BULGARIA
OVERVIEW
- European Union (EU) member since January 2007
- Mining Law established 1999; Updated 2011, 2015, 2018
- Source of base and precious metals since Roman times
- Emerging Precious metals belt
- Highly skilled and affordable labour
- Corporate tax rate of 10%
- 2 local smelters
- 2 local ports
PANAGYURISHTE REGION

Mines & Projects in the District | Commodity | Company | Status | Tonnage | Resource Grade |
Elatsite Mine1 | Cu, Au | Geotechmin Group | Operating Open Pit Mine | 356 Mt | 0.39% Cu, 0.17 g/t Au |
Chelopech Mine2 | Cu, Au | Dundee Precious Metals | Operating Underground Mine | M+I: 12.6 Mt Inf: 1.8 Mt |
1.08% Cu, 3.45 g/t Au 0.96% Cu, 2.44 g/t Au |
Medet Mine3 | Cu, Au | State | Closed Mine | 165 Mt | 0.32% Cu, 0.20 g/t Au |
Asarel Mine4 | Cu, Au | Asarel Medet | Operating Open Pit Mine | 420 Mt | 0.37% Cu, 0.07% Au |
Radka Mine5 | Cu, Au | Mundoro (tender process ongoing) | Closed Mine | Historical Mined Production5 6.4Mt @ 1.06% Cu and 3g/t Au |
Notes: 1. Combined mined and remaining resources; source: government reports. 2. NI43-101 technical report, dd. 28th March 2016. 3. Mined out resources; source: government reports. 4. Combined mined and remaining resources; source: government reports. 5. Historical production mined.

Mines & Projects | Radka Mine1 | Red Hill Prospect1 | |
Resource Grade | In operation from 1928 to 1997 with total historical production2 of:
Historical mineral resource of:
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Historical mineral resource of:
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Notes 1. The historical mineral resource estimates at Radka and Red Hill are derived from prior data and reports prepared by the National Geological Survey and held in the Bulgarian National Geological Fund. The company is not currently able to confirm the dates of the estimates or the key assumptions, methods and parameters used to prepare them. At this time, Mundoro is not able to determine the reliability of the resource estimates with reference to the standards applicable to CIM-compliant resource estimates, although expects that additional exploration work will be required to enable Mundoro to report some or all of the mineralized material in conformity with CIM resource estimate categories. A Qualified Person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves and the issuer is not treating the historical estimates as current mineral resources or mineral reserves. 2. Historical Production mined.
RHODOPES REGION

Project | Commodity | Company | Status | Tonnage | Resource Grade |
Chala Mine1 | Au, Ag, Pb, Zn | Gorubso Kardzhali | Operating Underground Mine | 1.47 Mt | 9.80 g/t Au, 3.67 g/t Ag |
Madjarovo Mine2 | Au, Ag, Pb, Zn | State | Closed Mine | 8.6 Mt | 3.0 g/t Au, 11.58 g/t Ag 0.66 % Zn, 1.27 % Pb |
Kumovgrad Mine3 | Au, Ag | Dundee Precious Metals | Open Pit Mine in Construction |
M+Ind: 6.9 Mt Inf: 0.3 Mt |
3.85 g/t Au, 2.15 g/t Ag 1.31 g/t Au, 1.06 g/t Ag |
Rozino Deposit4 | Au | Velocity Minerals | Resource Drilling & PEA | Inf: 8.2 Mt | 1.68 g/t Au |
Notes: 1. Source: “Gold and Auriferous Ore Georesources and Processing Technologies in Bulgaria ”, 2012, Prof. I.Baltov et al. 2. Source: “Gold and Auriferous Ore Georesources and Processing Technologies in Bulgaria ”, 2012, Prof. I.Baltov et al. Source: “Ore production in Bulgaria: 1878 – 1995”, 1996, V. Milev et al. 3. Source: NI43-101 report, dd. 21 March 2014. 4. Source: NI43-101 report, Mineral resources estimation for the Rozino Gold Deposit, 5 April 2018.

Target | Highlight | ||||||||||||||||||||||||||||||||
Bryastovo | Copper – Gold high sulphidation and Porphyry Target
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Chuka
Copper-Gold Porphyry Target
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2016 drilling showed pervasive Cu-Au mineralisation over the 383 meter hole length Drill hole CDD-001:
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Sage
(1984–1992 Historical Production from Pb-Zn-Cu Mine) |
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