VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 26, 2012) - Mundoro Capital Inc. (TSX VENTURE:MUN) ("Mundoro" or the "Company") is pleased to announce the Company, through its wholly-owned subsidiary in the Republic of Serbia ("Serbia"), has received approval from the Serbian government for an additional exploration license: Topla. The Topla license area totals 64 sq. km (6,400 hectares) and is located in northeastern Serbia approximately 200 km South-East of Belgrade, a few kilometers east of the Bor mine. The Company owns 100% of the Topla license.
The Company has now been granted a total of six (6) exploration license areas in Serbia and has two additional applications with the Ministry of Environment, Mining and Spatial Planning. Announcement regarding additional licenses will be made as they become available in the coming weeks.
The mineral exploration license is located within the well-known Timok Magmatic Complex ("TMC"), which hosts significant Au-Cu porphyry deposits (Bor, Madjenpek, etc) and related Cu-Au epithermal deposits. TMC is a segment of the Tethyan Metallogenic Belt, a host to world class porphyry and epithermal Cu-Au deposits from Eastern Europe to Southeast Asia, which resulted from the convergence and collision of the Indian, Arabian and African plates with Eurasia. Within the Timok province the most economically significant segments comprise the Upper Cretaceous subduction-related magmatic rocks. The bulk of Mundoro's project areas contain Jurassic sediments and late Cretaceous volcanics, sediments and breccias of andesitic composition intruded by dykes, sills and stocks, of dioritic, quartz-dioritic and granodioritic composition, similar to areas containing major mines and ore deposits in the area.
Stream sediment survey is underway within the first five (5) granted exploration licenses. To date stream sediment sampling has been completed over Osanica-Bukovska and Rakova Bara licenses. A total of 187 samples were collected and will be submitted shortly for assay analysis. Simultaneously with the stream sediment sampling prospecting, rock sampling and reconnaissance work is underway over known mineral occurrences within the exploration licenses. Several old Antimony adits hosted in carbonate rocks were located within Osanica Bukovska license. Mapping and rock sampling is underway to define size, grade and style of the mineralisation.
Teo Dechev, CEO and President of Mundoro, commented, "Mundoro is quickly growing a strong land position at a low cost base in the highly prospective Tethyan Metallogenic mineral belt to endeavor to establish new shareholder value. The license areas have several mineral occurrences which our field team is efficiently evaluating. Mundoro will be providing assay results from the current field program as they become available in the coming weeks. At the same time, as the Company has previously stated, we continue to evaluate advanced stage projects for acquisition in order to bring the Company closer to its goal of production and increase shareholder value."
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director
About Mundoro Capital Inc.
Mundoro is a Canadian based company which operates as a mineral acquisition, exploration, development and investment company. The Company's target areas are the Tethyan belt in South Eastern Europe and the Mesa Central Belt in Mexico, both of which are mineral belts the Company believes have strong exploration potential. Mundoro is well funded to advance its projects and has 37.9 million shares issued and outstanding. In the Mesa Central belt of Mexico, the Company has four concessions covering 673 sq. km. and has made application for twelve additional mineral concessions covering 1319 sq. km. 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.
Caution Concerning Technical Information
For the Maoling Gold Project, the Pre-Feasibility Study ("PFS") 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 PFS reflects various technical and economic conditions at the time of writing that can change significantly over relatively short periods of time. Reserves quoted were 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. The Zone 4 Resource Estimate (2001) was prepared by AMEC Americas and is reviewed in a technical report prepared by Peter Lewis, Ph.D., P.Geo. 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.
For the Cuencame Property, the Technical Report was prepared by Alain-Jean Beauregard, P. Geol., FGAC, AEMQ, an 'Independent Qualified Person' as defined by National Instrument 43-101, and an employee of Geologica GroupeConseil Inc., who consented to the filing of the Technical Report prepared for Mundoro Capital Inc. titled "NI 43-101 Technical Evaluation Report on the Cuencame Concessions", dated September 20, 2011 with the securities regulatory authorities.
Caution Concerning Forward-Looking Statements
Investors are encouraged to review 'Risk Factors' as outlined in the Company's disclosure 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.
Contact Information:
Teo Dechev
CEO, President and Director
+1-604-669-8055