Mundoro Mining Inc.

Mundoro Mining Inc.

October 12, 2005 11:51 ET

Mundoro Appoints A.L. (Tony) Arias as Chief Financial Officer

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 12, 2005) - Mundoro Mining Inc. (TSX:MUN) is pleased to announce the appointment of Mr. A.L. (Tony) Arias, C.G.A. to the Company's Management team as Chief Financial Officer.

Mr. Arias has over 25 years of diversified management experience specializing in finance and accounting within the resource and high-technology industries, working with both public and private businesses. He has held senior positions in Westmin Resources Ltd., Homestake Canada Inc. and Sutton Resources Ltd., responsible for a wide variety of activities including financial controls and reporting, accounting, taxation, and corporate finance. He is a member of the Certified General Accountants Association of British Columbia.

The appointment of Mr. Arias will complement Mundoro's aggressive growth strategy as the Company advances the Maoling Gold Project in China through the feasibility, permitting, financing and construction phases.

Mr. R.A. (Sandy) Watson, who has served in the position of Chief Financial Officer since July of 2003, is retiring from the Company after a brief transition period with the arrival of Mr. Arias. The Management and Directors of Mundoro extend their appreciation to Mr. Watson for his diligence and contribution to the development of the Company in its first years as a publicly traded corporation.

Change in Auditors through business transaction

The Company's auditors, Ellis Foster Chartered Accountants, have recently entered into a transaction with Ernst & Young LLP under which certain assets, partners and employees have transferred to Ernst & Young. As a result Ernst & Young will appear as the Company's auditor of record on a going-forward basis.

About Mundoro Mining Inc.

Mundoro Mining Inc. is a Vancouver-based, TSX listed resource company focused on the exploration and development of the multi-million ounce, feasibility stage Maoling gold deposit in Liaoning Province, China. The Company has a 79% interest in the project through a Sino-Foreign co-operative joint venture with the corporate arm of the Liaoning provincial government, and has been aggressively exploring the 20 square kilometer exploration license area. 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. A pre-feasibility study completed in June of 2005 demonstrated the economic viability of developing a large-scale open-pit mine on the Zone 1 orebody to produce an average of approximately 328,000 ounces of gold per year over 8 years. Significant opportunity remains to both optimize the mine's design and to expand the overall resource-base for consideration in the final feasibility study through ongoing infill and expansionary drilling.

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

The TSX has neither approved nor disapproved of the information contained herein.

Contact Information

  • Mundoro Mining Inc.
    Colin H. McAleenan
    Chairman and CEO
    (604) 669-8055
    Mundoro Mining Inc.
    Cyrus Ameli
    Vice President, Communications
    (604) 669-8055
    (604) 669-8056 (FAX)