April 5, 2012, Vancouver, BC - Mundoro Capital Inc. (TSX-V: MUN) ("Mundoro" or the "Company") is pleased to announce pursuant to the project generation program initiated in 2011, the Company through its wholly-owned subsidiary, Stara Planina Resources EAD, has received approval from the Serbian government for three mineral exploration licenses in the Republic of Serbia ("Serbia"): (i) Osanica-Bukovska, (ii) Rakova Bara and (iii) Železnik. The Company owns 100% of the three licenses. The license areas are a total of 183 sq. km (18,300 hectares) and are located in northeastern Serbia approximately 100 km East of Belgrade.
The three mineral exploration licenses are 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.
The Company is initiating an exploration program on these license areas and has four additional applications with the Ministry of Environment, Mining and Spatial Planning.
Teo Dechev, CEO and President of Mundoro, commented, "Mundoro made a concerted effort to focus on the Tethyan Belt as a future growth strategy for the Company. The Company carefully evaluated a large portion of the belt as part of the project generation program and selected focus areas for mineral applications. We are pleased to have obtained approval for the first three mineral exploration licenses which illustrates the Company's commitment and execution to bring new value to shareholders through acquisition of new properties in key mineral districts. Recently discovered sediment hosted gold mineralization in this region has shown potential for significant unrecognized exploration gold exploration and we believe there is further untapped potential."
The Board of Directors of Mundoro has authorized the grant of 225,000 stock options to its newly appointed Director, Michael Calyniuk, pursuant to the Company's stock option plan. The options have a five year term and allow the holder to purchase one common share of the Company for $0.37 per share until April 3, 2017. This grant is subject to the approval of the TSX Venture Exchange.
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director
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.
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.
For further information please contact Mundoro Capital Inc. at +1-604-669-8055.