MUNDORO AND FIRST QUANTUM ENTER INTO AN OPTION AGREEMENT FOR THE EXPLORATION OF SERBIAN PROPERTIES
June 8, 2015, Vancouver, BC – Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) (“Mundoro” or the “Company”) is pleased to report that it has entered into an Option Agreement (the “Option Agreement”) with First Quantum Minerals Ltd. (“FQM”) pursuant to which FQM has been granted an option to enter into a joint venture agreement with Mundoro on four of Mundoro’s exploration licenses which include the Savinac, Sumrakovac, Bacevica and Osnic exploration licenses (the “Southern Timok Properties”) located at the southern end of the Timok Magmatic Complex in northeastern Serbia (see link to Southern Timok Properties).
Under the terms of the Option Agreement, FQM has committed to drill 5,000 meters on the Southern Timok Properties by October 31, 2015. FQM will then have until December 15, 2015 to provide written notice to enter into a joint venture agreement with Mundoro in respect of those properties. FQM will cover the drilling and related costs during its option period for the Southern Timok Properties.
Teo Dechev, CEO and President of Mundoro commented, “During Mundoro’s search for partners for the Serbian project portfolio, there has been interest expressed by several copper producers. FQM has come to the forefront of potential partners as a copper miner with global reach, financial strength, and operating experience in Europe. FQM has in-depth experience in Europe and on the Tethyan belt through its operations in Spain where they are currently operating the Las Cruces copper mine and in Turkey where they are currently operating the Çayeli copper-zinc mine. In addition, FQM has been actively exploring in Serbia and neighbouring countries for over a year.”
Teo Dechev added, “For Mundoro shareholders, the funds FQM will spend on drilling and geophysics will allow for more aggressive exploration of the Southern Timok Properties and yield further interpretive data. The work FQM will conduct on the Southern Timok Properties will meet near term exploration objectives for each of these licenses. As of June 2015 Mundoro has also completed the necessary calendar 2015 expenditures to maintain the remaining three licenses, Borsko Jezero, Dubrava and Zeleznik and will not incur further exploration costs for them for the balance of the year. We continue to have ongoing discussions regarding potential joint ventures for the remaining licenses.”
Teo Dechev concluded, “As we are operating in a time of difficult capital markets for mineral explorers, working with FQM enables us to conserve the treasury while at the same time advance our large suite of projects. Mundoro ended Q1-2015 with a treasury of $7 million and no debt.”
Mundoro’s Southern Timok Licenses
The Sumrakovac license is a 103 sq.km area located 5km southwest of the Bor Mine Complex and is adjacent on the west side to the Freeport/Reservoir Timok JV license. Ground magnetic geophysical results highlighted additional anomalous centers east of the known Skorusa Cu-Au porphyry, which have been interpreted as possible porphyry related mineralization.
The Savinac license is a 90 sq.km area that is located 15km southwest of the Bor Mine Complex. The property contains a significant area of strong alteration in an approximately 14 sq.km elongated belt which hosts several epithermal Cu-Au prospects marked by Cu-Mo-Ag-Pb-Zn geochemical anomalies. During 2014, activity at the Savinac license was focused on the Tilva Rosh prospect completing detailed mapping, trenching and drilling programs.
The Bacevica license totals 148 sq.km and is located directly south of the Savinac license. Planned exploration work for 2015 includes additional detailed mapping, rock and soil sampling, geophysics surveys and exploration drilling.
The Osnic license is a 74 sq.km located in Northeastern Serbia, 20km south of the Bor Mine Complex. For 2015 the Company has planned interpretation of geochemical sampling completed to date with follow up geophysics and drilling.
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.
Teo Dechev, CEO, President and Director of Mundoro Capital Inc. at +1-604-669-8055×101
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.
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