Maoling meeting or exceeding all applicable Chinese and international environmental standards. Mundoro Mining has a 79% interest in Maoling through a Sino-Foreign co-operative joint venture with the corporate arm of the Liaoning provincial government which owns 21%. Maoling is a feasibility stage gold deposit located in Liaoning Province, China and is one of China's largest gold resource deposits with 4.8 million contained gold ounces in the Measured and Indicated category and an additional 4.4 million contained gold ounces in the Inferred category. In 2005 a Reserve of 2.8 million ounces in the Probable category was the basis for the Pre-Feasibility Study. Thus far, two deposits that outcrop at surface have been outlined at Maoling in which disseminated, free-milling gold mineralization occurs within a sequence of metasedimentary rocks. The renewal of the exploration license for Maoling has been deferred pending the renewal of a business license for Mundoro Mining's joint venture company, Liaoning Tianli Mining Company Ltd.
Investors are encouraged to review 'Risk Factors' associated with the Maoling project as outlined in the Company's prospectus documents and other regulatory filings, available on the SEDAR website at www.sedar.com.
The pre-feasibility described herein was prepared to broadly quantify the Maoling Zone 1 deposit's capital and operating cost parameters, and to further the development of the project. It was not prepared for use as a valuation of the deposits, nor should it be considered to be a final feasibility study. The information contained in the Study reflects various technical and economic conditions at the time of writing that can change significantly over relatively short periods of time. There can be no assurance that the potential results contained in the Study will be realized. The study was prepared by AMEC Americas Ltd. under the direction and oversight of Mr. Mark Pearson P.Eng. of Vancouver, BC, an 'Independent Qualified Person' as defined by National Instrument 43-101. Resource estimation for the Zone 1 area in 2006 was carried out in the Brisbane, Australia office of Golder Associates Pty Limited, an international earth sciences consulting group under the direction and oversight of Dr. Andrew Richmond, MAusIMM, an 'Independent Qualified Person' as defined by NI43-101. Resource estimation for the Zone 4 area in 2001 was carried out by Dr. Peter D. Lewis, P.Geo., (Lewis Geoscience Services Inc.), an 'Independent Qualified Person' as defined by NI43-101. NI43-101 compliant technical reports for the pre-feasibility study and all reserve and resource estimates have been filed on the SEDAR website at www.sedar.com.
The statements herein that are not historical facts are forward-looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed under the heading "Risk Factors" in the company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.
The TSX has neither approved nor disapproved of the information contained herein. |
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