Mundoro Mining Inc.

Mundoro Mining Inc.

November 09, 2005 08:30 ET

Mundoro Appoints Patrick Powers as Vice President, China; Status of Exploration License

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 9, 2005) - Mundoro Mining Inc. (TSX:MUN) is pleased to announce the appointment of Mr. Patrick Powers as Mundoro's Vice President, China.

A resident of Beijing, Mr. Powers has 20 years of experience in international commerce, government relations and trade policy, achieved in a career that has spanned Asia but focused primarily on China. For the last six years he has held the position of Vice-President, China Operations for the US-China Business Council, a trade organization providing business advisory and advocacy services to 250 American firms operating in China. He has also held executive positions with Tait Asia Ltd. (Managing Director of a Vietnamese subsidiary of the Hong Kong company), SHV Holdings NV (Chief Representative in China for the Dutch trading company), Island Creek of China Coal Ltd. (Occidental Petroleum) and Bechtel Inc.

Mr. Powers is an expert on Chinese commercial and political matters and is a fluent Mandarin speaker. He is a frequent speaker at professional conferences and has been asked to provide insight on numerous occasions in print and television media, including for news programs on CCTV, CNN, and CNBC. Mr. Powers will play a primary role in implementing Mundoro's strategies in China and in augmenting communication with government ministries and local communities. The appointment of Mr. Powers strengthens Mundoro's in-country team as the Maoling project's development advances through the next stages of feasibility and project permitting.

Status of Exploration License

The exploration license for Maoling, held by the Company's joint venture company, Liaoning Tianli Mining Company Limited ("Tianli"), expired on November 5th 2005. Management of Tianli was informed that the Ministry of Land and Resources has had to defer the grant of the normal course two-year extension to the exploration license until the business license for Tianli has been renewed. As reported in a news release dated September 6, 2005 Tianli's business license lapsed on August 31, 2005.

The Company continues to expect that the extension of the business license will be granted as indicated during friendly and constructive talks held with senior officials of the People's Government of Liaoning in September 2005, and that the exploration license (the previous renewal in 2003 was issued after a three month delay) will be issued concurrently.

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 Project 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 exploring the 20 square kilometer exploration license area since 2001. 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 altered phyllitic metapelite to meta-siltstone with 3-5% disseminated sulphide mineralization. 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 a definitive feasibility study being undertaken by an international team of engineers and environmental experts including Ausenco Limited and Golder Associates Pty Limited.

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)