January 18, 2013, Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) ("Mundoro" or the "Company") is pleased to provide an update on its geophysics program as part of the exploration activity in Serbia. The Company's exploration work continued with regional and project scale geophysical data interpretation and targeting.
Regional Airborne Magnetic and Gravity data covering an area of 8000 sq. km were processed, gridded, interpreted and used for targeting over the Timok Magmatic Complex, located in Eastern Serbia (Figure 1). The analysis focused on structural framework and controls in relation to geophysical signatures of known mineral deposits. The geophysical interpretation and targeting was supported widely by geological, metallogenic and geochemical data.
As a result, 22 prospective porphyry/epithermal targets were identified for follow up, eight of which fall within 100% owned Mundoro's exploration licenses (Figure 2). Defined regional targets will be followed up with detailed ground electromagnetic and electrical geophysical surveys. Interpreted results will be further used to support and focus detailed exploration and drill target generation within the Company's Timok Properties.
The Borsko Jezero license is located approximately 2 km west of the Bor Cu-Au porphyry/epithermal deposit. The reconnaissance Audio-Frequency Magneto-Telluric (AMT) geophysical survey was completed over the Borsko Jezero license in December 2012. The full license area (45 sq. km) was covered along east-west profile lines spaced 1000 m apart. Measurements were taken every 500 m along the profile lines. Selected areas which showed promising anomalies were filled in at 500 m profiles and 250 m measurements. A total of 119 stations were surveyed collecting readings. Data passed daily quality control and verification as soon as it was measured on the field.
Analysis and interpretation of the reconnaissance survey data delineated 4 anomalous areas of interest primarily in the southern part of the license (Figure 3). These anomalies coincide with regional targets defined by the interpretation of the magnetic and gravity data and are supported by stream sediment Cu-Au-Mo-Ag-As anomalism. All of these anomalies appear to have continuity at depth and are large enough to be caused, potentially, by a mineralized body.
The most southern anomaly remains open to the south towards Mundoro's newly granted license Sumrakovac. This anomaly points towards a prospective target defined by regional magnetic data and is related to magnetic lineament intersection (Figure 4).
The Company has scheduled a denser AMT grid to follow up all the defined targets in order to better delineate the anomalies. Following the infill AMT survey, an Induced polarization (IP) chargeability survey will be carried over the AMT anomalies. Upon confirming chargeability response, the anomalies will be further modeled in 3D and drill tested.
The Company uses the SGS managed laboratories at Chelopech, Bulgaria and Bor Serbia to assay all samples from Serbian properties. Soil and stream sediment samples are assayed in SGS Chelopech using a combination of ICP-OES and ICP-MS 4 acid digest, 49 elements; whereas gold is assayed by low level detection fire assay method 50g, AAS finish. Preparation of samples includes drying, screening to -80#, fine crushing, split and pulverizing to 75 micrometres. Rock samples are assayed in SGS Bor using ICP-MS 2 acid digest 52 elements; gold fire assay 50 g, AAS finish.
Stream sediment samples were collected from optimum trap sites for heavy minerals, wet or dry sieved approximately 2kg -1mm silt in the field. Samples were taken at regular intervals of approximately 1.5km along stream, designed to represent catchment areas of approximately 3-4km². Soil sampling was carried out along grid profiles oriented perpendicular to controlling structures of the mineralisation. Samples were collected at regular 50m intervals. Rock sampling was carried out as chip-channels in outcrops on 1 to 3m intervals collecting minimum 1kg material per meter.
In addition to laboratory's internal quality assurance quality control (QAQC) procedures the Company implements its own QAQC with systematic insertion into sample streams of certified reference materials, field duplicates and blanks. Field duplicate samples are taken every 25 samples and known standards and blanks are inserted after every 20th sample. All data collected in the field and assay results from the laboratories are routinely entered into a data base.
The technical information of this Press Release has been prepared and approved by Mr. G. Magaranov, P. Geo., the Qualified Person as defined by National Instrument 43-101.
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director
Mundoro is a well-funded, Canadian based, company focused on mineral acquisition, exploration, and development. Our target areas are the Tethyan Belt in South Eastern Europe and the Meso Central Belt in Northwestern Mexico, both of which are prolific mineral belts with strong exploration and development potential. Mundoro has methodically acquired a district-scale land position both mineral belts which host significant Au-Cu porphyry deposits and related Au-Cu epithermal deposits. The Company maintains an interest in the Maoling Gold Project which is a pre-feasibility stage gold deposit located in Liaoning Province, China. Our strong project pipeline is positioned to drive long-term, sustainable growth in order to attain production and shareholder return.
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.
For further information please contact:
Teo Dechev, CEO, President and Director of Mundoro Capital Inc. at +1-604-669-8055
Michelle Roth, Roth Investor Relations at +1-732-792-2200.