Mundoro Mining Inc.

Mundoro Mining Inc.

November 17, 2005 14:51 ET

Mundoro Mining Inc.: News Release

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 17, 2005) - Mundoro Mining Inc. (TSX:MUN) announces that there has been no material change in the Company's affairs that has not been previously disclosed and it has no information that would account for recent trading activity in the Company's stock.

Mundoro's joint venture company (Liaoning Tianli Mining Company Ltd. - "Tianli") applied in the ordinary course during the summer of 2005 to renew its business license. As announced on September 6th 2005, a new business license was not issued prior to the expiry of the old business license on August 31, 2005. As a result, Tianli's application for renewal of its exploration license, which expired on November 5, 2005, has been deferred pending the issuance of a new business license.

To date, Liaoning Government officials have not given any reasons for the delay in the renewal of Tianli's business license. A delay in the granting of a license is not an uncommon occurrence in the evolving regulatory environment of China's mining sector.

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 occur 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. Work is continuing in the preparation of 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)