Mundoro Capital Inc. Announces Approval of Two Additional Exploration Licenses in Serbia and Reports on First Quarter 2012

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2012

May 15, 2012, Vancouver, BC - Mundoro Capital Inc. (TSX-V: MUN) ("Mundoro" or the "Company") announces the filing of the Company's financial results for the quarter ended March 31, 2012. The highlights provided in this release should be read in conjunction with the Company's quarterly financial statements and Management Discussion and Analysis, which are available on SEDAR at www.sedar.com. All dollar amounts are in U.S. dollars unless otherwise stated.

The Company's loss for the first quarter of 2012 was $969,778 ($0.03 per share) compared to a loss of $694,852 ($0.02 per share) for the first quarter of 2011 which included loss from discontinued operations of $112,220. The 2012 loss was principally attributable to the following: expenditures on project exploration and evaluation of $567,883 in 2012 compared to $149,823 in 2011; and, expenditures for corporate expenses of $381,467 compared to $174,736 in 2011. The non-cash items were: foreign exchange loss of $49,599 compared to $256,485 in 2011; share-based payment expense of $21,354 compared to $18,926 in 2011; and, depreciation $3,366 compared to $Nil in 2011. The Company maintains a low share count of 37.9 million shares and at March 31, 2012 held $8.8 million in cash and cash equivalents with a further $10.1 million in short-term investments.

Serbia Update -- Approval of Two Additional Exploration Licenses

Mundoro is pleased to announce the Company, through its wholly-owned subsidiary, Stara Planina Resources EAD ("SPR"), has received approval from the Serbian government for two additional mineral exploration licenses in the Republic of Serbia ("Serbia"): (i) Glozana, and (ii) Manastirica. The Company now owns 100% of five mineral exploration licenses. The two new license areas are:

  • Glozana license area covers 49 sq. km. (4,930 hectares) and is located in the Kucevo and Zagubica Municipalities in NE Serbia, 110 km East of Belgrade and 40 km NW of Bor's smelter-refinery.
  • Manastirica license area covers 77 sq. km. (7,690 hectares) and is located in the Malo Crnice and Petrovac Municipalities in NE Serbia, 83 km SE of Belgrade and 73 km NW of Bor's smelter-refinery.

The two 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.

On April 5, 2012 Mundoro announced the approval of three mineral exploration licenses in Serbia:

  • Osanica-Bukovska license area covers 100 sq. km. (10,000 hectares) and is located in the Kucevo and Zagubica Municipalities in NE Serbia, 100km East of Belgrade and 45km NW of Bor's smelter-refinery.
  • Rakova Bara license area covers 100 sq. km. (10,000 hectares) and is located in the Kucevo and Zagubica Municipalities in NE Serbia, 140km SE of Belgrade and 56 km NW of Bor's smelter-refinery.
  • Zeleznik license area covers 60 sq. km. (6,000 hectares) and is located in the Kucevo and Majdanpek Municipalities in NE Serbia, 160km SE of Belgrade, 5 km north of Majdanpek and 45 km NW of Bor smelter-refinery.

Mundoro has planned a systematic exploration approach which started with careful data compilation. The assembly of topography, satellite imagery, historic airborne magnetics, ground geophysics, and geology data is underway. Mundoro will conduct stream sediment sampling. Anomalous areas will be followed up by rock chip sampling, mapping and soil sampling. Soil anomalies will be followed up by trenching, detailed mapping and geophysics (ground magnetics and IP) where required. Known mineral occurrences within the permit will be mapped, rock-sampled and assessed using applicable exploration models. Special attention will be paid to structural controls of the known mineralisation.

Mundoro has an experienced Balkan-based team in place, and based upon the first phase exploration results, Mundoro will follow up any generated targets with exploration drilling.

Mexico Update

During the quarter, Mundoro continued with the reconnaissance exploration program in Mexico. Mundoro's Durango-based team has begun to prepare compilation and analysis of the results from each property and will conduct more intensive studies on the most promising prospects after which the Company will provide the next phase of exploration program to be conducted. To date, the following exploration work has been completed for the Rodeo, Mapimi, Jimenez, Camargo, Cuencame and Hidalgo concessions:

  • The Rodeo concession is located 160 kilometres north of Durango City, Mexico and covers 46 sq. km. (4,589 hectares). This property lies within the Sierra Madre Occidental physiographic province that is made up of an island arc assemblage of early Mesozoic age rocks comprised of metamorphosed, deep-water sedimentary and island arc volcanic. Work completed on the Rodeo concession includes; 'Aster' alteration imagery (property wide), prospecting (property wide), geochemical (rock--10 samples; stream sediment--163 samples) and geophysical surveys (Induced polarization--8.25 line kilometres; Ground magnetic--33.3 line kilometres).
  • The Mapimi concession is located 250 kilometres northeast of Durango, Mexico and covers 34 sq. km. (3,360 hectares). This property lies within the Sierra Madre Oriental physiographic province. This province is made up of Mesozoic marine strata that were deformed during the Laramide orogeny. Northeast-southwest oriented compression during the Cretaceous to Early Tertiary deformed the Mesozoic sedimentary rock into a series of roughly parallel northwest trending folds and faults. Work completed on the Mapimi concession includes; 'Aster' alteration imagery (property wide), prospecting (property wide); geochemical (rock--20 samples; stream sediment--52 samples) and geophysical surveys (Induced polarization--5.4 line kilometres; Ground magnetic--26.2 line kilometres).
  • The Jimenez concession is located 300 kilometres north of Durango City, Mexico and covers 727 sq. km. (72,748 hectares). This property lies within the Sierra and Llanuras del Norte physiographic province. This province is made up of Tertiary volcanic, intrusive and Cretaceous, Tertiary and Quaternary sedimentary rocks. Work completed to date on the Jimenez concession includes; 'Aster' alteration imagery (property wide), prospecting (property wide); mapping of continuous chip sampling trenches, geochemical (rock--86 samples; stream sediment--121 samples; soil--7 samples) and geophysical surveys (Induced polarization-12.0 line kilometres; Ground magnetic--41.1 kilometres).
  • The Camargo concession is located 480 kilometres north of Durango City and covers 221 sq. km (22,100 hectares). This property lies within the Sierra and Llanuras del Norte physiographic province. This province is made up of Tertiary volcanic, intrusive and Cretaceous, Tertiary and Quaternary sedimentary rocks. Work completed on the Camargo concession includes; 'Aster' alteration imagery (property wide), geochemical (rock--6 samples) and geophysical surveys (Induced polarization--21.5 line kilometres; Ground magnetic--35.8 line kilometres).
  • The Cuencame (Cuencame and Cuencame 1, 2, 4) concessions are located 165 kilometres northeast of Durango City and cover 464 sq. km (46,455 hectares). These properties lie within the Sierra Madre Oriental physiographic province. This province is made up of Mesozoic marine strata that were deformed during the Laramide orogeny. Northeast-southwest oriented compression during the Cretaceous to Early Tertiary deformed the Mesozoic sedimentary rock into a series of roughly parallel northwest trending folds and faults. Work completed to date on the Cuencame concessions includes 'Aster' alteration imagery (property wide) and 32 stream sediment samples (Cuencame 1).
  • Hidalgo (1, 2, 3, 4 and 5) concessions are located approximately 250 kilometres north of Durango City and cover 164 sq. km. (16,375 hectares). These properties lie within the Sierra and Llanuras del Norte physiographic province. This province is made up of Tertiary volcanic, intrusive and Cretaceous, Tertiary and Quaternary sedimentary rocks. Work completed to date on the Hidalgo concessions includes 68 stream sediment samples completed on Hidalgo 1, 2 and 5. In addition, 'Aster' alteration imagery (property wide) and geophysical surveys (Induced polarization-not completed; Ground magnetic-21.5 line kilometres) have been done.

Mundoro's CEO & President, Teo Dechev added: "The Company continues to evaluate advanced and development stage mineral resource properties for acquisition or joint venture while at the same time advancing the exploration properties in Mexico and South Eastern Europe. Mundoro expects to continue to maintain a 5% interest in MMI and thereby an interest in the Maoling Gold Project until further value can be realized."

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 exploration 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. 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.

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.

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.

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.

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

For further information please contact Mundoro Capital Inc. at +1-604-669-8055.

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