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- 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.
- MUNDORO’S TRENCHING AT SAVINAC LICENSE CONTINUES TO YIELD RESULTS
January 13, 2014, Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) ("Mundoro" or the "Company") is pleased to provide an update on its exploration activities at its 100% owned Savinac, Zeleznik and Sumrakovac properties along the Timok Magmatic Complex (TMC). Located in northeast Serbia, the TMC hosts significant gold-copper porphyry and related gold-copper epithermal deposits with the benefit of European infrastructure. Teo Dechev, President and CEO commented, “We are very pleased to provide investors with an update to our exploration program. At Savinac, we continued trenching at Tilva Rosh, for which we previously reported high grade gold results near surface. The follow up trenches continued to extend the mineralization and the geochemical sampling around the area identified new parallel zones. Our next step at Tilva Rosh will be to drill test at depth. Work at our Zeleznik license, which sits along the same geological and structural setting as the Majdanpek Mine, highlighted two areas with significant Cu-Au-Mo anomalies which are slated for trenching and drilling in 2014. Mundoro has quickly moved along from compiling an extensive property package in the TMC area to defining a number of near surface mineralized zones to now drill testing in 2014”. “In parallel to our exploration activity, we continue to evaluate joint venture opportunities for our projects while at the same time evaluating developed assets closer to production.” Savinac The soil geochemical campaign highlighted three major mineralized areas: Tilva Rosh to the North, Bukovo in the center, and Markov Kamen to the South. The high grade gold results previously obtained at Tilva Rosh are controlled by a north-west fault directly related to a gold-in-soil anomaly of 600 m by 170 m. The north-west fault also intersects the north-east structure adding an additional 1200 m by 400 m gold-in-soil anomaly to be followed up in Q1 2014 (Figure 1 - Savinac Gold-in-Soil Geochemical Anomalies, Figure 2 - Tilva Rosh Trench and Rock Results). Follow-up exploration work in 2014 will consist of mapping, trenching along the new parallel zones and drill testing the trenched gold prospect in mid-2014. The soil sampling comprised 1,679 samples and was designed to cover Savinac’s hydrothermal alteration system. The results confirmed the presence of a mineralized structural zone extending over a strike length of more than 7 km identified by soil samples containing greater than 20 parts per billion (ppb) gold associated with Ag, Cu, Mo, Pb, Zn, Sb and As anomalies (Figure 1). This structural zone, marked by intense argillic and advance argillic altered andesite volcanics, contains two major fault directions north-west and north-east. The gold in-soil anomaly and the initial high grade trench results were followed up by step-out trenches and outcrop rock sampling. The trenches were dug down to bedrock (0.5 to 1.5 m depth), perpendicular to strike of the mineralised structure and the trend of the soil anomaly. Continuous channel samples of up to 2 m long were collected along the base of the trenches. Selected results are summarized in Table 1. The location of trenches and rock outcrop results are shown on Figures 1 and 2. Table 1: Summary of significant trench results from Tilva Rosh prospect, Savinac license. (Trench results 4, 2 and 1 were previously reported on September 3, 2013) The results from the soil geochemistry between trenches T13 and T5 identifies a high grade bearing north-west structure. The structural mapping and the soil geochemistry suggests an intersection with the mineralized north-east structure for at least 1200 m. The mineralisation is associated with hydrothermal breccias, quartz veins and veinlets hosted in altered andesite volcanics. The results from all trenches demonstrate that the high grade gold intervals are contained within a wider halo of enhanced gold content. Zeleznik The Zeleznik license covers 6,026 hectares (60 sq.km.) and is located at the northern part of the Timok Magmatic Complex. The southern portion of this license is along strike and shares the same geological and structural setting as its neighbor, the Majdanpek Copper-Gold porphyry mine, which has a reported resource of 1000 mt @ 0.4-0.8% Cu, 0.25-1 g/t Au (Jelenkovic, 2007). Mundoro recently completed the stream sediment sampling program on this license and identified five anomalous areas. The Company followed up the anomalies with prospecting, geological mapping, soil and rock geochemical sampling. There were 708 soil samples collected with promising anomalies followed up in further detail. The results highlighted two areas with significant Cu-Au-Mo anomalies. They are located at the southern part of the license, defined by 20-189 ppb gold and 130-2260 parts per million (ppm) copper (Figure 3 - Zeleznik Copper-in-Soil Results, Figure 4 - Zeleznik Gold-in-Soil Results). Both anomalies are centered on andesite porphyry intrusions. The best copper geochemistry of the western anomaly was obtained within a covered area. A small exposure of copper-bearing magnetite skarn and more widespread marbleized limestone characterize part of the eastern anomaly. The Copper-Gold-Molybdenum geochemical anomalies defined are typical of copper-gold porphyry systems and as such is a positive result to be follow up with further work to determine the source of the anomalies. Follow-up exploration work in 2014 will consist of mapping, trenching, ground magnetic surveys and drill testing the anomalies in H2-2014. Sumrakovac The Sumrakovac License covers 103 sq.km in the southern portion of the Timok Magmatic Complex. The property contains a cluster of underexplored gold-copper porphyry style mineralization. The Company has completed stream sediment screening, a partial reconnaissance mapping as well as rock and soil geochemical sampling. A ground magnetic survey is underway over the Skorusa porphyry and the adjacent area. Reconnaissance mapping at the Skorusa porphyry revealed the existence of three dioritic intrusive phases: early, inter-mineral and late-mineral. The early and inter-mineral phases are both potassic altered, contain ~5 volume % of magnetite and are cut by chalcopyrite-bearing A-type quartz veinlets. Veinlet intensity and observed chalcopyrite contents are higher in the early mineral phase. Rock sampling of the quartz veining returned: 23m @ 0.72 g/t Au and 1670 ppm Cu (1.03 g/t AuEq); including single 2 m samples with up to 1.64 g/t Au and 0.3% Cu (2.20 g/t AuEq). Soil surveys confirmed a Copper-Gold-Molybdenum geochemical anomaly related to the outcropping porphyry mineralisation and delineated a 700 m by 400 m copper-gold anomalous area which needs to be followed up by trenching and drilling. The molybdenum anomaly covers an area of 1500 m by 600 m and is open to the north. The soil survey also highlighted additional anomalous centers to the east of Skorusa porphyry which will require further in-fill sampling and trenching (Figure 5 - Sumrakovac Copper-in-Soil Results, Figure 6 - Sumrakovac Gold-in-Soil Results, Figure 7 - Sumrakovac Molybdenum-in-Soil Results). Sampling and Analysis All trench intercepts were obtained from continuous channel sampling at 2 m intervals. All samples are assayed using 50 gram fire assay with atomic absorption finish by ALS Bor, Serbia. Quality Assurance and quality control procedures include the systematic insertion of standards and duplicates into the sample streams. Field duplicate samples are taken every 25 samples and standards and blanks are inserted after every 20th sample. All data collected in the field and assay results from the laboratories are routinely verified and entered in an Access data base. Soil samples were collected from “B” horizon of the soil media by hand digging a hole from 0.1 to 0.5m. Material of ~500 grams was collected, sealed and send directly to the ALS laboratory in Bor. Samples were dried at <60°C/140F, sieve sample to -180 micron (80 mesh) and assayed using 30 gram fire assay with atomic absorption finish. Gold Equivalent (“AuEq.”) is calculated using the formula AuEq = (g/t/Au) + (g/t/Ag) + ($/ozAu)/60. Metal prices used are: copper price of US$3.25/lb, gold price of US$1200/oz, silver price US$20/oz or 60 silver ounces per one gold ounce. The technical information contained in 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.
- MUNDORO PROVIDES UPDATE ON SERBIA DRILLING AND ANNOUNCES CLOSING OF ACQUISTION OF NEW COPPER GOLD LICENSE
July 14, 2014, Vancouver, BC - Mundoro Capital Inc. (TSXV:MUN, www.mundoro.com) ("Mundoro" or the "Company") is pleased to announce an update on the Tiva Rosh drilling program in Serbia as well as the closing of the acquisition of the Chuprene Exploration Permit (“Chuprene”), located in northwestern Bulgaria approximately 65km southeast of Bor in the Timok Complex. Serbia Drilling Program Update Mundoro recently began drilling on its Tilva Rosh prospect in Serbia on June 28, 2014. The Tilva Rosh prospect was outlined by a gold-in-soil anomaly of 600m by 150m which was confirmed with follow up trenching in Q4-2013 and Q2-2014. The Company is drill testing depth extension of the outcropping epithermal gold mineralization with six diamond drill holes each with a depth of approximately 150m (see Figure 1 - Tilva Rosh Drill Plan and Progress). The Company has completed the first three holes concentrating on the area of the previously reported trenching results, which returned 12m of 30.39 g/tonne gold and 171.27 g/tonne silver (see press release dated October 21, 2013). The drill core has intersected the hydrothermal breccia hosting the mineralization which was trenched on surface as well as a feldspar porphyry which is argillic altered. The drill core has also intersected sections of (i) quartz-pyrite-chalcopyrite mineralization; (ii) pyrite-galena-sphalerite mineralization and (iii) semi-massive pyrite chalcocite-covellite-bornite mineralization. Assay results are scheduled to be published in Q3-2014 along with further description of the drill core from the holes. Chuprene License Acquisition Chuprene is an underexplored area by modern exploration methods with the potential for discovery of high sulphidation copper-gold, sediment hosted gold and intrusion related gold-silver deposits. In consideration for the transfer of Chuprene, the Company has made an upfront payment to the seller of 350,000 common shares of Mundoro at a deemed price of C$0.30 per share. The shares will be subject to a four month hold period expiring November 15, 2014. In the future, in the event that the Company files a NI 43-101 compliant resource with respect to Chuprene, identifying at least 1,000,000 ounces of gold-equivalent in the Measured and Indicated resource categories, the Company will have the option to either (i) issue an additional 3,500,000 common shares of Mundoro or (ii) pay C$1 million to the seller. The seller also retains a 10% Net Profit Interest royalty in Chuprene which can be purchased by the Company for C$1 million at any time. “Chuprene is located in an underexplored portion of the prolific Tethyan Gold Belt which the Company believes has potential to host further new discoveries. Mundoro will be initiating an exploration program in Q3-2014 to build upon the prior stream sediment and rock sampling program conducted by the prior operator, to cover geochemical sampling, prospecting, mapping and ground geophysics to delineate drill targets” stated Teo Dechev, President and CEO of Mundoro. Chuprene is located in the Late Palaeozoic Belt of north-west Bulgaria which is host to numerous copper-gold, lead-zinc-silver and poly-metallic gold-silver deposits mined underground in the early twentieth century. The exploration area contains several Cu-Au mineral occurrences which have been exploited since ancient times. Most significant of the historical mineral occurrences in the Chuprene license is the Chuprene Cu-Au occurrence which was explored in the late 1940’s and which had historical production of 30,000 tonnes of ore at grades of 6-8% Cu. The geology of Chuprene is made up of green schist metamorphic rocks and meta-volcanics cut by granitoids. Structural network is complex with numerous faults – normal, thrust and reverse. Recent exploration work undertaken by the prior operator is: Data compilation, general prospecting and rock grab sampling of known mineral occurrences. Stream sediment sampling over an area of 87km² within the central part of the license consisted of two parts: regional and detailed. The regional sampling was done at 1km² grid with 1km between two neighboring samples along the same stream. The detailed sampling covered 12km² at a grid 0.17km² and distance between two neighboring samples less than 300m. Limited follow up of anomalous stream sediment catchments. Prospecting work has covered the known mineral occurrences and partly the anomalous stream sediment catchments. A total of 279 rock samples were collected from hydrothermally altered and mineralized rocks over five areas totaling 18.7km² deemed to be prospective for discovery of Au and Cu-Au mineralization. Rock grab sampling has returned encouraging high grade gold results such as: 2.64 g/tonne Au, 2.91 g/tonne Au and up to 16.7 g/tonne Au. Quartz vein sample returned 3m @ 2.41 g/tonne Au, 110 g/tonne Ag and 0.56% Cu. Technical information contained in this Press Release has been reviewed and approved by Mr. G. Magaranov, P. Geo., 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. Sampling, Analysis and Quality Assurance and Control (QAQC) The Company uses the ALS Romania and Bor Serbia managed laboratories to assay all samples from Serbian and Bulgarian properties. Soil and stream sediment samples are assayed in ALS Romania using ultra-trace level methods combination of ICP-AES and ICP-MS acid digest, 51 elements; whereas gold is assayed by low level detection fire assay method 50g, AAS finish. Preparation of samples includes drying, screening to -80#, fine crushing, split and pulverizing to 75 µm. Rock samples are assayed in ALS Romania using ME-ICP61M four acid digest 35 elements; gold fire assay 50 g, AAS finish. Stream sediment samples were collected from optimum trap sites for heavy minerals, wet or dry sieved approximately 2kg -1mm silt in the field. Samples were taken at regular intervals of approximately 1.5km along stream, designed to represent catchment areas of approximately 3-4km². Soil sampling was carried out along grid profiles oriented perpendicular to controlling structures of the mineralisation. Samples were collected at regular 50m intervals. Rock sampling was carried out as chip-channels in outcrops on 1 to 3m intervals collecting minimum 1kg material per meter. In addition to laboratory's internal quality assurance quality control (QAQC) procedures the Company implements its own QAQC with systematic insertion into sample streams of certified reference materials, field duplicates and blanks. Field duplicate samples are taken every 25 samples and known standards and blanks are inserted after every 20th sample. All data collected in the field and assay results from the laboratories are routinely entered into a data base. 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 ANNOUNCES DRILLING RESULTS FROM TILVA ROSH PROSPECT IN SERBIA
August 19, 2014, Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) ("Mundoro" or the "Company") is pleased to announce drilling results from its Tilva Rosh prospect within the Savinac exploration license in northeastern Serbia. The Savinac license covers 90 km² and is located within the Timok Magmatic Belt, approximately 20 km southeast of the Bor mining camp. Teo Dechev, CEO and President of Mundoro commented, “This initial drilling program at Tilva Rosh was designed to test step-out extensions of the mineralization down dip and along strike. The initial drilling results have successfully demonstrated continuation of surface mineralisation at depth, along strike and are encouraging as management believes the results are vectoring towards a deeper mineralisation source. The mineralization is open to the north, south and at depth. ” Six inclined diamond drill holes totaling 917.8 m were drilled at the southern portion of Tilva Rosh system to test the vertical extent of the gold mineralization, which was previously confirmed by high grade trenching results of 12 m @ 33.03 g/t AuEq (30.39 g/t Au, 171.27 g/t Ag) (see October 21, 2013 press release). The drill holes were designed to test the down dip mineralization to a maximum of 150 m down dip. Collar locations are shown on Figure 1 -Tilva Rosh Drill Plan. Cross section of interpreted geology shown in Figure 2 – Tilva Rosh - Cross Section A-A’. Table 1: Summary of significant results from drill holes SAV01 to SAV06. Gold Equivalent (“AuEq.”) is calculated using the formula AuEq = (g/t/Au) + (g/t/Ag) + ($/ozAu)/65 + <(%cu) x (22.0462) x ($/lbcu)> ÷ <(1/31.1035) x ($/ozau)>. Copper equivalent (CuEq%) is calculated using the formula CuEq = (%Cu) + <(g/t/aueq) x (1/31.1035) x ($/ozau)> ÷ <(22.0462) x ($/lbcu)>. Metal prices used are: gold price of US$1300/oz, copper price of US$3/lb, and silver price US$20/oz. All thicknesses from intersections from drill holes are down-hole drilled thicknesses or outcrop sample length thickness.The Tilva Rosh drilling program has demonstrated continuation of surface mineralisation at depth and along strike of a north-west structure responsible for the high grade gold. The Au-Ag mineralization identified in the in-soil geochemistry anomaly and confirmed in the trenching, has now been confirmed at a depth to 76m, along strike for 100 m (50 m to south and 50 m to north) and remains open in all directions. Copper mineralisation was intersected at depth in four of the six drill holes (SAV03-SAV06). Management believes copper was not present at surface due to the highly acidic nature of the lithocap in the area caused by the high pyrite content in the system. The eastern most drill holes, SAV02 and SAV05, intersected the highest lead-zinc contents (up to 2.2 % Zn and 0.6 % Pb) suggesting lateral zoning indicative of porphyry style hydrothermal system. These initial drill results at Tilva Rosh are encouraging and are interpreted to be proximal to a Cu-Au porphyry system related to a large area of advanced argillic lithocaps to the north, highlighted with a central Mo anomaly rimmed by Cu and followed outwards to zones of Pb-Zn. This is classic geochemical signatures of porphyry deposit footprints and where the company believes exist further porphyry drill targets. Drill Hole Highlights of Tilva Rosh Prospect Over the past 18 months Mundoro has conducted geochemical, mapping, trenching, ground magnetic surveys over this license as well as compiling historic data, targeting epithermal and porphyry Cu-Au systems. This work has outlined the Savinac mineralised belt (9 km by 2 km) which includes the Tilva Rosh epithermal system expressed on the surface with a large area of advanced argillic alteration covering 4km by 1km. Tilva Rosh prospect was explored previously in late 1970’s and early 2000’s but significant gold mineralisation and porphyry Cu-Au potential was identified by Mundoro’s exploration in Q4-2013. SAV 01 intersected a hydrothermal breccia and veinlet zone similar to the out-cropping high grade (69.7 m). At 102.3m the hole cut argillic altered feldspar andesite porphyry with quartz veinlets and pyrite content 2-5% throughout and minor chalcopyrite mineralisation at 150.9m. SAV 02 intersected 8.5 meters of iron oxide breccia with silicified clasts and continued in a hydrothermal breccia with pyrite down to 40.3 m. As in SAV 01, it then cut andesite feldspar porphyry from 30.9 m to the end of the hole (158.7 m). SAV 02 is characterized by more faulting and veining of the andesite porphyry and sphalerite-galena mineralisation in the quartz veins. SAV 03 collared in a quartz-iron oxide hydrothermal breccia which continued down to 48.7 m. From 52.5 m to 82.6 m the drill hole intersected a fault zone which contains semi-massive pyrite chalcopyrite-chalcocite mineralisation from 69.9 m to 74.7 m (4.8 m). A-type porphyry veins were noted from 115.6 m to 121 m (5.4 m) passing to gypsum/anhydrite stockwork veining and quartz-pyrite veinlets to the end of the hole. SAV 04 collared in hydrothermal breccia and intersected quartz-pyrite in andesite and lithic tuff which is moderately argillic altered with rare pyrite±chalcopyrite veinlets (from 23.8 m to 29.8 m). From 41.3 m, the drill hole intersected fault breccia with quartz-massive pyrite-sphalerite ± galena veins containing up to 30% pyrite. From 52.4 m the drill hole intersected andesite feldspar porphyry, cross cut by quartz-pyrite vein and veinlets, vuggy texture quartz-pyrite-sphalerite±galena vein with massive pyrite up to 15%) and a hydrothermal breccia zones with quartz-pyrite veins. SAV 05 collared in argillic altered andesite porphyry with quartz veinlets with disseminated pyrite and pyrite in fracture fills 1-3% continuing to the end of hole (149.7 m). From 19.3 m to 94.5 m the drillhole cut through a fault and quartz vein zone containing irregular pyrite-barite-sphalerite galena mineralisation. SAV 06 is the shortest hole drilled (116.3 m). It cut quartz-hydrothermal breccia from 0 m to 8.6 m hosted in lithic tuff and continued in andesitic tuff with ~1% pyrite to 38.6 m. From 38.6 m to 67.2 m it entered a fault zone containing quartz veins with 1-2% pyrite and finished in silicified and brecciated andesite containing pyrite and anhydrite veining. Sampling, Analysis and Qualified Person Drill hole 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 two meter lengths from none mineralised intervals. Where necessary the sampling lengths were adjusted to reflect the geological boundaries. 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. Technical information contained in this Press Release has been reviewed and approved by Mr. G. Magaranov, P. Geo., Qualified Person as defined by National Instrument 43-101. On behalf of the Company, Teo Dechev, Chief Executive Officer, President and DirectorAbout 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
- MUNDORO COMMENCES FIRST DRILLING ON ZELEZNIK PROPERTY IN SERBIA
November 20, 2014, Vancouver, BC – Mundoro Capital Inc. (TSXV:MUN www.mundoro.com) (“Mundoro or the “Company”) is pleased to announce that drilling has commenced on its 100% owned Zeleznik copper-gold exploration license. The Zeleznik license, located at the northern portion of the Timok Magmatic Complex, covers 60 km² and is located adjacent along the northern license border with the Majdanpek open pit copper mine in northeastern Serbia. Mundoro’s new drill program at Zeleznik will be for approximately 1,000 meters over five holes, three on the West Zone of the property and two on the East Zone (see attached Figure 1:Zeleznik East Drill Hole Location Map and Figure 2: Zeleznik West Drill Hole Location Map). The five drill holes will follow up on the mapping, trench sampling, geophysics and soil geochemical work completed throughout the year (see May 1, 2014 and January 13, 2014 press releases) and is intended to test continuation of the encouraging results obtained at surface and extract additional information about the geological and structural setting at depth. Teo Dechev, CEO and President of Mundoro commented, “The West and East Zones at the Zeleznik property are located just 1.8 km to the north of where current mining is taking place at the Majdanpek mine, which is a lateral laying porphyry deposit. The exploration results to date from our soil geochemical sampling, ground magnetics and trench sampling have outlined two areas with Cu-Au-Mo anomalies that also correlate to the ground mag anomalies at depth. The West Zone we believe is a porphyry system as trenching has identified outcrops of andesite dikes, quartz and diorite porphyry dikes while on the East Zone we believe that exo and endo skarn mineralization encountered at the limestone contact with the altered diorite intrusion might be related to a porphyry at depth. Skarn systems are typically peripheral to a porphyry system. We look forward to updating the market with the results of our drill program once the core data has been logged, assayed and interpreted.” Sampling and Analysis All trench intercepts were obtained from continuous channel sampling at 2 m intervals. All samples are assayed using 50 gram fire assay with atomic absorption finish by ALS, Romania. Quality Assurance and quality control procedures include the systematic insertion of standards and duplicates into the sample streams. Field duplicate samples are taken every 25 samples and standards and blanks are inserted after every 20th sample. All data collected in the field and assay results from the laboratories are routinely verified and entered in an Access data base. Soil samples were collected from “B” horizon of the soil media by hand digging a hole from 0.1 to 0.5m. Material of ~500 grams was collected, sealed and send directly to the ALS Prep laboratory in Bor. Samples were dried at <60°C/140F, sieve sample to -180 micron (80 mesh) and assayed by ALS, Romania using 30 gram fire assay with atomic absorption finish. The technical information contained in 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.







