Mundoro Capital Inc.
TSX VENTURE : MUN

Mundoro Capital Inc.

November 25, 2011 12:43 ET

Mundoro Files Third Quarter Financial Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 25, 2011) - Mundoro Capital Inc. (the "Company" or "Mundoro") (TSX VENTURE:MUN) announces the filing of the Company's financial results for the quarter ended September 30, 2011. The highlights provided in this release should be read in conjunction with the Company's interim financial statements and Management Discussion and Analysis, which are available on SEDAR at www.sedar.com and the Company's website at www.mundoro.com. All dollar amounts are in U.S. dollars unless otherwise stated.

The Company's loss for the nine months ended September 30, 2011 was $1,768,825 ($0.05 per share), which included loss from discontinued operations of $494,401 compared to a loss of $1,790,162 ($0.05 per share) for 2010, which included loss from discontinued operations of $888,348. The 2011 loss was principally attributable to the following:

  • Other project related costs of $286,113, compared to $NIL in 2010;
  • Expenditures for corporate expenses of $912,489, compared to $669,723 in 2010;
  • Foreign exchange gain of $51,444, compared to a loss of $77,876 in 2010.

The Company has not financed since 2005 and has maintained a low share count of 38.4 million shares outstanding. As at September 30, 2011, the Company is in a financially strong position with $6.71 million in cash and cash equivalents, and no debt.

Pursuant to the share purchase agreement announced on August 2, 2011 with China National Gold Group Hong Kong Limited ("CNGHK"), CNGHK purchased 95% of the issued and outstanding shares of MMI, the Company's wholly owned subsidiary, for a cash purchase price of CDN$13,800,000. On October 11, 2011, the Company completed the transaction with CNGHK.

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 initiated an exploration program in a prospective mineral region in the Mesa Central belt of Durango and Chihuahua States in Mexico where it has received approval for three concessions covering 45,215 hectares and has made application for twelve additional mineral concessions covering 154,098 hectares. The Company maintains an interest in the Maoling Gold Project through its 5% interest in Mundoro Mining Inc. Maoling is a pre-feasibility stage gold deposit located in Liaoning Province, China and has a gold resource with 4.8 million gold ounces (161 million tonnes at 0.92 g/t gold) in the Measured and Indicated category and an additional 4.4 million gold ounces (158 million tonnes at 0.9 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 initiatives focus on targeting mineral belts which the Company believes have strong exploration potential. Mundoro is well funded to advance its projects and has 38.4 million shares issued and outstanding.

Investors are encouraged to review 'Risk Factors' associated with the Maoling project as outlined in the Company's prospectus documents and other regulatory filings, available 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.

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.

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