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