July 16, 2015, Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) ("Mundoro" or the "Company") is pleased to report drilling has commenced on the Company's 100%-owned exploration licenses, Savinac, Sumrakovac, Bacevica and Osnic (the “Southern Timok Properties”) which are located at the southern end of the Timok Magmatic Complex (“TMC”) in northeastern Serbia (see Location Map of Drilling).
Drilling commenced on July 14, 2015 under the Option Agreement between Mundoro and First Quantum Minerals Inc. ("FQM") announced June 8, 2014. FQM has committed to drill a minimum of 5,000 meters on the Southern Timok Properties by October 31, 2015. This drill program will be focused on testing various copper-gold porphyry systems within the four properties. FQM is sole funding the drilling program which comprises reverse circulation drilling and diamond drilling. The final number of holes drilled will be dependent on results obtained through the course of the drilling program.
Teo Dechev, CEO and President of Mundoro, commented "We believe this drilling program is a good step towards testing various copper-gold porphyry targets over the Southern Timok Properties in the TMC which is a prolific portion of the Tethyan belt with potential to host further discoveries. For Mundoro shareholders, the funds FQM will spend on drilling and geophysics will allow for more aggressive exploration of the Southern Timok Properties. The work FQM is conducting will meet near term exploration objectives as well as the required expenditures for each of these licenses. Mundoro has completed the required expenditures for calendar 2015 for the remaining four licenses available for option. We continue to have ongoing discussions regarding potential joint ventures for the remaining licenses. As we are operating in a time of difficult capital markets for mineral explorers, working under this form of partnership enables us to conserve the Company’s treasury while at the same time advance this large suite of projects. Mundoro ended Q1-2015 with a treasury of $7 million and no debt.”
This drilling program is designed to test various copper-gold targets over the Southern Timok Properties. The targets have been identified through a systematic program completed by the Company comprising detailed mapping, geochemistry, alteration mapping, ground magnetics, regional geophysics and interpretation of limited historical drilling. The properties and targets to be tested are:
The Sumrakovac license:
The Savinac license:
The Bacevica license
The Osnic license
Technical information contained in this Press Release has been reviewed and approved by Mr. G. Magaranov, P. Geo., Qualified Person as defined by National Instrument 43-101.
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director
About Mundoro Capital Inc.
Mundoro is a Canadian based public company which is focused on generating value for its shareholders through utilizing the collective expertise of our directors, management and technical staff to invest in mineral projects that have the potential to generate future cash.
For further information please contact:
Teo Dechev, CEO, President and Director of Mundoro Capital Inc. at +1-604-669-8055x101
Michelle Roth, Roth Investor Relations at +1-732-792-2200
Caution Concerning Forward-Looking Statements
Information included, attached to or incorporated by reference into this News Release may contain forward-looking statements. All statements, other than statements of historical fact, included or incorporated by reference in this News Release are forward-looking statements, including, without limitation, statements regarding activities, events or developments that the Board expects or anticipates may occur in the future. These forward-looking statements can be identified by the use of forward-looking words such as "will", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue" or similar words or the negative thereof. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the Company's future strategy and business plan and execution of the Company's existing plans. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, which are not a guarantee of performance and are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, changes in law, regulatory processes, the status of Mundoro's assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedar.com.
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.