Mundoro Announces Third Quarter Update & Application for Normal Course Issuer Bid

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 8, 2011) - Mundoro Capital Inc. (TSX VENTURE:MUN) ("Mundoro" or the "Company") is pleased to provide an update to shareholders for the third quarter of 2011.

In the third quarter, Mundoro completed:

1. the strategic transaction announced August 2, 2011 regarding the Maoling Gold Project ("Maoling");
2. listed on the TSX Venture Exchange ("TSXV") as of September 30, 2011;
3. strengthened the exploration expertise with the appointment of Richard Moores to the Board and appointment of Michel Cormier as Vice President of Exploration;
4. ramped up the exploration program at the Company's mineral properties in north-central Mexico and completed a NI 43-101 Technical Report on the Cuencame Property in Durango State;
5. project generation initiatives and evaluation of opportunities for advanced stage mineral projects.

As of October 31, 2011, the Company has approximately US$20.6 million in cash and cash equivalents, and no debt. Mundoro has 38.4 million shares issued and outstanding.

Strategic Transaction

In the third quarter, on August 2, 2011, the Company announced the Strategic Transaction with China National Gold Group Hong Kong Limited ("CNGHK"). CNGHK is a wholly-owned subsidiary of China National Gold Group Corporation ("CNG"). Subsequent to the end of the quarter on October 11, 2011, the Company announced the completion of the Strategic Transaction with China Gold Hong Kong Holding Corporation Limited ("CGHK"), a subsidiary of CNGHK which has purchased 36,711,858 common shares of Mundoro Mining Inc. ("MMI") representing 95% of the issued and outstanding shares of MMI for a cash purchase price of $13,800,000. The Company currently owns 1,932,203 common shares of MMI, representing 5% of the issued and outstanding shares of MMI.

As outlined in the Company's Information Circular dated August 30, 2011, the Company and CGHK entered into a Shareholders Agreement that governs the shareholding of MMI. CGHK has operating control of MMI and its board with the goal of advancing the development of the Maoling Gold Project. Upon attaining a mining permit for Maoling, CGHK can effect a control sale of its position in MMI to a public entity controlled by CNG, CNGHK or any other purchaser for Fair Market Value, as defined in the Shareholders Agreement and, under these circumstances, the Company would have a tag along obligation to sell its 5% in MMI on the same terms and conditions. If the control sale does not meet the conditions outlined in the Shareholders Agreement, the Company does not have a tag along obligation. Both the Company and CGHK have a mutual right of first refusal to purchase the shares in MMI held by the other party if either party desires to transfer the shares it owns to a third party that does not meet control sale conditions. Mundoro is in the process of nominating one director to the MMI board.

TSX Venture Listing

In the third quarter of 2011, Mundoro applied to and received approval from the TSXV to have its common shares commence trading on the TSXV as of September 30, 2011 under the symbol "MUN". The Company ceased trading on the Toronto Stock Exchange (the "TSX") where on September 29, 2011. The Company notes that a transfer in its stock exchange listing to the TSX Venture can provide greater operational efficiency and lower costs for the Company, while providing shareholders liquidity on a recognized exchange. The Company's common shares continue to trade on the Frankfurt Exchange under the symbol "NGU" and the over the counter market in the United States under "MUNMF".

Strengthen Exploration Team

During the third quarter, the Company strengthened its exploration expertise with the appointment of Richard C. Moores as a director to the Board and the appointment of Michel Cormier as Vice President of Exploration. Mundoro's CEO and President, Teo Dechev, commented, "Mr. Cormier is an excellent addition to the exploration team who brings with him 35+ years of experience in running successful planning and management of exploration programs leading to the discovery and development of economically feasible gold deposits in Canada, Mexico, Guinea, Niger, Burkina Faso, Algeria and Ghana. Mr. Moores brings 40+ years of experience in porphyry-style deposits for which he has directed successful exploration and development programs in a wide range of countries including the USA (Florence-Cu, Sanchez-CuSXEW), Kazakhstan (Balkhash-Cu), Mongolia (Erdenet-CuSXEW), Turkey (Copler-Gold), Colombia (Toldafria-Gold)."

Mexico Exploration Program

In August 2011, Mundoro received a NI 43-101 compliant Technical Report on the Company's 100% owned Cuencame Property which covers approximately 45,215 hectares (452 sq km) in three mineral concessions. The Technical Report was independently compiled and submitted by Geologica Groupe-Conseil Inc. (Geologica) of Val-d'Or, Quebec, Canada. The report is supported by a field visit held in August, 2011, and rock sampling by Geologica confirmed that the observed limestone belong to the favorable host sedimentary Tertiary stratigraphic units and formations hosting several local polymetallic skarn replacement and/or epithermal vein-type deposits present in the immediate and far area. In the light of these observations and results obtained during the site visit, three types of mineralization could be recognized to be potentially present on the Cuencame Property: 1) Vein-type and mantos containing polymetallic (Pb, Zn, Cu, Ag, Au) mineralizations; 2) Vein-type epithermal containing precious metals (Au, Ag); and 3) Porphyry copper-type with disseminations, veins and veinlets network of copper minerals associated with altered and fractured differentiated intrusions of felsic to mafic composition. The Technical Report recommends a two phase exploration program consisting of initial surface exploration followed by a trenching and diamond drilling program. The Company opened an exploration office in Durango and has staff and contractors to commence the first phase of field work in Q4 2011. This will be organized under the supervision of Michel Cormier, Vice-President Exploration for Mundoro and a "Qualified Person" as defined by NI43-101. Mundoro has also submitted applications for additional 12 concessions (184,249 hectares) located in Durango and Chihuahua States, Mexico.

Project Generation Initiatives

The Company's project generation initiatives focus on targeting mineral belts which the Company believes have good exploration potential. In order to stake mineral concessions or acquire mineral projects, the key criteria are that the property should be: (i) precious metal focused, (ii) potential for significant resource to host a future operation (iii) located in a proven geological belt with existing mineral production; (iv) located in a jurisdiction where there is a precedent of developing a resource property from early exploration through to production; and (v) be located in an area where the Corporation has strategic advantage from in-house expertise. In parallel with the exploration strategy, the Company will continue to evaluate advanced stage projects to maximize the efforts to reach production from an operation. All properties staked or acquired will be evaluated on a quarterly basis as to whether to continue exploration; progress into development; drop the property, or joint venture with another company.

Normal Course Issuer Buy Back Program

Mundoro announces that it has submitted to the TSX Venture ("TSXV") of its Notice of Intention to Make a Normal Course Issuer Bid (the "NCIB Program"). In the opinion of the Company, its common shares ("Common Shares") have been trading at prices that do not reflect the underlying value of the Company, including its (i) strong financial position, (ii) exploration program in a prospective mineral region in the Mesa Central belt of Durango-Chihuahua, (iii) concession applications in Eastern Europe along the highly prospective Tethyan Metallogenic Belt that hosts world class porphyry and epithermal deposits and (iv) minority interest in the Maoling Gold Project. Accordingly, Mundoro believes purchasing its Common Shares at current price levels represents an opportunity to enhance value for shareholders. The Company's strong cash position allows for the implementation of the NCIB Program, subject to regulatory approval, without adversely affecting Mundoro's growth opportunities.

Pursuant to the proposed NCIB Program, the Company plans to purchase for cancellation up to a maximum of 1,919,963 of its Common Shares, or approximately 5% of the Common Shares outstanding. As of November 4, 2011, there were 38,399,276 Common Shares of Mundoro Capital issued and outstanding.

The purchases will be made by the Company through TD Securities Inc. and in accordance with the rules of the TSXV, and the price which the Company will pay for any such Common Shares will be the market price at the time of acquisition. The Company will make no purchases of Common Shares other than open market purchases or other means approved by the TSXV.

The actual number of Common Shares of the Company that are purchased for cancellation under the Bid, if any, and the timing of such purchases will be determined by management as approved by the Board of Directors of the Company. The Company previously entered into a normal course issuer bid between May 29, 2008 and May 28, 2009. During this time, the Company repurchased 323,760 common shares at an average price of $0.33. All shares purchased were cancelled according to the requirements of the Toronto Stock Exchange.

On behalf of the Company,

Teo Dechev, Chief Executive Officer and President

About Mundoro Capital Inc.

Mundoro is a Canadian-based company which operates as a mineral acquisition, exploration, development and investment company. Mundoro has an active exploration program in Mexico where it has the 100% owned Cuencame Property (45,215 hectares) and has made application for twelve additional mineral concessions (184,249 hectares) in Durango and Chihuahua States. The Company has an interest in the Maoling Gold Project through its 5% interest in MMI. Maoling is a pre-feasibility stage gold deposit located in Liaoning Province, China and has a gold resource with 4.4 million gold ounces (158 million tonnes at 0.9 g/t gold) in the Measured and Indicated category and an additional 4.8 million gold ounces (161 million tonnes at 0.92 g/t gold) in the Inferred category. The pre-feasibility study outlined a Reserve of 2.8 million ounces (88 million tonnes at 1 g/t gold) in the Probable category. The Company's project generation program has identified properties for acquisition in Eastern Europe. Mundoro is well funded to advance its projects with approximately US$20.6 million as of October 31, 2011. Mundoro has 38.4 million shares issued and outstanding.

Forward-Looking Statements

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 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 NI 43-101. Resource estimation for the Zone 4 area in 2001 was carried out by Dr. Peter D. Lewis, P.Geo., (Lewis Geoscience Services Inc.), an 'Independent Qualified Person' as defined by NI 43-101. NI 43-101 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.