MUNDORO AND JOGMEC FORM GENERATIVE PROGRAM ALLIANCE
March 3, 2019, Vancouver, BC – Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) (“Mundoro” or the “Company”) is pleased to report that it has entered into a Generative Program Agreement (the “Strategic Alliance”) in the Republic of Bulgaria (“Bulgaria”) with Japan Oil, Gas and Metals National Corporation (“JOGMEC“).
The purpose of this Strategic Alliance is to establish a generative program between Mundoro and JOGMEC, whereby Mundoro will carry out mineral exploration activities in Bulgaria under the direction of a joint Technical Committee with the view to identifying areas of interests that merit additional exploration and/or development work. JOGMEC will solely fund the Strategic Alliance. The term of the generative program under this Strategic Alliance continues until December 31, 2019, subject to extension with consent of both parties. Upon JOGMEC determining that one or more properties merit additional exploration and/or development work, JOGMEC has the right to establish a joint venture on that property with Mundoro.
Teo Dechev, CEO and President of Mundoro commented, “We are very pleased to expand our relationship with JOGMEC for project generation in Bulgaria. This Strategic Alliance between Mundoro and JOGMEC is a natural progression for further exploration along the Tethyan belt. Mundoro is pleased to continue to work with JOGMEC which has a strong reputation as a long term, strategic partner in mineral projects globally. We believe that local knowledge and experience are essential components of operating in a foreign jurisdiction such as Bulgaria, and Mundoro has successfully demonstrated its capacity in this regard by securing exploration contracts and operating two exploration licenses in Bulgaria since 2012.”
Bulgaria has a long-established mineral resources industry that Mundoro believes will provide opportunity for investors with a long-term view into this precious metals belt. Bulgaria has three mineral belts that comprise the Tethyan Metallogenic Belt: (i) Northern Proterozoic Belt (Balkan Belt); (ii) Central Cretaceous Belt (Srednogorie Belt); and (ii) Southern Tertiary Belt (Rhodopean Belt). The Srednogorie Belt has copper-gold porphyry and epithermal deposits while the Balkan belt has potential for copper massive sulphide, Pb-Zn and Fe deposits. The Tertiary Belt to south is well known for Pb-Zn polymetallic deposits and more recently for Au epithermal deposits as well as porphyry copper deposits.
The Srednogorie Belt hosts the Panagyurishte district where the Bulgaria’s most important porphyry and epithermal Cu-Au deposits are located. Significant examples are Elatsite, Asarel, Medet and Tzar Asen porphyry deposits and the Chelopech, Krassen, Radka and Elshitsa epithermal deposits some of which are active mining operations during the last 50 years. Currently in production are Elatsite, Asarel and Chelopech.
The Rhodopiean Tertiary belt hosts the Madan district which has several Pb-Zn polymetallic replacement deposits in operation. The eastern Rhodopian belt is an emerging belt for low sulphidation epithermal gold deposits with the Chala mine and two developing projects Ada tepe and Rozino.
JOGMEC was established in February 2004, following the integration of the former Japan National Oil Corporation (JNOC) and Metal Mining Agency of Japan (MMAJ). It is a corporation under the Japanese Ministry of Economics, Trade and Industry (METI), with a mandate of investing in developing minerals projects worldwide to help secure a stable supply of natural resources for Japanese industry.
Mundoro is a Canadian mineral exploration and development public company focused on building value for its shareholders through directly investing in mineral projects that have the ability to generate future returns for shareholders. The Company holds a diverse portfolio of projects in Serbia and Bulgaria as well as an investment in a producing gold mine in Bulgaria. There are eight licenses in Serbia, four of which are optioned to JOGMEC, two licenses are optioned to Freeport-McMoRan Exploration Corporation and two licenses are available for joint venture. Mundoro’s common shares trade on the TSX Venture Exchange under the symbol “MUN”.
Technical information contained in this Press Release has been reviewed and approved by Mr. G. Magaranov, P. Geo., Qualified Person as defined by National Instrument 43-101.
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director
For further information please contact:
Teo Dechev, CEO, President and Director of Mundoro Capital Inc. at +1-604-669-8055
Caution Concerning Forward-Looking Statements
This News Release contains forward-looking statements. 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, and include the following: (i) completion of the Strategic Alliance expenditures by JOGMEC; and (ii) identification of one or more properties that merit further exploration and completion of a definitive joint venture agreement by the parties for each of those properties. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the mineral potential of the Timok North Properties, the Company’s future strategy and business plan and execution of the Company’s existing plans. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, as there can be no assurance that they will occur and they 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, exploration results, commodity prices, 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 Mundoro undertakes no obligation to update such forward-looking statements, 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.