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- MUNDORO COMMENCES THE 2025 SUMMER DRILL PROGRAM AT BORSKO WITH BHP
Vancouver, BC – June 23, 2025 – Mundoro Capital Inc. (TSXV: MUN | OTCQB: MUNMF | www.mundoro.com ) ("Mundoro" or the "Company") is pleased to announce the commencement of its summer drill program at the Borsko Project , part of the BHP-Mundoro option earn-in agreement in the Central Timok Magmatic Complex (" TMC ") in Serbia. The Borsko Project, covering approximately 40 sq. km, is strategically situated directly west of the established Bor Mine and lies along a parallel structural corridor within the highly prospective TMC. To date, exploration has identified several key targets. Notably, Target 1 (see Figure 1) is an undercover, well-preserved alteration lithocap, extending approximately 1.6 km by 1 km. This intact lithocap, representing the upper portion of a preserved hydrothermal system with classic alteration zonation indicative of a nearby porphyry, was initially identified through geophysical techniques and drill testing. Building on the understanding gained from Target 1, the exploration team has since identified a similar geophysical anomaly in the northwest portion of the license ( Borsko NW Target in Figure 1). The new Borsko NW Target will be the focus of an initial 1,000-meter drill hole. The drill rig was mobilized in June with drilling anticipated to conclude in Q3-2025 . The program is solely funded by BHP as part of the approved work program and operated by Mundoro’s operations team. The Timok region in eastern Serbia is a well known mining district with over a century of mining operations, with approximately 4 billion tonnes in porphyry systems across five known mines. The Timok Magmatic Complex is host to some of the largest copper-gold porphyry deposits in the western Tethyan Belt, including Cukaru-Peki (high sulphidation epithermal copper-gold and porphyry copper), the Bor Mining Complex (copper-gold porphyry), Veliki Krivelj and Majdanpek (both copper-gold porphyry open-pit mines), and the recently re-opened Cerovo porphyry copper-gold open-pit mine. The Company believes Borsko's strategic location within the prolific TMC positions it favorably for discovery. Figure 1 – Location Map of Borsko in Timok Region, Serbia. Qualified Persons The scientific and technical information described in this Press Release has been prepared in accordance with National Instrument 43-101. The scientific and technical information for this press release has been reviewed and approved by R. Jemielita, PhD, MIMMM, a Qualified Person as defined by NI 43-101 and Chief Geologist to the Company. About Mundoro Capital Inc. Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of mineral properties focused primarily on base and precious metals. To drive value for shareholders, Mundoro’s asset portfolio generates near-term cash payments to Mundoro and creates royalties attached to each mineral property optioned to partners. The portfolio of mineral properties is currently focused on predominantly copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA. For further information about Mundoro, please contact Teo Dechev, Chief Executive Officer, President and Director, +1-604-669-8055, or Shamil Devji, Investor Relations Manager at +1-604-669-8055. You can also visit Mundoro’s website www.mundoro.com . Caution Concerning Forward-Looking Statements This News Release contains forward-looking statements. Forward-looking statements can be identified by the use of forward-looking words such as "will", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue" or similar words or the negative thereof, and include the following: completion of earn-in expenditures, options and completion of a definitive agreement by the parties. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the mineral potential of the Company’s projects, the Company's future strategy and business plan and execution of the Company's existing plans. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, as there can be no assurance that they will occur and they are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, exploration results, commodity prices, changes in law, regulatory processes, the status of Mundoro's assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedar.com . Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
- MUNDORO REPORTS Q1-2025 FINANCIAL RESULTS AND PROGRESS ON EXPLORATION PROGRAMS
May 30, 2025 Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN | OTCQB: MUNMF | www.mundoro.com ) (" Mundoro " or the " Company ") announces the operating and financial results for the quarter ended March 31, 2025. The Financial Statements and Management’s Discussion and Analysis (MD&A) for Q1-2025 are filed on SEDAR+, and are available on Mundoro’s website under the heading Investors . All amounts are expressed in Canadian dollars unless otherwise indicated. Q1-2025 Financial Summary ● Cash Position: As of March 31, 2025, the Company held $5.2 million in cash and cash equivalents and no long-term debt. The working capital for the company is $1.9 million. ● Fees Earned: The Company’s fee income, which includes interest, operator fees, option payments, and miscellaneous income, decreased to an aggregate of $740,392 in Q1-2025 compared to $790,957 in Q1-2024, primarily due to a reduction in management fees received resulting from fewer partner-funded programs. ● Exploration and Project Evaluation Expenditures: The exploration expenditures, the majority of which are sole-funded by partners, were lower at $1,759,690 in Q1-2025 compared to $2,637,541 in Q1-2024 primarily due to a decrease in the number of partner-funded budgeted exploration work programs. Recoveries from option partners in Q1-2025 were $1,451,815 compared to $2,584,073 in Q1-2024, resulting in net exploration costs of $307,875 in Q1-2025 and $53,468 in Q1-2024. ● Corporate Expenses: Corporate expenses in Q1-2025 were $296,732 compared to $267,522 in Q1-2024, representing an increase of $29,210 or approximately 9%. The change primarily reflects timing differences related to the accrual of 2025 audit fees. ● Net Income: For the quarter ended March 31, 2025, the Company recorded a net income of $451 ($0.00 per share), compared to a net income of $436,265 ($0.00 per share) for the quarter ended March 31, 2024. Q1-2025 Exploration Summary and Exploration Plans BHP-Mundoro Projects, Serbia Borsko ● Passive Seismic and Ground AMT Survey Completed: Fieldwork for a passive seismic survey was completed. The final report and subsequent 3D inversion model were received in Q1-2025. This geophysical technique provides an additional layer of subsurface data for target refinement. Additionally, a ground AMT survey was completed. The 3D inversion model from BHP is expected to be completed in Q2-2025. ● Green Rock Analysis: Fifty samples were selected for Green Rock analysis. This analysis will provide additional geochemical data for refining targeting. The geochemical results from the study were received in Q2-2025 with additional targeting in mid 2025. ● Optimizing Drill Locations for Porphyry Source Testing: The exploration team analyzed all available data to determine optimal drill locations, identifying a new target area in the NW part of the license. ● Exploration Plans: Drill Program Planning ○ Drill Program Planning: Exploration plans for Q2-2025 prioritize preparation for commencing drilling at NW target area, as well as additional targeting and comprehensive planning for future drilling. ○ New Targeting: Additional targeting initiatives are also planned for completion in H2-2025. Trstenik ● Central Target Area Mapping: Mapping in the central target area was completed, focusing on new road cuts, intrusive outcrops and delineation by the geophysical models anomalies. This mapping enhanced geological understanding by documenting exposed alteration and mineralization, quartz veining systems, and structural controls on potential mineralization at depth, as well as connecting the geophysical anomalies to geological objects. ● Structural Analysis and Data Interpretation: Structural analysis and comprehensive data interpretation took place in Q1-2025. This integrated analysis will guide further exploration planning and target refinement for the remainder of 2025. ● Exploration Plans: Drill Program Planning ○ North-Central Target Area Drill Program: The delay in receiving forestry permit approval, for the north-central target area drill program, has delayed the start of the drill program from Q4-2024 to 2025. Although the forestry permit approval is understood to be in the final stages, final timing for approval is unknown. Upon approval of the required forestry permits related to drilling, execution of the drill program in the north-central target area is a key priority for H1-2025, representing a step forward in the project’s exploration. South Timok ● During Q1-2025, structural interpretations were completed across the Vitanovac, Ponor, Lipovica, and Orlovac license areas. This work aimed to integrate geophysical data to define key structural features potentially linked to mineralization. Concurrently, additional geophysical fieldwork advanced, with ground Audio-Magnetotelluric (AMT) infill surveys completed at Lipovica and Orlovac, and a ground gravity survey commenced at Orlovac to help identify potential targets in covered terrains. Mundoro Owned Projects, Serbia Serbia : Mundoro holds approximately 419 sq km of exploration licenses in Serbia, primarily within the prolific Timok Magmatic Complex (TMC), known for significant copper-gold deposits like Bor, Majdanpek, and Cukaru Peki. The area benefits from established infrastructure. In Q1-2025, the Company’ primary objective was to advance the targeting work to clearly demonstrate the value of these licenses to third-party mining companies. The Company is progressing discussions with third party mining companies in order to potentially option this package of licenses. JOGMEC-Mundoro Project, Bulgaria The JOGMEC-Mundoro EE1 copper project in Bulgaria is prospective for sediment-hosted stratiform copper. JOGMEC completed Stage One earn-in (Q3-2022), and exploration work has been conducted. While drill locations were submitted for permitting and a positive Appropriate Assessment was initially received, objections filed in court delayed the process. Although the courts terminated the objections in Q1-2025, an appeal has been filed, further prolonging permitting and delaying the planned 1,800-meter drill program. Scheduling and commencement of this program remain dependent on the final resolution of the permitting process and receipt of all government approvals. Mundoro Owned Projects, USA Dos Cabezas Project – Arizona: Advancing Porphyry Copper Targets : Mundoro's 100%-owned Dos Cabezas Project, available for joint venture, covers approximately 61 sq km in Southeast Arizona's Laramide magmatic arc. Situated 150 km east of Tucson, and south of the Safford district, exploration has defined six targets: four with surface porphyry copper signatures and two representing potential covered centers in the pediments. Q1-2025 activities included submitting samples for geochronology (confirming Laramide ages, with further results expected Q3-2025), conducting partner site visits, performing fieldwork at the Elma target, and refining the Mescal Canyon geological model with 2023 drill data. Copperopolis Project – Arizona: Generative Fieldwork and Target Generation : Located in Yuvapi County, northwest Arizona, the Copperopolis Property features historic high-grade Au-Cu veins and is considered prospective for deeper Laramide-age porphyry systems, with a target identified near the San Juan Mine. Completed work includes historic vein evaluation, detailed mapping at San Juan (identifying NE-trending dikes, breccias, and weak-to-moderate porphyry-style alteration), and high-resolution drone imagery. Q1-2025 saw a BLEG geochemical survey (results expected Q2-2025), detailed mapping confirming a sheeted dike complex, and geochronology (U-Pb results Q2-2025 consistent with nearby operating mines). Picacho Project – Arizona: Unlocking Covered Porphyry Potential : The Picacho Project, wholly owned by Mundoro and available for partnership, encompasses a 105 sq km land package (State Permits and Federal Claims) in central Arizona. It is strategically located within a cluster of major porphyry copper deposits. Exploration efforts have identified three covered target areas, either untested or only partially tested, indicating potential for concealed porphyry systems. In Q1-2025, geochronology work was undertaken, with results received in Q2-2025 confirming a Laramide age (68Ma) for a key igneous unit, consistent with the regional mineralizing events. Generative Programs: Mundoro is actively evaluating new opportunities: ● Serbia: Evaluating areas in Cretaceous and Tertiary Belts. ● USA: Targeting copper in Arizona's Laramide Belt and other Western US belts. ● Global: Evaluated three additional geological belts, focusing on copper. Qualified Persons The scientific and technical information described in this Press Release has been prepared in accordance with National Instrument 43-101. The scientific and technical information for this press release has been reviewed and approved by R. Jemielita, PhD, MIMMM, a Qualified Person as defined by NI 43-101 and Chief Geologist to the Company. About Mundoro Capital Inc. Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of mineral properties focused primarily on base and precious metals. To drive value for shareholders, Mundoro’s asset portfolio generates near-term cash payments to Mundoro and creates royalties attached to each mineral property optioned to partners. The portfolio of mineral properties is currently focused on predominantly copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA. Follow Mundoro’s weekly updates from the field on: LinkedIn and X @Mundoro For further information about Mundoro, please contact Teo Dechev, Chief Executive Officer, President and Director, +1-604-669-8055, or Shamil Devji, Investor Relations Manager at +1-604-669-8055. You can also visit Mundoro’s website www.mundoro.com . Caution Concerning Forward-Looking Statements This News Release contains forward-looking statements. Forward-looking statements can be identified by the use of forward-looking words such as "will", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue" or similar words or the negative thereof, and include the following: completion of earn-in expenditures, options and completion of a definitive agreement by the parties. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the mineral potential of the Company’s projects, the Company's future strategy and business plan and execution of the Company's existing plans. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, as there can be no assurance that they will occur and they are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, exploration results, commodity prices, changes in law, regulatory processes, the status of Mundoro's assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedar.com . Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
- MUNDORO REPORTS 2024 FINANCIAL AND EXPLORATION SUMMARY AND 2025 OUTLOOK
April 29, 2025 Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN | OTCQB: MUNMF | www.mundoro.com ) (" Mundoro " or the " Company ") announces the operating and financial results for the year ended December 31, 2024. The audited Financial Statements (FS), and Management’s Discussion and Analysis (MD&A) for 2024 are filed on SEDAR+, and are available on Mundoro’s website at www.mundoro.com under the heading “Investors”. All amounts are expressed in Canadian dollars unless otherwise indicated. Mundoro's CEO, Teo Dechev, noted that fiscal year 2024 was a period of focused execution. Core activities involved continued exploration within partnered projects, assessment of new opportunities, and technical progression of available properties to facilitate third-party option discussions. Over a two-year perspective, the company's financial results illustrate a disciplined and sustainable business approach, allowing the reinvestment of the positive cash flow from 2023 into 2024 initiatives. In 2024, capital was allocated to advance targets across the property portfolio. The exploration conducted in 2024 has enhanced the attractiveness of the Company's properties, positioning them favorably for new partnerships. Discussions are ongoing with potential partners, indicating continued interest in the properties. 2024 Year End Financial Summary ● Cash Position and Working Capital: As of December 31, 2024, the Company held $6.32 million in cash and cash equivalent and held $1.96 million in working capital. The Company has no long-term debt. ● Fees Earned and Net Option Payments Received: Fees earned, including operator and option fees, were $1.11 million in fiscal year 2024. ● Exploration and Project Evaluation Expenditures: Total exploration and project evaluation expenditures conducted on the Company's properties were $6.91 million in fiscal year 2024. Of this amount, $6.01 million was recovered from option partners, resulting in net exploration costs to the Company of $0.90 million for the year. These net exploration costs are primarily attributable to the Company's internally funded Project Generative operations. ● Corporate Expenses: Corporate expenses in fiscal year 2024 were down 7.7% from the prior year to $1.26 million. 2024 Exploration Summary and 2025 Outlook BHP-Mundoro Projects, Serbia Borsko: Evaluating a Preserved Alteration System through Advanced Techniques Located in the central Timok Magmatic Complex, directly west of the Bor Mine, exploration of the Borsko Project is for significant copper-gold mineralization. Building on the discovery of an undercover alteration lithocap (Target 1), 2024 activities involved structural interpretations, mineralogy and petrography analysis, petrophysical measurements, and detailed structural mapping. Extensive geophysical surveys, including passive seismic and ground AMT, were completed or significantly advanced in late 2024, with final reports and 3D models received in Q1 2025 to optimize future drill locations. Exploration plans for early 2025 prioritize integrating these advanced datasets to finalize target definitions and develop a comprehensive drill program. Trstenik and Crvena Zemlja: Systematic Exploration and Drill Program Advancement Immediately north of the Majdanpek copper porphyry Mine, the Trstenik project is strategically positioned within the northern Timok Magmatic Complex, with targets showing similarities to Majdanpek's porphyry and associated skarn mineralization. 2024 saw extensive systematic exploration, including receiving results from late 2023 drilling and passive seismic surveys, completing a ground AMT survey and inversion analysis, detailed mapping and sampling across multiple areas, and comprehensive geochemical and structural analysis. Importantly, a drill proposal was developed and logistical readiness was significantly advanced for a planned drill program in the North-Central target area, demonstrating clear progress towards drill testing high-priority targets in 2025, while data analysis and 3D modeling continue for the southern targets. The delay in receiving forestry permit approval, for the north-central target area drill program, has delayed the start of the drill program from Q4-2024 to 2025. Although the forestry permit approval is understood to be in the final stages, final timing for approval is unknown. Vitanovac: Geophysical Surveys and Structural Interpretation for Target Generation Located as the southern extension of the Timok Magmatic Complex, the Vitanovac license is prospective for porphyry and epithermal copper-gold mineralization associated with intrusions. Building on initial stream sediment anomalies, 2024 exploration focused on completing extensive geophysical surveys, including ground AMT, gravity, and magnetic surveys, following receipt of results from late 2023 drilling. Processed results from these surveys were received, and structural interpretation completed in Q1 2025. Future plans prioritize the comprehensive interpretation and 3D modeling of all collected geophysical data in H1 2025 to generate refined drill targets for future exploration activities on this frontier license. Ponor: Geophysical Surveys to Refine Anomalous Geochemical Targets The Ponor license, situated within a geologically prospective setting, is host to compelling gold, copper, lead, and zinc geochemical anomalies in the North and South target areas. 2024 exploration activities built upon these anomalies through comprehensive reconnaissance mapping, rock sampling, and the completion of multiple ground geophysical surveys, including ground AMT (with infill), gravity, and magnetic surveys. Processed results for these surveys were received, and structural interpretation was completed in Q1 2025. Future plans focus on the integrated interpretation and modeling of all collected geochemical and geophysical data in early Q2 2025 to define specific drill targets. Lipovica: Geophysical Surveys for Subsurface Intrusive Target Identification Adjacent to the Ponor license, the Lipovica area presents an attractive exploration target for mineralization potentially associated with subsurface intrusive bodies beneath sedimentary cover sequences. 2024 activities involved completing comprehensive grid-based soil sampling, reconnaissance mapping, rock sampling, and multiple ground geophysical surveys including gravity, AMT (with infill commenced), and magnetic surveys. Processed results from the completed surveys were received, and structural interpretation was completed in Q1 2025. Remaining geophysical fieldwork was completed in Q1 2025 and finalization of integrated interpretation and modeling in Q2 2025 to delineate potential intrusive targets under cover. Orlovac: Gravity and Magnetic Surveys for Greenfield Exploration The Orlovac license is located adjacent to the Ponor and Lipovica licenses and interpreted to have potential for intrusive-related mineralization. As a greenfield exploration effort in 2024, the Company rapidly advanced initial exploration, completing grid-based soil sampling (with results received), reconnaissance mapping, rock sampling, ground AMT, and ground magnetic surveys, while commencing a ground gravity survey and AMT infill survey in Q4 2024. Structural interpretation was completed in Q1 2025. Exploration plans for early 2025 prioritize completing remaining geophysical fieldwork and conducting comprehensive interpretation and modeling in Q2 2025 to define initial exploration targets within this prospective new license area. JOGMEC-Mundoro Project, Bulgaria EE1 Copper Project: Unlocking Sediment-Hosted Copper Potential The EE1 Copper Project in northwest Bulgaria, a joint venture with JOGMEC, is prospective for sediment-hosted stratiform copper, a deposit type found in world-class regions like Kupferschiefer, Poland, and the Central African Copperbelt. Extensive systematic exploration completed by the joint venture, including comprehensive soil geochemistry, detailed geological mapping, an AMT geophysical program, and a drone magnetic survey, have been instrumental in identifying high-priority drill targets. Building on these results, Mundoro has been diligently advancing the drill permitting process throughout 2024 and early 2025, securing a positive Appropriate Assessment (AA) decision from the Ministry of Environment and Water (MoEW) in Q4 2024. Initial objections were received to the MoEW AA decision and then terminated by the courts in Q1 2025. An appeal process remains available, which could affect the final permitting timeline for the planned 1,800-meter drilling program designed to test these high-priority targets. After receipt of all necessary permissions from government agencies, Mundoro can then initiate the drilling program. Mundoro Owned Projects, Serbia Skorusa: Advancing Target Definition Located near the active Bor and Cukaru Peki mines, the Skorusa license is 100% owned by the Company, which is actively seeking new partnerships. Building on results from previous drill campaigns, 2024 activities focused on integrating assay, soil, and passive seismic data from the Vale funded 2023 exploration programs to advance data-driven target definition, particularly in the Skorusa West Zone. Future plans include evaluation of the Zlot 1, 2, 3, and Glavica targets, with continued engagement with potential partners to advance exploration on this license. Oblez: Utilizing Geophysics for Enhanced Targeting Situated adjacent to the Skorusa license and benefiting from proximity to known mineralization, the Oblez license is 100% owned by the Company, which is seeking partnerships to advance exploration. In 2024, the focus was on integrating passive seismic survey results received from 2023 to enhance targeting, particularly along the western edge of the sedimentary basin, an area of interest due to its potential for mineralization styles similar to the nearby Coka Rakita discovery. Future exploration plans are centered on data-driven target evaluation guided by comprehensive analysis of all available geophysical data. Branik: Proximity to World-Class Mining Operations Strategically located within the highly prospective corridor between the Bor, Veliki Krivelj, and Cukaru Peki mines, the Branik license is 100% owned by the Company, which seeks partners to explore this key location. 2024 activities included receiving and initiating the analysis of results from the Q4 2023 drill program and passive seismic survey. Future exploration plans aim to integrate this passive seismic data with structural interpretations to refine target models and advance the understanding of mineralization potential within this strategically located area. Bobot and Odej: Extensive Hydrothermal Alteration The Bobot and Odej licenses, located southwest of the Bor Mine, contain a 14 sq.km hydrothermal alteration zone with compelling epithermal and porphyry potential, including historical gold assay results at Tilva Rosh. 100% owned by the Company which is seeking partners, 2024 activities focused on receiving and reviewing results from late 2023 drilling (Markov Kamen South) and passive seismic surveys (Tilva Rosh), further refining target definitions. In Q4 2024, updated presentations highlighting refined targets and vectors to potential porphyry sources were prepared for potential partners, to facilitate the ongoing discussions for these licenses, with future plans focusing on refining targets at Tilva Rosh and Markov Kamen. Odej South and Gramada: Target Delineation Interpreted to host an 8 km southern extension of the significant hydrothermal alteration zone found at Bobot and Odej, the 127.1 sq.km Odej South and Gramada licenses are wholly owned by the Company, which is actively seeking partnerships. Four promising targets were identified historically, and 2024 activities included receiving assay results from late 2023 drilling at Bacevica North. Proactive steps were taken in Q3 and Q4 2024 to update partner presentations, clearly communicating project potential and progress to attract joint venture investment. Future plans are designed for targeted evaluation of key prospects within both license areas, including Gorunov and Bacevica North (Odej South) and Orlovo, D-vein, Prekostenski, and Bukova (Gramada). Mundoro Owned Projects, USA Dos Cabezas Project – Arizona: Advancing Porphyry Copper Targets through Exploration The 100% owned Dos Cabezas Project, strategically located in the prospective Laramide magmatic arc of Southeast Arizona and actively offered for partnership, covers approximately 61 sq.km with multiple land tenures. Exploration has identified six target areas, including four with compelling surface porphyry signatures and two potentially concealed under shallow cover. A significant step was the completion of the permitted Phase 1 drill program in 2023, which included the first known testing of two pediment targets and targeted drilling of one drill hole in each of Mineral Park and Mescal Canyon. Results from this drilling were encouraging, intersecting alteration and mineralization interpreted as indicative of a porphyry copper style system at depth or nearby, with Q3 2024 relogging further confirming favorable porphyry alteration. The untested Casey Copper Canyon target also offers additional upside. Plans for 2025 focus on refining geological models, advancing specific areas like Elma/Mascot towards drill-ready status, continuing fieldwork, and actively presenting the project to potential partners for future drill testing. Picacho Project – Arizona: Unlocking Covered Porphyry Potential through Advanced Exploration The wholly owned Picacho Project in central Arizona, strategically situated within an area of major porphyry copper deposits and available for partnership, covers approximately 105 sq.km . Exploration has successfully defined three untested, or historically partially tested covered target areas, with potential for concealed porphyry deposits, alongside a large area of untested ground offering further discovery potential. Comprehensive exploration programs completed in 2023, including mapping, geochemical sampling, drone magnetics, and ground gravity surveys, have been integrated to develop initial drill targets beneath shallow pediment cover. Future plans for 2025, contingent on securing a joint venture partner, aim to advance these identified targets to drill-ready status through permitting. Copperopolis Project – Arizona: Generative Fieldwork and Target Generation Located in the historically significant Black Rock Mining District of central Arizona and open for new partnerships, exploration at the Copperopolis Project is focused on porphyry and related vein systems, potentially linked to a deeper porphyry source like the nearby Sheep Mountain deposit. Detailed fieldwork has revealed compelling evidence for a genetic link between historical veins near the San Juan Mine and outcropping Laramide-age porphyry dikes/plugs on the property. 2024 exploration activities included planning for drill targets, acquiring high-resolution drone imagery for detailed mapping, and initiating a comprehensive BLEG geochemical sampling program across a significant area, completed in Q1 2025, designed to vector towards gold and copper mineralization. Plans for 2025 focus on refining geological models, advancing specific areas and undertaking age dating on intrusive units to better understand mineralization timing and refine exploration targeting. Qualified Persons The scientific and technical information described in this Press Release has been prepared in accordance with National Instrument 43-101. The scientific and technical information for this press release has been reviewed and approved by R. Jemielita, PhD, MIMMM, a Qualified Person as defined by NI 43-101 and Chief Geologist to the Company. About Mundoro Capital Inc. Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of mineral properties focused primarily on base and precious metals. To drive value for shareholders, Mundoro’s asset portfolio generates near-term cash payments to Mundoro and creates royalties attached to each mineral property optioned to partners. The portfolio of mineral properties is currently focused on predominantly copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA. Follow Mundoro’s weekly updates from the field on: LinkedIn and X @Mundoro For further information about Mundoro, please contact Teo Dechev, Chief Executive Officer, President and Director, +1-604-669-8055, or Shamil Devji, Investor Relations Manager at +1-604-669-8055. You can also visit Mundoro’s website www.mundoro.com . Caution Concerning Forward-Looking Statements This News Release contains forward-looking statements. Forward-looking statements can be identified by the use of forward-looking words such as "will", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue" or similar words or the negative thereof, and include the following: completion of earn-in expenditures, options and completion of a definitive agreement by the parties. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the mineral potential of the Company’s projects, the Company's future strategy and business plan and execution of the Company's existing plans. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, as there can be no assurance that they will occur and they are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, exploration results, commodity prices, changes in law, regulatory processes, the status of Mundoro's assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedar.com . Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
- MUNDORO ANNOUNCES 2024 PORTFOLIO HIGHLIGHTS, 2025 OUTLOOK AND CORPORATE UPDATE
February 3, 2025 Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN | OTCQB: MUNMF | www.mundoro.com ) (" Mundoro " or the " Company ") is pleased to summarize key achievements from 2024 and outline strategic priorities for 2025. Key Highlights from 2024: ● Advanced Exploration at BHP-Mundoro Projects, Serbia: ○ Completed ground AMT survey, rock sampling, and soil sampling programs at South Timok. ○ Conducted IP and bulk density measurements at Borsko. ○ Developed and approved a drilling proposal for the Trstenik project. ● Vectoring in on Large-Scale Porphyry Targets within Mundoro controlled South Timok Portfolio in Serbia: ○ Announced five prospective porphyry exploration targets at the Trstenik project. ○ Identified four highly prospective porphyry exploration targets at the Tilva Rosh prospect area. ● Dos Cabezas, Arizona: Drill Results Confirm Porphyry Potential, Partnership Opportunities: ○ Announced drill results from two drill holes, intersecting Cu-Au-Mo and Cu-Mo-Ag mineralization. ○ Conducted site visits with potential partners to advance exploration and drilling. ● Advancing Exploration of the Arizona Projects: ○ Commenced fieldwork to generate new drill targets at Copperopolis. ○ Refined the drill targets at Mescal Canyon and Mineral Park while generating new targets for drill testing at Elma, all which are within the extensive land package of the Dos Cabezas project. 2025 Outlook Mundoro's primary focus in the coming year will be on advancing high-potential targets across our wholly-owned projects with the objective of securing additional joint venture partnerships and concurrently the execution of exploration programs for our partners, BHP and JOGMEC. A key element of our strategy involves ongoing generative exploration to identify and develop compelling copper and/or gold targets for drill testing. This will expand our portfolio and attract a broader range of potential partners, thereby increasing exploration and enhancing the opportunity for discovery. We remain committed to building a robust pipeline of projects, leveraging our expertise in generative exploration, and creating value through partnerships. Furthermore, we will continue to review strategic opportunities that align with our core strengths and enhance shareholder value. Advancing Exploration at the BHP-Mundoro Projects in Serbia to Drill Testing South Timok Mundoro has advanced exploration activities across the Ponor, Lipovica, Orlovac and Vitanovac licenses through a comprehensive program that included a project-scale ground Audio-Magnetotelluric (AMT) survey, targeted rock and soil sampling, and reconnaissance mapping. These efforts were designed to enhance the geological understanding of the project area. In 2025, the company plans to extend the magnetic, gravity and AMT surveys over an addition to the project area while simultaneously conducting follow-up geophysical surveys on anomalies identified during the initial project-wide survey. Borsko To facilitate target refinement, the company conducted geochemical analysis, Induced Polarization (IP) surveys, and bulk density measurements on drill core from Target 1. Additionally, structural interpretation of the Borsko target area was initiated. In 2025, the company plans to conduct Green Rock analysis, further AMT geophysical surveys, and a reinterpretation of the targets. To date, Target 1 remains a compelling prospect for a porphyry deposit. Trstenik Results from the 2024 exploration program at the Trstenik Project identified five porphyry exploration targets. These targets are the Southwest, Southeast, North-Central, Central, and North zones, that each represent exploration potential for porphyry intrusions. The Company has submitted drill permit applications for each target, marking the next step towards unlocking their value through future drilling. The exploration team is actively advancing the North-Central zone to drill-ready status in order to drill test in Q1-2025. A planned 4,700-meter, four-hole drilling program will be the first phase of testing in this prospective area, focused on testing for a porphyry intrusion. Figure 1 Plan View of the North, North-Central and Central Target Area Vectoring in on Large-Scale Porphyry Targets within Mundoro controlled South Timok Portfolio in Serbia During 2024, Mundoro’s exploration team recompiled and analyzed the exploration data collected from two previous partnerships which collectively had spent C$14.4 million over the project area which is a total of approximately 417 sq km. As a result, the analysis identified highly prospective porphyry exploration targets at the Tilva Rosh prospect area within Mundoro's 100%-owned licenses in Timok, Serbia. As the work continues, targeting and analysis continues over the Markov Kamen area which has also resulted in additional targets. The targets exhibit geological features, mineralization styles, and alteration patterns characteristic of porphyry and related high-sulphidation epithermal systems known in the region such as the Bor deposit and the Cukaru Peki deposit. Over the course of the year, the Company has presented the project to potential partners for the purpose of joint venturing. Dos Cabezas, Arizona: Drill Results Confirm Porphyry Potential, Partnership Opportunities Exploration to date has identified three target areas with outcropping alteration and mineralization potentially associated with Laramide-age porphyry copper systems: Mescal Canyon, Mineral Park, and Elma. Two additional undercover target areas, the Northwest Pediments and Southeast Pediments, were identified along the apparent west-northwest trend of the Apache Pass Fault Zone. Two drill holes were successfully completed at the project. The first hole, targeting the Mineral Park area, reached a depth of 598 meters and encountered anomalous Cu-Au-Mo mineralization. The second hole, in the Mescal Canyon area, reached a depth of 743.7 meters and intersected multiple zones of anomalous Cu-Mo-Ag mineralization, with logged alteration and veining. The Company is presenting the Dos Cabezas Project to potential partners for the purpose of joint venture. Ongoing mapping and sample collection are planned in the Elma area to establish further drill targets. Picacho, Arizona: Focused on Partnering to test Porphyry Target The Company intends to advance the identified porphyry targets to a drill-ready stage by securing the necessary permits and presenting to potential partners. Once a partner is secured for this project, further exploration plans would include expanding geophysical surveys, conducting follow up geochemical analyses, and initiating targeted drilling programs to test the identified porphyry copper prospects. Copperopolis, Arizona: Advancing Early Stage Exploration for Drill Targets Fieldwork to generate target areas for drill testing has been underway since the second half of 2024 as part of a reconnaissance exploration program. Exploration plans for 2025 include magnetic survey, high-resolution photogrammetry, detailed mapping and soil sampling over areas of interest to identify potential drill targets. Leadership Transition in CFO Mundoro is pleased to announce that Ms. Mireia Cervera, who has served as the Company’s Controller since April 2022, has been appointed to the role of Chief Financial Officer (“CFO”), effective January 31, 2025. Ms. Cervera is a Chartered Professional Accountant (CPA), Certified Management Accountant (CMA) with 15+ years experience in the accounting field with 8 years in the minerals sector. Ms Cervera brings extensive knowledge of Mundoro’s financial systems. We are confident she will continue to provide strong financial acumen and support the Company’s growth objectives. Mr. James Scott, the current CFO, will transition to a consulting role with the Company and continue to provide accounting services to the Company. We thank Mr. Scott for his contributions to the Company during his time as the CFO. Grant under Equity Incentive Plan Demonstrating prudent capital management and a commitment to minimizing shareholder dilution, the Board of Directors has, after a two-year period of no grants, approved the grant of 3,080,000 stock options and 500,000 restricted share units (RSUs) under the Company's Equity Incentive Plan. These grants are made to eligible participants, including employees, contractors, officers, and directors. The stock options and the RSU carry an exercise price of C$0.175 per common share, reflecting the closing price on the TSX Venture Exchange on January 31, 2025. The Stock options are exercisable for a period of five years from the date of grant and shall vest one third after one year from the grant date, one third after two years from the grant date and one third after three years from the grant date. The RSUs vest in three equal annual installments: one-third on the grant date and one-third on each of the next two anniversaries . Qualified Persons The scientific and technical information described in this Press Release has been prepared in accordance with National Instrument 43-101. The scientific and technical information for this press release has been reviewed and approved by R. Jemielita, PhD, MIMMM, a Qualified Person as defined by NI 43-101 and Chief Geologist to the Company. About Mundoro Capital Inc. Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of mineral properties focused primarily on base and precious metals. To drive value for shareholders, Mundoro’s asset portfolio generates near-term cash payments to Mundoro and creates royalties attached to each mineral property optioned to partners. The portfolio of mineral properties is currently focused on predominantly copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA. For further information about Mundoro, please contact Teo Dechev, Chief Executive Officer, President and Director, +1-604-669-8055, or Shamil Devji, Investor Relations Manager at +1-604-669-8055. You can also visit Mundoro’s website www.mundoro.com . Caution Concerning Forward-Looking Statements This News Release contains forward-looking statements. Forward-looking statements can be identified by the use of forward-looking words such as "will", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue" or similar words or the negative thereof, and include the following: completion of earn-in expenditures, options and completion of a definitive agreement by the parties. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the mineral potential of the Company’s projects, the Company's future strategy and business plan and execution of the Company's existing plans. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, as there can be no assurance that they will occur and they are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, exploration results, commodity prices, changes in law, regulatory processes, the status of Mundoro's assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedar.com . Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
- MUNDORO PROVIDES Q3-2024 FINANCIAL AND PORTFOLIO UPDATE
December 2, 2024 Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN | OTCQB: MUNMF | www.mundoro.com ) ( "Mundoro" or the "Company" ) is pleased to report its financial results from its operations in the first nine months ending September 30, 2024 (“Q3-2024”). Financial Highlights and Outlook For further information on the Company’s financial results, please refer to the condensed interim consolidated financial statements and MD&A for the nine-month periods ended September 30, 2024, and 2023. The Company’s filings are available on SEDAR at www.sedar.com and on Mundoro’s website at www.mundoro.com . Financial Highlights ● Strong Cash Position: As of September 30, 2024, the Company had cash and cash equivalents totaling $4,233,609, with no-long term debt. ● Fees Earned: During the nine months ended September 30, 2024, the Company received fees, net option payments and interest of $1,042,956. ● Corporate Expenses: During the nine months ended September 30, 2024, the Company recorded overall corporate expenses of $903,774. ● Exploration Expenditures: The exploration expenditures across the Company’s programs, the majority of which are sole-funded by third parties totalled $5,980,712. Recoveries from optionees during the nine months ended September 30, 2024 amounted to $5,154,147 resulting in net exploration costs of $826,565 in 2024 which are attributable to Mundoro’s generative programs. Q3-2024 Exploration Portfolio Highlights BHP-Mundoro Projects, Serbia ● New Geophysical Surveys and Analysis at the Borsko Project During Q3-2024, the Company conducted pre-checks and mobilized equipment and staffing for a passive seismic geophysical survey. In the same quarter, Induced Polarization (IP) and bulk density measurements were completed over the drill holes in Target 1, and a structural interpretation of Borsko Jezero—focusing on the Target 1 prospect—was advanced to facilitate targeting. Building on these efforts, the Company plans to complete the passive seismic survey in Q4-2024, with interpretation models to follow for enhanced targeting. Additionally, exploration plans for Q4-2024 include a ground Audio-Magnetotelluric (AMT) geophysical survey, further targeting analysis, and planning around a drill program. ● New Drill Program Approved to Commence in Q4-2024 at the Trstenik Project A drilling proposal was developed and approved for the north-central target area based on the collected data, for four drill holes totaling 4,700 meters. Drilling is expected to commence around year end. For further information regarding the drill program, please see the press release dated October 30, 2024. ● Advancing Exploration at the South Timok Project During Q3-2024, the Company advanced its exploration efforts by completing a rock sampling program, a grid-based soil sampling program, and a ground Audio-Magnetotelluric (AMT) survey over portions of the project area. Processed results from both a ground gravity survey, previously completed in the year, and the ground AMT survey were received, providing valuable geophysical data. Final assay results for all samples from the grid-based soil sampling were collected, along with final assay results for a drill hole testing the volcanic stratigraphy in the western part of the license area. Additionally, reconnaissance mapping and rock sampling were completed to enhance the geological understanding of the project area. Mundoro Projects, Serbia ● Advancing Exploration at the Valdor Projects During Q3-2024, the Company received results from a passive seismic survey conducted over a portion of the project area. Building on prior data, upcoming exploration plans at the Skorusa license include further evaluation of the Zlot 1, Zlot 2, Zlot 3, and Glavica targets. At the Oblez license, the Company plans to further evaluate targets based on the newly received seismic data. Similarly, exploration at the Branik license will involve further evaluation of identified targets using the seismic survey results. ● Advancing Exploration at the Southwest Minerals Projects During Q3-2024, the Company received results from a passive seismic survey conducted over part of the Tilva Rosh area. As a result, the company updated the target ranking and analysis for the Tilva Rosh Valley, Tilva Rosh North, Tilva Rosh South, and Tilva Rosh Bridge targets as well as the Markov Kamen North and Markov Kamen South targets. Further evaluations are also planned for the Gorunov and Bacevica North targets and for the Orlovo, D-vein, Prekostenski, and Bukova targets. For further information regarding the targeting at the Tilva Rosh targets, please see the press release dated October 7, 2024. Mundoro Projects, USA ● Advancing Exploration at the Dos Cabezas Project During Q3-2024, the Company conducted additional field mapping, and relogging of the drill holes at the Mineral Park and Mescal Canyon target areas, revealing favorable zones of porphyry- style alteration in the areas of interest. To advance the partnering of this Project, the Company is presenting the Dos Cabezas Project to potential partners. Building upon the prior results, exploration plans also include ongoing mapping and sample collection at the Elma/Mascot areas to establish drill targets for a separate, potential porphyry center. ● Advancing Exploration at the Copperopolis Project Planning and preparation for fieldwork to generate new target areas for drill testing are currently underway as part of reconnaissance exploration. Exploration plans include conducting airborne magnetic surveys, high-resolution photogrammetry, and soil sampling over areas of interest to identify potential drill targets. Additionally, the Company plans to perform age dating on apparent Laramide intrusive units across the project area to better understand the geological history and potential mineralization sources. ● Advancing Exploration at the Picacho Project The Company intends to advance the identified targets to a drill-ready stage by securing the necessary permits and presenting to potential partners. Once a partner is secured for this project, further exploration plans would include expanding geophysical surveys, conducting detailed geochemical analyses, and initiating targeted drilling programs to test the identified porphyry copper prospects. Mundoro Engages Market Maker In Q3-2024, Mundoro engaged the services of DS Market Solutions Inc. (“DSMS”) to provide market making services in accordance with TSX Venture Exchange policies. DSMS and the company have an arm’s length relationship. DSMS will provide its own capital for trading purposes, utilizing Canaccord’s platform. DSMS holds no direct or indirect interest in Mundoro and does not possess any rights, ownership stakes, equity interests, or options to acquire securities of the company, either now or in the future. The contract with DSMS is for a minimum of three months at two thousand five hundred dollars per month and will automatically renew for additional one-month terms unless terminated by either party with thirty days’ notice. Qualified Persons The scientific and technical information described in this Press Release has been prepared in accordance with National Instrument 43-101. The scientific and technical information for this press release has been reviewed and approved by R. Jemielita, PhD, MIMMM, a Qualified Person as defined by NI 43-101 and Chief Geologist to the Company. About Mundoro Capital Inc. Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of mineral properties focused primarily on base and precious metals. To drive value for shareholders, Mundoro’s asset portfolio generates near-term cash payments to Mundoro and creates royalties attached to each mineral property optioned to partners. The portfolio of mineral properties is currently focused on predominantly copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA. For further information about Mundoro, please contact Teo Dechev, Chief Executive Officer, President and Director, +1-604-669-8055, or Shamil Devji, Investor Relations Manager at +1-604-669- 8055. You can also visit Mundoro’s website www.mundoro.com. Caution Concerning Forward-Looking Statements This News Release contains forward-looking statements. Forward-looking statements can be identified by the use of forward-looking words such as "will", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue" or similar words or the negative thereof, and include the following: completion of earn-in expenditures, options and completion of a definitive agreement by the parties. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the mineral potential of the Company’s projects, the Company's future strategy and business plan and execution of the Company's existing plans. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, as there can be no assurance that they will occur and they are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, exploration results, commodity prices, changes in law, regulatory processes, the status of Mundoro's assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedar.com . Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
- MUNDORO ANNOUNCES NEW TARGETS FOR DRILL TESTING ON BHP-MUNDORO PROJECT IN TIMOK, SERBIA
October 30, 2024 Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN | OTCQB: MUNMF | www.mundoro.com ) (" Mundoro " or the " Company ") is pleased to announce that its exploration campaign on the Trstenik project, in which BHP Exploration is earning an interest and providing sole funding, has advanced five prospective porphyry exploration targets. Mundoro has submitted permit applications for drill locations across the five target areas, which we anticipate will be granted in Q4 2024. This will enable the commencement of drill testing thereafter with two drill rigs. The five targets are shown in Figure 1 and include: ● SouthWest Zone: Large, well-developed and exposed copper porphyry system < 2 km northwest of the Majdanpek porphyry copper deposit, demonstrated through elevated surface geochemistry, a combination of geophysical anomalies and drilling. ● SouthEast Zone: Well-developed and exposed skarn and copper-gold porphyry system located <2 km directly north of the Majdanpek porphyry copper deposit, demonstrated by elevated geochemistry, a combination of geophysics and drilling. ● North-Central Zone: Large, undercover and recently recognized as a porphyry target centered approximately 10 kilometers north of the Majdanpek porphyry copper deposit, was identified from magnetics and AMT, elevated Cu and Mo anomalies from soil and stream sediment geochemical sampling, and from mapped disseminated sulfides and alteration. ● Central Zone: A newly recognized porphyry target centered ~7 km kilometers north of the Majdanpek porphyry copper deposit, identified through magnetics, correlated with elevated geochemistry from soil samples and mapped andesitic dykes bearing sulfide mineralization. ● North Zone: Large, exposed target centered at the northern boundary demonstrated by elevated Cu and Mo from soil sampling and magnetics. "The targeting analysis at Trstenik highlights five porphyry copper exploration targets of which three have been recommended for drill testing. This targeting work is a result of the successful collaboration between Mundoro and BHP. Together, we have integrated geophysical and geochemical analysis along with mapping, and field observations to refine these targets, demonstrating the strength of our joint approach. We look forward to commencing the drill program in Q4-2024 to commence with the North-Central target" said CEO and President, Teo Dechev. Discussion The Trstenik Project encompasses a total area of 55 sq km and is located within the northern portion of the Timok Magmatic Complex, directly north of, and along regional structural strike from, the Majdanpek Mine Complex. To date, systematic exploration work carried out by Mundoro, and most recently with BHP who is sole funding the exploration programs, has identified five target areas. Two of these targets in the southern portion of the exploration area are similar to the Majdanpek porphyry copper deposit, as they share comparable geology, structural settings, and mineralization—specifically porphyry and skarn/massive sulphide replacement types—and occur along the strike of the main Timok trend. Figure 1 Plan View of the North, North-Central and Central Target Area SouthWest Zone ● Located less than 2 km north of Majdanpek , this area features well-defined porphyry-style mineralization with an exposed veining system, including A-type quartz veinlets, B-type quartz veinlets, and pyritic D-type veinlets. ● The host rock consists of biotite-chlorite-magnetite ± epidote-altered gneiss, intersected by a series of thin diorite porphyry dykes assigned to four phases. ● Geophysical anomalies in the central target area include high-magnetic and low-velocity passive seismic signals, indicating an intrusive, magnetite-rich body within non-magnetic gneiss wall rock. This body is surrounded by a doughnut-shaped high IP chargeability anomaly, likely linked to a pyrite shell, and exhibits a zonation of molybdenum (Mo) with >5 ppm Mo in the outer zone and >10 ppm Mo in the inner zone. This Mo zonation likely points to a porphyry center beneath. ● Nine drill hole locations , submitted for permitting, have been designed to test this area. SouthEast Zone ● Located less than 2 km north of Majdanpek porphyry copper deposit , the area shows potential for skarn mineralization and represents a Cu and Au porphyry system similar to the Majdanpek deposit. ● The target area features shallow marbled limestone and gneiss host rock, intruded by steeply dipping andesite and diorite porphyry dykes. These dykes exhibit potassic alteration and are intersected by dark silica-magnetite (A-type) veins. ● Cu and Au soil anomalies align with sub-volcanic andesite and diorite porphyry bodies containing pyrite and magnetite-epidote clusters, as well as with high IP chargeability and intermediate-velocity anomalies. ● Exploration results indicate that carbonate-replacement bodies near early-stage porphyry dykes are likely better mineralized and larger in size. Additionally, the western, footwall side of the dykes appears more effective in trapping mineral fluids, making it a promising target for further exploration. ● Five drill hole locations , submitted for permitting, have been designed to test this area. North-Central Zone ● This target features a strong circular magnetic anomaly along a major north-south structural corridor, with additional magnetic anomalies to the north. The high magnetic anomaly aligns with a steeply dipping intrusive, indicated by a low resistivity anomaly and surrounded by a low-velocity halo. ● Surface lithology is mainly schist with layers of gneiss. The magnetic anomalies are near the boundary between actinolite schist and biotite gneiss but are mostly limited to the schist. ● Pyrite and chalcopyrite mineralization found in the schist above a high magnetic anomaly suggests a potential sulfide-bearing porphyry intruding into the schist along a listric fault and the schist/gneiss contact. ● Soil sample assays reveal elevated Cu levels above 50 ppm and Mo above 3 ppm, coinciding with the high magnetic anomaly. This suggests a shallow, covered sulfide-bearing intrusive body. ● Four drill hole locations submitted for permitting have been designed to test the magnetic and geochemical anomalies. Central Zone ● Geological Composition: This area features schist and sections of gneiss in the west and northeast, intruded by several thin andesite dykes containing disseminated pyrite and traces of chalcopyrite. ● Magnetic Anomalies: A circular magnetic anomaly, ranging from intermediate to high, surrounded by magnetic low anomalies suggests the occurrence of a mineralized porphyry. ● Soil Anomalies: Elevated Cu levels adjacent to exposed andesite dykes, along with surrounding Mo anomalies, indicate the potential for a Cu porphyry system beneath. ● Drill Holes: Three drill hole locations submitted for permitting have been designed to test this magnetic anomaly. North Zone ● Soil Anomalies: Surface geochemical assays of soil samples show elevated Mo, Te, and Cu levels that align with an intermediate to high magnetic anomaly surrounded by magnetic low anomalies. ● Geological Insights: Geochemical and geophysical analyses suggest this area may mark the base of a lithocap transitioning to the top of a porphyry system. ● Magnetic Anomalies: Magnetic high anomaly reflecting the magnetite-rich potassic altered core. During the cooler, late-stage fluids can overprint the stockwork mineralization and cause the de-magnetization of the magnetic high into a “doughnut”-shaped or “Bull-eye” anomaly. ● Drill Holes: Five drill hole locations submitted for permitting have been designed to test the target. Qualified Person The scientific and technical information described in this Press Release has been prepared in accordance with National Instrument 43-101. The scientific and technical information for this press release has been reviewed and approved by R. Jemielita, PhD, MIMMM, a Qualified Person as defined by NI 43-101 and Chief Geologist to the Company. About Mundoro Capital Inc. Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of mineral properties focused primarily on base and precious metals. To drive value for shareholders, Mundoro’s asset portfolio generates near-term cash payments to Mundoro and creates royalties attached to each mineral property optioned to partners. The portfolio of mineral properties is currently focused on predominantly copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA. For further information about Mundoro, please contact Teo Dechev, Chief Executive Officer, President and Director, +1-604-669-8055, and Shamil Devji, Investor Relations Manager at +1-604-669-8055. You can also visit Mundoro’s website www.mundoro.com . Caution Concerning Forward-Looking Statements This News Release contains forward-looking statements. Forward-looking statements can be identified by the use of forward-looking words such as "will", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue" or similar words or the negative thereof, and include the following: completion of earn-in expenditures, options and completion of a definitive agreement by the parties. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the mineral potential of the Company’s projects, the Company's future strategy and business plan and execution of the Company's existing plans. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, as there can be no assurance that they will occur and they are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, exploration results, commodity prices, changes in law, regulatory processes, the status of Mundoro's assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedar.com . Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
- MUNDORO IDENTIFIES LARGE-SCALE PORPHYRY TARGETS IN TIMOK PROPERTIES, SERBIA AND CORPORATE UPDATE
October 7, 2024 Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN | OTCQB: MUNMF | www.mundoro.com ) (" Mundoro " or the " Company ") is pleased to announce that it has identified four highly prospective porphyry exploration targets at the Tilva Rosh prospect area on Mundoro’s 100% owned licenses. These targets are shown in Figure 1 and include: ● Tilva Rosh Valley : A 2 km x 2 km target area located at the junction of two significant fault structures, identified through geophysics, structural interpretation and geochemical data. ● Tilva Rosh North : A 3 km x 1.5 km target featuring advanced surface alteration and increasing molybdenum grades at depth, indicating potential deeper sulfide-rich porphyry zones. ● Tilva Rosh South : A deeper porphyry target identified through previous drilling, which demonstrated molybdenum anomalies at depth and porphyry style alteration zonation. ● Tilva Rosh Bridge : A 2.3 km zone linking two lithocaps, with elevated copper-gold soil anomalies and geophysical indicators suggesting potential for porphyry system. "These targets underscore the ongoing potential for further discoveries within the Timok Magmatic Complex. This reinforces our commitment to advancing these projects through strategic partnerships with companies seeking to explore in this well-established mining district, which continues to offer substantial opportunities for additional copper porphyry discoveries” commented Teo Dechev, CEO and President. Discussion The Tilva Rosh lithocap, covering approximately 16 square kilometers, is situated in the central part of the Timok Magmatic Complex, near the highly productive Bor and Cukaru Peki Mine Complexes. Through our exploration work, we have identified four promising target areas: Tilva Rosh Valley, Tilva Rosh North, Tilva Rosh South, and Tilva Rosh Bridge. These targets show similarities to the Bor and Cukaru Peki deposits, not only in geological features but also in mineralization styles, and alteration patterns that often signal the presence of porphyry and high-sulphidation epithermal (“ HSE ”) systems. Figure 1: Location Map of Targets with Geochemistry, Geophysics and Structural interpretation over Geology. Tilva Rosh Valley This 2 km x 2 km target area is centered on a significant fault system concealed beneath alluvial cover, identified through a combination of geophysical and structural interpretation. The area is a structurally significant dilation zone, which could trap mineralizing fluids, creating favorable conditions for porphyry development. Located just north of a 4 km-long lithocap, this area is likely the extension under cover of that lithocap, supported by the continuation of a demagnetized zone as indicated by geophysical surveys. Key porphyry indicators, including surface molybdenum anomalies, demagnetization, and structural interpretation, coupled with a new passive seismic survey, suggest potential for a porphyry-related system. Two drill holes have been designed to test for both porphyry and the associated high-sulphidation epithermal (“ HSE ”) systems, guided by molybdenum anomalies, magnetics, and passive seismic data that align with the area's structural trends. Tilva Rosh North This expansive lithocap (4 km by 2 km) is characterized by advanced surface alteration, with argillic and albite-sericite-chlorite zones transitioning into anhydrite at depth. Increasing molybdenum grades to the north and deeper levels, along with magnetic highs within broader demagnetization zones, suggest potential for a sulfide-rich potassic zone in a deeper porphyry system. Traditional porphyry vectors such as A-type quartz-magnetite veinlets further support the potential for mineralization at depth. Two drill holes have been designed to test this area, targeting porphyry and related HSE systems using geophysical data, including magnetic highs and geochemical anomalies, which provide strong evidence for mineralization in this promising target. Tilva Rosh South The southern end of the lithocap presents a deeper target for porphyry systems, as near surface drilling has not fully explained the widespread surface alteration and high-grade mineralization from channel sampling which returned 12m @ 30.39 g/t Au and 171.27 g/t Ag. Molybdenum anomalies, both at the surface and along one hole previously drilled in this area, along with alteration zonation and A-type quartz-magnetite veinlets, are vectors pointing toward a deeper porphyry system. A single deep drill hole (FMSC18006) revealed extensive alteration, including hydrothermal breccia and potassic-altered diorite porphyry, indicating the potential for substantial mineralization at depth. One drill hole has been designed to further test this deeper potential, guided by these vectors and supported by geochemical, magnetic, and structural indicators from previous drilling. Tilva Rosh Bridge This 2.3 km corridor under agricultural land cover connects two key lithocaps, Markov Kamen North and Tilva Rosh South, and presents additional opportunities along this corridor for the discovery of an undercover porphyry system that may be driving these extensive lithocaps. Elevated copper-gold soil geochemistry and geophysical indicators, including a broad demagnetized zone suggest continuation of the alteration undercover. Two drill holes have been designed to test this area, focusing on the potential for porphyry-related mineralization. Qualified Persons The scientific and technical information described in this Press Release has been prepared in accordance with National Instrument 43-101. The scientific and technical information for this press release has been reviewed and approved by R. Jemielita, PhD, MIMMM, a Qualified Person as defined by NI 43-101 and Chief Geologist to the Company. Mundoro Engages Market Maker Mundoro has engaged the services of DS Market Solutions Inc. (“DSMS”) to provide market making services in accordance with TSX Venture Exchange policies. The contract with DSMS is for a minimum of three months at two thousand five hundred dollars per month and will be renewed for additional one-month terms unless terminated by either party with thirty days’ notice. About Mundoro Capital Inc. Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of mineral properties focused primarily on base and precious metals. To drive value for shareholders, Mundoro’s asset portfolio generates near-term cash payments to Mundoro and creates royalties attached to each mineral property optioned to partners. The portfolio of mineral properties is currently focused on predominantly copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA. For further information about Mundoro, please contact Teo Dechev, Chief Executive Officer, President and Director, +1-604-669-8055, or Shamil Devji, Investor Relations Manager at +1-604-669-8055. You can also visit Mundoro’s website www.mundoro.com . Caution Concerning Forward-Looking Statements This News Release contains forward-looking statements. Forward-looking statements can be identified by the use of forward-looking words such as "will", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue" or similar words or the negative thereof, and include the following: completion of earn-in expenditures, options and completion of a definitive agreement by the parties. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the mineral potential of the Company’s projects, the Company's future strategy and business plan and execution of the Company's existing plans. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, as there can be no assurance that they will occur and they are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, exploration results, commodity prices, changes in law, regulatory processes, the status of Mundoro's assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedar.com . Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
- MUNDORO PROVIDES UPDATE ON PORTFOLIO EXPLORATION ACTIVITIES AND CORPORATE OUTLOOK
September 11, 2024 Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN | OTCQB: MUNMF | www.mundoro.com ) (" Mundoro " or the " Company ") is pleased to report results from its operations in the first six months ending June 30, 2024 (“H1-2024”). Financial Highlights ● Strong Cash Position: As of June 30, 2024, the Company held $4,372,473 in cash and cash equivalents (“Cash Position”) and no long-term debt. The Company has sufficient working capital to fund its operations for the next 12 months. ● Fees Earned: In H1-2024, the Company generated $918,080 in Fees and Payments. ● Corporate Expenses : General and administrative expenses of $579,141 were incurred in the H1-2024. ● Exploration and project evaluation : In H1-2024, the Company had $655,267 in net exploration and generative expenditures. ● Net Loss from Operations: Net loss was $286,337 for H1-2024. ● Cash flow from Operating Activities: Cash flow used in operating activities was $316,328 in H1-2024. For complete details of the Company’s financial results, please refer to the condensed interim consolidated financial statements and MD&A for the six-month periods ended June 30, 2024, and 2023. The Company’s filings are available on SEDAR at www.sedar.com and on Mundoro’s website at www.mundoro.com (All amounts are expressed in Canadian dollars unless otherwise indicated). Corporate Update ● Mundoro is Focused on Optioning our Projects in Serbia and Arizona: Mundoro continues discussions with mining companies that are interested in optioning exploration projects for copper porphyry exploration in the Timok region of Serbia and the Laramide belt in Arizona. This year we have negotiated 8 confidentiality agreements and opened data rooms for the various parties. ● NCIB Program: Mundoro believes purchasing its Common Shares at current price levels represents an opportunity to enhance value for shareholders. Through its Normal Course Issuer Bid ("NCIB") program, during the six months ended June 30, 2024, the Company purchased a total of 174,000 shares with a total cost of $31,122.50 at an average price per share of CAD$0.179. Exploration Plans for H2-2024 ● Serbia: Upcoming Drill Program at Trstenik: In Q4-2024, the company anticipates commencing a drill program in the Q4-2024 designed to test one to two target areas in the license. ● Serbia: Advancing Exploration at South Timok group of licenses (Vitanovac, Ponor, Orlovac and Lipovica): In H2-2024, exploration plans include a ground magnetic survey over all of the licenses in the Project which is anticipated to be completed by the end of 2024. Reconnaissance mapping, rock sampling, and grid-based soil sampling, are expected to be completed in Q3-2024. ● Bulgaria: Focusing on Environmental Assessment at EE1: In H2-2024, the focus continues to be on obtaining all relevant approvals from the government for the proposed drill program, while following best practice environmental guidelines. ● USA: Advancing Exploration at Copperopolis and Dos Cabezas . The company is focused on completing reconnaissance scale mapping and sampling at Copperopolis for the remainder of the year in order to develop targets. While at Dos Cabezas the company is focused on completing vectoring for a phase two drill program to test for a porphyry system driving the extensive alteration, veining and mineralization observed on surface and in the initial two test drill holes in Mescal Canyon and Mineral Park. Partner Funded Program Highlights for Q2-2024 BHP-Mundoro Projects ● Advancing Exploration at Trstenik: In Q1-2024 a ground AMT survey commenced. The survey was completed in Q2-2024 with AMT data collected covering the entire project area. Processed results for the survey are expected in Q3-2024. ● Advancing Exploration at the South Timok group of licenses: At Ponor, Lipovica and Vitanovac licenses, in Q2-2024, a ground AMT survey was started and completed with data measurements collected throughout the license area. Processed results from the survey are expected in Q3-2024. At Orlovac, in Q2-2024, grid-based soil sampling commenced in the license. Additionally, a ground AMT survey commenced in Orlovac which is expec ted to be completed in Q3-2024. JOGMEC-Mundoro EE1 Project ● Focused on Environmental Responsibility: In Q2-2024 as part of the drill permitting process, the Company completed an Appropriate Assessment which was submitted to the Ministry of Environment and Water . A decision is expected in Q3-2024. Qualified Person The scientific and technical information described in this MD&A have been prepared in accordance with National Instrument 43-101. The scientific and technical information for Serbia, Bulgaria and the USA exploration programs was reviewed and approved by R. Jemielita, PhD, MIMMM, a Qualified Person as defined by NI 43-101 and Chief Geologist to the Company. About Mundoro Capital Inc. Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of mineral properties focused primarily on base and precious metals. To drive value for shareholders, Mundoro’s asset portfolio generates near-term cash payments to Mundoro and creates royalties attached to each mineral property optioned to partners. The portfolio of mineral properties is currently focused on predominantly copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA. For further information about Mundoro, please contact Teo Dechev, Chief Executive Officer, President and Director, +1-604-669-8055, and Shamil Devji, Investor Relations Manager at +1-604-669-8055. You can also visit Mundoro’s website www.mundoro.com . Follow our weekly updates on: LinkedIn and X @Mundoro Caution Concerning Forward-Looking Statements This News Release contains forward-looking statements. Forward-looking statements can be identified by the use of forward-looking words such as "will", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue" or similar words or the negative thereof, and include the following: completion of earn-in expenditures, options and completion of a definitive agreement by the parties. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the mineral potential of the Company’s projects, the Company's future strategy and business plan and execution of the Company's existing plans. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, as there can be no assurance that they will occur and they are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, exploration results, commodity prices, changes in law, regulatory processes, the status of Mundoro's assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedar.com . Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
- MUNDORO PROVIDES FY-2023 FINANCIAL RESULTS AND 2024 OUTLOOK
April 30, 2024 Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN | OTCQB: MUNMF | www.mundoro.com) ("Mundoro" or the "Company") announces the operating and financial results for the quarter and year ended December 31, 2023. The audited Financial Statements (FS), and Management’s Discussion and Analysis (MD&A) for 2023 are filed on SEDAR+, and are available on Mundoro’s website at www.mundoro.com under the heading “Investors”. Teo Dechev, CEO and President commented: ”In 2023, the portfolio of partner funded programs had ~13,900 meters of drilling and 11 geophysical surveys completed over 9 projects in Serbia, Bulgaria and Arizona which amounted to $13.3 million in exploration expenditures. The outcomes of the exploration programs demonstrated a new mineralized system in Arizona at Dos Cabezas that merits additional drilling, as well as follow up targets for drill testing in Serbia and new targets in Bulgaria and Arizona. Mundoro completed 2023 with positive cash-flow, which strengthened the cash position and resulted in the Company not needing to raise equity in 2024. As we enter 2024, Mundoro will be reinvesting the cash generated in 2023, to redeploy into generating projects, advancing targets for testing on the 6 existing projects available for new partnerships and actively pursuing new partners for these projects.” Follow Mundoro’s weekly updates from the field on: LinkedIn and X @Mundoro Financial Highlights and 2024 Outlook (All amounts are expressed in Canadian dollars unless otherwise indicated.) Cash Position: As of December 31, 2023, the Company held $6.5 million in cash and cash equivalents and no long-term debt. As a result, the Company does not anticipate a need for capital raising in 2024. Fees Earned and Net Option Payments Received: During the year-end December 31, 2023, the Company generated $3,015,408 in Fees earned and Net Option Payments, compared to $886,887, which represents a 240% increase, compared to the comparable period in 2022. Corporate Expenses: During the year-end December 31, 2023, the Company incurred Corporate Expenses of $1,364,642, compared to $1,248,273, which represents a 9% increase, compared to the comparable period in 2022. Corporate Expenses include accounting and audit, regulatory and corporate governance, corporate communication, and general and administrative expenses. Net Income: During the year-end December 31, 2023, the Company’s net income was $1,398,323, compared to a net loss of $1,593,211, which represents a 187% increase, compared to the comparable period in 2022. Cash flow from Operating Activities: During the year-end December 31, 2023, cash flow from operating activities is $1,009,300, compared to $1,203,915 in 2022. Exploration and Project Evaluation Expenditures: During the year-ended December 31, 2023, the exploration and project evaluation expenditures, primarily for 10 partner funded exploration programs, were higher at $13,091,014, compared to $5,108,607, during the year-end 2022, due to higher budgeted exploration expenditures across the various partner funded programs. Recoveries of exploration expenditures during the year-end December 31, 2023 were $13,282,884 compared to $4,275,666, during the year-end 2022, resulting in year-end net exploration costs of ($191,870) and $832,941, respectively. Corporate and Portfolio Outlook: In 2024, the Company estimates receiving Operator Fees and Option Payments of approximately $1.4 million while Corporate Expenses for 2024 are estimated to be $1.1 million and the Portfolio Generative Expenditures are estimated at $1.4 million. For 2024, the Company anticipates 4 partner funded exploration programs with exploration expenditures to be approximately $6 to $8 million. The Company is pursuing new partners for 6 exploration projects in 2024. Operational Highlights from Q4-2023 Mundoro commenced drill program in Dos Cabezas, Arizona: In 2023, Mundoro commenced a drill program at the Dos Cabezas Project Project. This drill program tested four target areas (Mescal Canyon, Mineral Park, Northwest Pediment, Southeast Pediment) with 4 diamond drill holes for a total of 2145 meters. A fifth target, Casey Copper Canyon, has been permitted for future drilling. The results from Mescal Canyon and Mineral Park indicate a rare opportunity in Arizona for new porphyry copper systems. For further information see press release dated April 18, 2024. Advancing Exploration at the JOGMEC Funded EE1 Project in Bulgaria: During Q4-2023, the Company advanced in the permitting process for drilling and submitted for permitting additional prospective areas identified within the EE-1 license, to allow for flexibility in the 2024 drill program. Advancing Exploration at the BHP Funded Projects in Serbia: During Q4-2023, at the Trstenik license the company completed a passive seismic survey covering the project area, with geophysical processing and interpretation expected in H1-2024. In Q4-2023, at the South Corridor Project a grid-based soil geochemical survey was completed within the Ponor license area. Geochemical assay results are being interpreted as they become available from the lab. In Q4-2023, at the Lipovica license area, a reconnaissance mapping and rock sampling program commenced and will be ongoing into H1-2024. Completion of Drilling at BHP-Mundoro Project in Serbia: In Q4-2023, a drill hole of 458.2 m was completed to test the volcanic stratigraphy package in part of the Vitanovac license area. Drill core logging confirmed the presence of volcanic units with similar characteristics to volcanic units hosting known ore deposits in the Timok Magmatic Complex. Advanced Exploration at the Mundoro owned licenses in central Timok, Serbia: Funded by the Vale earn-in agreement, in Q4-2023 a passive seismic survey was carried out over part of the Skorusa and Oblez license areas, with interpretation from the survey expected in Q2-2024. Additionally, a soil geochemical survey was carried out to cover a sector of the western extension of the Skorusa license area. Completion of drilling at multiple Mundoro owned licenses in central Timok, Serbia: Funded by the Vale earn-in agreement, in Q4-2023 a Phase I drilling program at Branik to follow up on mineralized ore clasts intersected in a previous drilling campaign was completed for a total of 753.3 meters over 4 drill holes with the assays received in Q1-2024. Additionally, in Q4-2023, 738.4 m of drilling at the Markov Kamen South target was completed within the Phase II drill program to follow up on potential extensions to mineralization intersected during previous drilling campaigns, with assays received in Q1-2024. Lastly, in Q4-2023, 1022.1 m of diamond drilling was completed on a drill hole at the Bacevica North target testing a geophysical anomaly. With interpretation of the drill results, the company is developing follow on drilling programs. Advancing Exploration at Mundoro owned GT7 Property in Serbia: Funded by the Kinross earn-in agreement, during H2-2023 work focused on permitting and community engagement in preparation for future drilling. Advancing Exploration at Mundoro owned Picacho Project in Arizona: While this project was funded by the Vale earn-in agreement, in Q4-2023, geophysical results were integrated with mapping and geochemical sampling work completed earlier in the year to develop targets in the shallow pediment cover to be drill tested after permitting. Qualified Persons The scientific and technical information described in this MD&A have been prepared in accordance within National Instrument 43-101. The scientific and technical information for Serbia exploration programs was reviewed and approved by Thomas Sant, FGS (EurGeol, CGeol) a Qualified Person as defined by NI 43-101 and Exploration Director to the Company. The scientific and technical information for Bulgaria exploration programs was reviewed and approved by, R. Jemielita, PhD, MIMMM, a Qualified Person as defined by NI 43-101 and Chief Geologist to the Company. The scientific and technical information for the USA exploration programs has been reviewed and approved by T. Dechev, P.Eng (PEO, APEGBC), a Qualified Person as defined by NI 43-101, and the Company's Chief Executive Officer. About Mundoro Capital Inc. Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of mineral properties focused primarily on base and precious metals. To drive value for shareholders, Mundoro’s asset portfolio generates near-term cash payments to Mundoro and creates royalties attached to each mineral property optioned to partners. The portfolio of mineral properties is currently focused on predominantly copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA. For further information about Mundoro, please contact Teo Dechev, Chief Executive Officer, President and Director, +1-604-669-8055, and Shamil Devji, Investor Relations Manager at +1-604-669-8055. You can also visit Mundoro’s website www.mundoro.com. Caution Concerning Forward-Looking Statements This News Release contains forward-looking statements. Forward-looking statements can be identified by the use of forward-looking words such as “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe” or “continue” or similar words or the negative thereof, and include the following: completion of earn-in expenditures, options and completion of a definitive agreement by the parties. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the mineral potential of the Company’s projects, the Company’s future strategy and business plan and execution of the Company’s existing plans. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, as there can be no assurance that they will occur and they are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, exploration results, commodity prices, changes in law, regulatory processes, the status of Mundoro’s assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company’s filings with the Canadian securities regulators available on www.sedar.com. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
- MUNDORO REPORTS Q1-2024 FINANCIAL RESULTS AND PROGRESS ON EXPLORATION PROGRAMS
May 30, 2024 Vancouver, BC – Mundoro Capital Inc. (TSXV: MUN | OTCQB: MUNMF | www.mundoro.com) (“Mundoro” or the “Company“) has filed its quarterly Consolidated Financial Statements and Management’s Discussion and Analysis on SEDAR at www.sedar.com and posted on the Company’s website at www.mundoro.com. Follow our weekly updates from the field on: LinkedIn and X Q1-2024 Financial Highlights Strong Cash Position: As of March 31, 2024, the Company held cash and cash equivalents totaling $3,610,283 (December 31, 2023 – $6,479,508) and no long-term debt. Positive Net Income: In Q1-2024, the Company recorded income of $313,305, compared to a net income of $294,586 for the quarter ended March 31, 2023. Partner Funded Exploration Expenditures & Generative Expenditures: The exploration and project evaluation expenditures, the majority of which are sole-funded by partners, were higher at $2,637,541 in Q1-2024 compared to $1,686,880 in Q1-2023. Recoveries from option partners in Q1-2024 were $2,584,073 compared to $1,549,658 in Q1-2023, resulting in net exploration costs of $53,468 in Q1-2024 and $137,222 in Q1-2023. The net exploration costs are attributable: (i) costs that have been spent on behalf of a partner and will be reimbursed in the next reporting period under recoveries from partners and (ii) costs for the Company’s project generation segment of operations. The Project Generative operations aim to establish project opportunities that can generate property payments, milestone payments, creation of royalties and other fees in exchange for optioning mineral projects to third parties. Corporate Expenses: Corporate expenses in Q1-2024 were $267,522 compared to $341,199 in Q1-2023 which represented a decrease of $73,677 compared to Q1-2023. The year-over-year change in corporate expenses is due to (i) a decrease in corporate communication costs from attending fewer conferences, and (ii) a decrease in corporate governance-related costs from a reduction of staff, which was further supported by efficiencies in general and administrative expenses that decreased by 24%. Positive Cash Flow from Operations: The Cash Flow from Operations is higher at $424,967 in Q1-2024 compared to $357,152 in Q1-2023. Q1-2024 Corporate Update Third Party Discussions: Mundoro continues discussions with various mining companies for Mundoro’s projects in Timok, Serbia and Arizona available for joint venture. The Company has signed Confidentiality Agreements, opened data rooms, and has commenced site visits. Discussions with third parties are ongoing. NCIB Program: Further to the Company’s news releases regarding its Normal Course Issuer Bid (“NCIB”), the Company confirms it has purchased during Q1-2024, a total of 44,000 shares, of the maximum of 3,741,502 of Common Shares, at a weighted average price of $0.1757 per share. Q1-2024 Exploration Portfolio Highlights & Outlook BHP-Mundoro Projects Advancing Exploration at Trstenik: In Q1-2024, a ground AMT survey commenced that will cover the project area with a planned 375 AMT stations. Fieldwork for the survey is expected to finish in Q2-2024 with processed results expected in Q3-2024. In addition, processed results and interpretation of the passive seismic survey from Q4-2023 were received. Results from the survey have been integrated into the drill targeting process. Advancing Exploration at Lipovica: In Q1-2024, the final samples from grid-based soil sampling started in Q4-2023, were collected; final assay results were received for all samples. The team will be interpreting the results and integrating them into the targeting process for this area. Also during the quarter, a ground gravity survey that was paused for the winter was restarted. The survey is expected to finish coverage of the license area in Q2 2024. Receipt of Assay Results at Vitanovac: In Q1-2024, final assay results were received for the drill hole from the Q4-2023 drill testing for mineralisation in the west portion of the license area Advancing Exploration at Ponor: In Q1-2024, assay results from grid-based soil samples collected in Q4-2023 were received, with the ongoing continuation of reconnaissance mapping and rock sampling. JOGMEC-Mundoro Project Ongoing Permitting for upcoming Drill Program with JOGMEC: In Q1-2024, the Company continued the drill permitting process with an environmental evaluation; the permitting process is expected to be completed in Q2-2024. Drilling is planned for 1,800 meters after relevant permissions have been received from the local government agencies. Mundoro Owned Projects Completion of a 600 meter drill hole in the Padina License: In Q1-2024, one 600 m drill hole was completed to test the Upper Cretaceous volcanic sequence for mineralization. The hole was completed as part of the minimum work commitment and based on limited data. No mineralization was encountered with this test drill hole. The costs for this drill program were funded by Vale as part of the earn-in agreement prior to termination in April 2024. Qualified Persons The scientific and technical information described in the press release have been prepared in accordance with National Instrument 43-101. The scientific and technical information for Serbia exploration programs was reviewed and approved by Thomas Sant, FGS (EurGeol, CGeol) a Qualified Person as defined by NI 43-101 and Exploration Director for the Serbia Operations in the Company. The scientific and technical information for the Bulgaria and USA exploration programs was reviewed and approved by, R. Jemielita, PhD, MIMMM, a Qualified Person as defined by NI 43-101 and Chief Geologist to the Company. About Mundoro Capital Inc. Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of mineral properties focused primarily on base and precious metals. To drive value for shareholders, Mundoro’s asset portfolio generates near-term cash payments to Mundoro and creates royalties attached to each mineral property optioned to partners. The portfolio of mineral properties is currently focused on predominantly copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA. For further information about Mundoro, please contact Teo Dechev, Chief Executive Officer, President and Director, +1-604-669-8055, and Shamil Devji, Investor Relations Manager at +1-604-669-8055. You can also visit Mundoro’s website www.mundoro.com. Caution Concerning Forward-Looking Statements This News Release contains forward-looking statements. Forward-looking statements can be identified by the use of forward-looking words such as “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe” or “continue” or similar words or the negative thereof, and include the following: completion of earn-in expenditures, options and completion of a definitive agreement by the parties. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the mineral potential of the Company’s projects, the Company’s future strategy and business plan and execution of the Company’s existing plans. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, as there can be no assurance that they will occur and they are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, exploration results, commodity prices, changes in law, regulatory processes, the status of Mundoro’s assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company’s filings with the Canadian securities regulators available on www.sedar.com. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
- MUNDORO COMMENCES DRILL PROGRAM AT BORSKO JEZERO PROPERTY WITHIN THE TIMOK COMPLEX IN SERBIA
June 10, 2013, Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) (“Mundoro” or the “Company”) announces the commencement of the drill program at its 100% owned Borsko Jezero copper-gold property, located in Bor, Serbia. Borsko Jezero is situated within the Timok Magmatic Complex and is directly west of the Bor Cu-Au Mine and northwest of the Reservoir/Freeport McMoRan Timok Project JV (Timok JV) which recently reported high grade copper and gold drill assay results. Teo Dechev, CEO and President of Mundoro commented, “Exploration work at Borsko Jezero has progressed very quickly since Mundoro was awarded the license less than one year ago. Drilling is scheduled to begin by the end of June. Based upon overall exploration results to date, the Company has prepared an initial drill program for 4,000 meters which is sufficient to test three main target areas. The first target area is located at the southwest corner of the property and is within the same structural lineaments as the Timok JV, as interpreted by regional magnetic geophysical data. The second target is 2 kilometers directly west of the currently producing Bor Mine, while the third target is located near the northeastern boundary of the license along strike of RTB Bor’s new Au-Cu discovery (see Figure 1).” Since acquiring the property in July 2012, the Company has compiled and re-interpreted historical data which initially identified the anomalous areas. In April 2013, the Company completed the NI 43-101 report “A Technical Review of the Borsko Jezero Copper-Gold Property, Bor, Serbia, For Mundoro Capital Inc.”, and the Audio-Frequency Magneto-Telluric (AMT) geophysical survey. In May 2013, the Induced Polarization (IP) chargeability survey was completed. As a result, Mundoro identified three anomalous areas one of which is on the magnetic geophysical corridor at the southern portion of the Borsko Jezero license area. Mundoro contracted a drill operator who will mobilize this month to start drilling by the end of June. The drill operator has experience drilling in the region and is also capable of performing directional drilling if required. Another development for Mundoro in the region which is part of the Company’s ongoing effort to build a regional presence in Southeastern Europe occurred in June 2013, when Mundoro through a local 100% owned subsidiary, acquired less than 5% equity interest in a gold producing Company in Bulgaria that operates adjacent to the Company’s Zvezda license. On behalf of the Company, Teo Dechev, Chief Executive Officer, President and Director Qualified Person The technical information of this Press Release has been prepared and approved by Mr. G. Magaranov, the Qualified Person as defined by National Instrument 43-101. Mr. Magaranov is the Senior Exploration Manager, SE Europe for Mundoro Capital Inc. and is a P. Geo., EurGeol. About Mundoro Capital Inc. Mundoro is a well-funded, Canadian based company focused on mineral acquisition, exploration, and development. Our primary focus is advancing our properties on the Tethyan Belt in Southeastern Europe. Mundoro has methodically acquired a district-scale land position on this prolific mineral belt which hosts significant Gold-Copper porphyry and related epithermal deposits. Our strong project pipeline, which also includes projects in Mexico and an investment in China project, is positioned to drive long-term, sustainable growth in order to attain production related cash flow and shareholder return. Caution Concerning Forward-Looking Statements Information included, attached to or incorporated by reference into this News Release may contain forward looking statements. All statements, other than statements of historical fact, included or incorporated by reference in this News Release are forward-looking statements, including, without limitation, statements regarding activities, events or developments that the Board expects or anticipates may occur in the future. These forward-looking statements can be identified by the use of forward-looking words such as "will", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue" or similar words or the negative thereof. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the Company's future strategy and business plan and execution of the Company's existing plans. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, which are not a guarantee of performance and are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, changes in law, regulatory processes, the status of Mundoro's assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedar.com. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Contact Information For further information please contact Teo Dechev, CEO, President and Director of Mundoro Capital Inc. at +1-604-669-8055 or Michelle Roth, Roth Investor Relations at +1-732-792-2200.
- MUNDORO REPORTS ON SCOUT DRILLING PROGRAM IN SERBIA
October 21, 2013, Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) ("Mundoro" or the "Company") is pleased to report on the scout drilling program from its 100% owned license areas, Borsko Jezero and Dubrava, located in the Timok Magmatic Complex (“TMC”) in northeastern Serbia. This first phase scout drilling program focused on the Company’s licenses which are directly adjacent to the Bor Group mine and the Reservoir/Freeport Timok JV (see Figure 1: Drillhole Locations). The scout drilling program was designed to begin testing geophysical targets undercover and provide the Company with a preliminary understanding of the geology and structure, along strike and adjacent to, the Bor epithermal and porphyry copper (Cu) – gold (Au) deposits. This diamond drill program totaled approximately 3220 meters in five drillholes. Highlights of the results are in Table 1. Teo Dechev, CEO and President of Mundoro commented, “TMC is a prolific area for copper and gold mineralization as has been demonstrated by Bor Group which has been mining in this area for over 100 years, and by the recent discovery by the Reservoir/Freeport Timok JV, approximately 7 km southeast of the Bor Group mining operations. Mundoro’s scout drilling program was designed to test Audio-Magneto-Telluric (AMT) anomalies undercover to the west of the Bor Group mining operations and in the northwest-southeast corridor between the Bor Group operating mine and the Timok JV discovery. Mundoro’s two scout drillholes in this corridor each intersected mineralization. Our next steps will be to complete detailed mapping of the Dubrava and Topla licenses in the corridor area as well as further geophysics and follow up drilling in 2014. Mundoro is evaluating joint venture opportunities to expedite the exploration program.” Ms. Dechev added, “The Company is also concurrently working on our southern licenses (Savinac and Bacevica) where trenching at the Tilva Rosh area has shown strong results with 12 m of 30.39 g/t gold and 171.27 g/t silver. The Company is completing further trenching, soil sampling, alteration mapping and following up with geophysics with the aim to drill test in Q2-2014.” Discussion of Drilling Program In the 2013 exploration program of the central area licenses Borsko Jezero, Dubrava and Topla, Mundoro completed AMT and Induced Polarization (“IP”) geophysical surveys over re-interpreted regional magnetic geophysical data which generated several promising anomalies. Drillhole locations are shown on Figure 1 along with background of AMT geophysical anomalies identifying the major mines and projects in this area. All drillholes were drilled vertically and inclined testing various targets. Hydrothermally altered volcanic rocks of various types were intersected in all holes suggesting proximal or distal location of mineralised sources. Two holes were drilled in the Borsko Jezero and Dubrava corridor BJ-04 (728.3m depth) and BJ-05 (495.3m depth) in order to explore the along strike continuation of the Bor deposits favorable geology and structure. Both drillholes BJ-04 and BJ-05 intersected copper and gold mineralization and copper-gold anomalous intervals related to hydrothermally altered volcanic rocks. Drillhole BJ-04 intersected two styles of Cu-Au mineralisation covellite veinlets and chalcopyrite-pyrite with minor bornite ore clasts. The ore clasts type is similar to one of the Bor Deposit ore bodies called “Novo Okno” located approximately 2 km to northwest of BJ-04. The “Novo Okno” ore body is made up of high grade Cu-Au massive sulphides clasts from 0.5 to 50 m³ in size which have been found elsewhere in the region at a distance approximately 4 to 5 km from the known ore body. As Mundoro’s scout drill program intersected this style of mineralization, there exists further potential for mineralized ore bodies on strike to the southeast of the main Bor Deposit which has been previously mined out by Bor Group. Drillhole BJ-05 intersected mineralized and anomalous gold intervals starting from 377 meters, related to argillic altered andesite containing disseminated pyrite and quartz-carbonate veins and veinlets. Three drillholes (BJ-01, BJ-02, and BJ-03) were designed to test geophysical anomalies in the southwestern and northeastern parts of Borsko Jezero and the northern portion of the Sumrakovac licenses. These three drillholes did not intersect any mineralization related to the tested AMT geophysical anomalies. The scout drilling program has obtained valuable structural and geological information for the Company’s Timok properties and the region as a whole. Drill data and results will be evaluated, interpreted and integrated for use in planning further exploration within this prospective part of the license areas. The company continues exploration within the licenses surrounding the Bor Group operating mines with detailed structural and alteration mapping and outcrop rock sampling. Soil geochemical surveys and trenching programs will be carried out over selected non-undercover areas. Additional detailed IP/Resistivity and electro-magnetic geophysical surveys are being planed over Dubrava and Borsko Jezero licenses in conjunction with orientation surveys over known ore bodies. Sampling, Analysis and Quality Assurance and Control (QAQC) Drillhole orientations were surveyed at approximately 50 meters intervals. Drill core was collected from drill sites by the Company’s geologists and processed and sampled at the Company’s core shed according to industry best practice standard procedures. Samples were collected as half PQ or HQ core at one meter lengths from mineralised intervals and three meter lengths from none mineralised intervals. Where necessary the sampling lengths were adjusted to reflect the geological boundaries, occasionally with maximum length up to 5m. All samples are assayed using 50 gram fire assay with atomic absorption finish and ME-ICP61 by ALS Romania. The entire sample was crushed to 2mm, then split off a 1 kg sample and pulverized the split to better than 85% passing 75 microns. Quality Assurance and Quality Control procedures include the systematic insertion of standards and duplicates into the sample streams. Duplicate core samples are taken every 25 samples and standards and blanks are inserted after every 20th sample. All data collected from detailed logging and assay results from the laboratories are routinely verified and entered in an Access data base. The technical information of this Press Release has been reviewed and approved by Mr. G. Magaranov, P. Geo., the Qualified Person as defined by National Instrument 43-101. On behalf of the Company, Teo Dechev, Chief Executive Officer, President and Director About Mundoro Capital Inc. Mundoro is a well-funded, Canadian based, company focused on mineral acquisition, exploration, and development. Our primary focus is advancing our properties on the Tethyan Belt in Southeastern Europe. Mundoro has methodically acquired a district-scale land position on this prolific mineral belt which hosts significant Gold-Copper porphyry and related epithermal deposits. Our strong project pipeline, which also includes assets in Mexico and China, is positioned to drive long-term, sustainable growth in order to attain production and shareholder return. Caution Concerning Forward-Looking Statements Information included, attached to or incorporated by reference into this News Release may contain forward looking statements. All statements, other than statements of historical fact, included or incorporated by reference in this News Release are forward-looking statements, including, without limitation, statements regarding activities, events or developments that the Board expects or anticipates may occur in the future. These forward-looking statements can be identified by the use of forward-looking words such as "will", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue" or similar words or the negative thereof. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the Company's future strategy and business plan and execution of the Company's existing plans. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, which are not a guarantee of performance and are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, changes in law, regulatory processes, the status of Mundoro's assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedar.com. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Contact Information For further information please contact Teo Dechev, CEO, President and Director of Mundoro Capital Inc. at +1-604-669-8055 or Michelle Roth, Roth Investor Relations at +1-732-792-2200.