Mundoro Mining Inc.
TSX : MUN

Mundoro Mining Inc.

April 17, 2008 15:04 ET

Mundoro Mining Inc.: Plan of Arrangement With Mundoro Capital Completed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 17, 2008) - Mundoro Mining Inc. (TSX:MUN) ("Mundoro Mining") is pleased to announce that at its Annual General and Special Meeting held April 11, 2008, shareholders of Mundoro Mining approved by a vote of 99.91% in favour of the plan of arrangement (the "Arrangement") as set forth in management's information circular dated March 13, 2008. Mundoro Mining received the final order approving the Arrangement from the Supreme Court of British Columbia on April 16, 2008.

The common shares of Mundoro Capital Inc. ("Mundoro Capital") are scheduled to commence trading on the Toronto Stock Exchange on April 21, 2008 under the symbol "MUN". A letter of transmittal has been mailed to all registered Mundoro Mining shareholders which will provide for the exchange of currently outstanding Mundoro Mining common shares for shares of Mundoro Capital. Mundoro Mining shareholders are required to deposit with Pacific Corporate Trust Company, the certificate(s) representing their current holdings of Mundoro Mining shares in order to obtain common shares of Mundoro Capital. Shareholders who have Mundoro Mining shares held through a financial services or brokerage firm will find that their account representative's back office will automatically arrange the share exchange procedure. One Mundoro Capital share will be issued for each Mundoro Mining share.

Mundoro Mining is now a wholly owned subsidiary of Mundoro Capital and will continue to develop the Maoling gold asset in Liaoning, China.

About Mundoro Mining

Mundoro Mining is a resource company focused on the exploration and development of one of the world's top gold deposits, the Maoling Gold Project. Mundoro Mining has a 79% interest in Maoling through a Sino-Foreign co-operative joint venture with the corporate arm of the Liaoning provincial government which owns 21% interest.

Maoling is a feasibility stage gold deposit located in Liaoning Province, China and is China's largest single, gold resource deposit with 4.8 million contained gold ounces in the Measured and Indicated category and an additional 4.4 million contained gold ounces in the Inferred category. Mundoro Mining has outlined a Reserve of 2.8 million ounces in the Probable category which was the basis for the Pre-Feasibility Study. 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.

The renewal of the exploration license for Maoling has been deferred since November 2005 pending the renewal of a business license for Mundoro Mining's joint venture company, Liaoning Tianli Mining Company Ltd. Mundoro Mining and its partner, Liaoning Aidi Resources Company Limited, have undertaken a strategy of engagement and building awareness with a wide range of government agencies in order to resolve the issue.

About Mundoro Capital

Mundoro Capital will carry on the business of a mineral exploration, development and investment company. The ownership of Mundoro Mining as a wholly-owned subsidiary remains the largest and key asset of Mundoro Capital which will continue with the business strategy of Mundoro Mining to develop the Maoling Gold Project. Mundoro Capital will also evaluate and invest in resource assets or companies in the natural resources field, which can create value for Mundoro Capital and its shareholders, using management's years of specialized experience in the capital markets focused on evaluating exploration and production assets, resource investment opportunities and structuring unique transactions for investments in the resource sector.

Investors are encouraged to review 'Risk Factors' associated with the Maoling project as outlined in Mundoro Mining's regulatory filings, available on the SEDAR website at www.sedar.com.

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 NI43-101. NI43-101 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.

The statements herein that are not historical facts are forward-looking statements and information. Forward-looking statements and information can be identified by the use of forward-looking terminology such as "will", "look forward", "objectives", "strategy", "vision", or comparable terminology referring to future events or results. Mundoro Mining's actual achievements and other results and occurrences could differ materially from those anticipated in these forward-looking statements and information due to a variety of risks, uncertainties and other factors, including, without limitation, uncertainty of timing of implementation; uncertainty whether Mundoro Mining will realize is strategies and vision; changes in business strategy or development plans; as well as a description of other risks and uncertainties affecting Mundoro Mining and its business, as contained in news releases and filings with the Canadian Securities Regulatory Authorities, any of which could cause actual results to vary materially from current results or Mundoro Mining's anticipated future results. Forward-looking statements and information are based on the assumptions, beliefs, opinions and expectations of Mundoro Mining's management at the time they are made, and Mundoro Mining does not assume any obligation to update its forward-looking statements or information if those assumptions, beliefs, opinions or expectations or other circumstances should change.

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

Contact Information

  • Mundoro Mining Inc.
    Teo Dechev, Chief Financial Officer & Vice President,
    Corporate Development
    (604) 630-3591
    Email: info@mundoro.com
    Website: www.mundoro.com