Mundoro Capital Inc.
TSX : MUN

Mundoro Capital Inc.

July 23, 2009 09:34 ET

Mundoro Announces Management and Board Changes

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 23, 2009) - Mundoro Capital Inc. (the "Company") (TSX:MUN) announces that John Hoey, currently an independent director of the Company, has been appointed Chairman of the Company, to replace Mr. van Doorn who has left the Company effective immediately. Mr. Hoey has also been appointed Chairman of Mundoro Mining Inc., a 100% subsidiary of the Company. Mr. Hoey's background includes over 35 years of international investment experience and has served on private and public company boards with activity in various countries and a focus on emerging market countries with direct experience in China.

Ms. Teo Dechev, the current President and Chief Financial Officer of the Company, has been appointed Interim Chief Executive Officer of the Company in place of Mr. Robert van Doorn and will remain as President and Chief Financial Officer. Ms. Dechev has been with the Company since 2006 and joined the Board of Directors in April 2008. Ms. Dechev has a geological and mineral engineering degree with over 14 years experience in the resource and financial industry.

The main areas of focus for the Company continue to be: corporate development activity in China for Mundoro Mining's efforts to secure a strategic partner; engaging the government of Liaoning directly; and, evaluating investment opportunities in the resources sector for Mundoro Capital. Mundoro Mining has been in discussions with various Chinese companies in regards to a strategic partnership in China. These efforts are in various stages of discussion with no certainty of completion. With respect to the Maoling Gold Project, the Company continues to dedicate its efforts to demonstrating the economic, technical and environmental merits of a long life, sustainable mining operation in China in close co-operation with the county, municipal, provincial and national levels of government. A large scale, low grade operation at Maoling would bring the latest international mining knowledge to China. Mundoro Capital is looking to employ its financial strength and technical expertise either in conjunction with others or as the principal for resource projects. The Company will continue to monitor carefully value driven opportunities and weigh these opportunities against the necessity to conserve capital during this period of restricted financial markets.

About Mundoro Capital Inc.

Mundoro Capital Inc. is a Canadian based company which operates as a mineral exploration, development and investment company. The 100% ownership of Mundoro Mining, and its Maoling Gold Project ("Maoling"), remains the key asset of the Company. The Company will also evaluate and invest in other resource assets or companies in the natural resources field, which can create value for the Company and its shareholders, using management's years of specialized experience in the capital markets focused on evaluating exploration and production assets, resource investment opportunities.

About Mundoro Mining Inc.

Mundoro Mining is a resource company focused on the exploration and development of one of the world's top gold deposits, the Maoling Gold Project. Mundoro Mining has a 79% interest in Maoling through a Sino-Foreign co-operative joint venture with the corporate arm of the Liaoning provincial government which owns 21% interest.

Maoling is a feasibility stage gold deposit located in Liaoning Province, China and is China's largest single, gold resource deposit with 4.8 million contained gold ounces in the Measured and Indicated category and an additional 4.4 million contained gold ounces in the Inferred category. Mundoro Mining has outlined a Reserve of 2.8 million ounces in the Probable category which was the basis for the Pre-Feasibility Study. Thus far, two deposits that outcrop at surface have been outlined at Maoling in which disseminated, free-milling gold mineralization occurs within a sequence of metasedimentary rocks.

The renewal of the exploration license for Maoling has been deferred since November 2005 pending the renewal of a business license for Mundoro Mining's joint venture company, Liaoning Tianli Mining Company Ltd. Mundoro Mining and its partner, Liaoning Aidi Resources Company Limited, have undertaken a strategy of engagement and building awareness with a wide range of government agencies in order to resolve the issue.

Investors are encouraged to review 'Risk Factors' associated with the Maoling project as outlined in the Company's continuous disclosure filings available on the SEDAR website at www.sedar.com.

The pre-feasibility described herein was prepared to broadly quantify the Maoling Zone 1 deposit's capital and operating cost parameters, and to further the development of the project. It was not prepared for use as a valuation of the deposits, nor should it be considered to be a final feasibility study. The information contained in the Study reflects various technical and economic conditions at the time of writing that can change significantly over relatively short periods of time. There can be no assurance that the potential results contained in the Study will be realized. The study was prepared by AMEC Americas Ltd. under the direction and oversight of Mr. Mark Pearson P.Eng. of Vancouver, BC, an 'Independent Qualified Person' as defined by National Instrument 43-101. Resource estimation for the Zone 1 area in 2006 was carried out in the Brisbane, Australia office of Golder Associates Pty Limited, an international earth sciences consulting group under the direction and oversight of Dr. Andrew Richmond, MAusIMM, an 'Independent Qualified Person' as defined by NI43-101. NI43-101 compliant technical reports for the pre-feasibility study and all reserve and resource estimates have been filed on the SEDAR website at www.sedar.com.

The statements herein that are not historical facts are forward-looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed under the heading "Risk Factors" in the company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.

Contact Information

  • Mundoro Capital Inc.
    Teo Dechev
    Interim CEO, President & CFO
    604-630-3591
    or
    Mundoro Capital Inc.
    Ben Chow
    Investor Relations Manager
    604-630-3587
    info@mundoro.com
    www.mundoro.com