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MUN Mundoro Capital Inc

0.21
0.00 (0.00%)
24 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Mundoro Capital Inc TSXV:MUN TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.21 0.20 0.21 0.21 0.21 0.21 73,022 17:51:48

Mundoro Wins Tender & Signs Exploration Contract

14/03/2013 1:47pm

Marketwired Canada


Mundoro Capital Inc. (TSX VENTURE:MUN) (www.mundoro.com) ("Mundoro" or the
"Company"), through its wholly-owned subsidiary Bulgaria Alpha EAD in the
Republic of Bulgaria ("Bulgaria"), is pleased to report it has won a tender from
the Bulgarian government for the Zvezda exploration license ("Zvezda") located
in Southeastern Rhodopes of Bulgaria (see attached map). The Company signed the
exploration contract with the Ministry of Mining, Economy and Tourism on March
12, 2013 and will pay BGN 480,000 including VAT for the tender. The terms of the
license is for 3 years, with two renewable 2-year extensions. The Company also
won the tender for the Byalo exploration license ("Byalo") as was published in
the state gazette on March 12, 2013. There is no payment for the Byalo tender.
Byalo is directly adjacent and north of the Zvezda license area. 


Teo Dechev, CEO and President of Mundoro, commented, "Zvezda fortifies our
regional strategy in Southeastern Europe. Bulgaria has a long established
mineral resources industry which we believe provides opportunity for investors
with a long term view into this emerging precious metals belt. Mundoro's
exploration team, based in Southeastern Europe, has prepared a systematic
exploration program commencing in Q2/2013 and consisting of geological,
structural and alteration mapping, geochemistry, geophysics and drilling. The
Company has budgeted approximately $3.5 million in calendar year 2013 for our
exploration programs in Serbia, Bulgaria and Mexico. Our cash position is
approximately $16 million as of the end of December 2012." 


Zvezda totals 161 sq. km and is located in the Southeastern Rhodopean Region.
The Rhodopean Region hosts a number of epithermal gold deposits in various
stages of exploration and development. The Zvezda property is in a well-known
mineral district that has been underexplored for epithermal low sulphidation
Gold (Au) - Silver (Ag) veins, as well as disseminated, sediment hosted Gold
(Au) and porphyry Copper (Cu) - Gold (Au) deposits. The gold potential of this
region is evidenced by the operations in the surrounding area such as:




--  A currently operating gold mine which is adjacent to Zvezda and is an
    epithermal gold deposit with non NI 43-101 compliant reserves of 1.5 Mt
    @ 9.83 g/t Au containing approximately 500,000 ounces gold; and 
--  Krumovgrad, a development stage project which is southeast of Zvezda and
    hosts the Ada Tepe gold deposit which has a reported resource of 7.24 Mt
    @ 3.36 g/t Au or 781,000 Au ounces and 1.93 g/t Ag or 450,000 Ag ounces.



In connection with the Zvezda tender, the Company obtained a substantial amount
of historical data including:




--  There are more than 30 known poly-metallic Pb-Zn-Cu (Au-Ag) deposits and
    occurrences within the Zvezda license area. Some of them have been
    exploited for Pb-Zn ore in the past. Four of these deposits (Spahievo-
    Saje, Mezarlak, Gabrovo and Intrusion) have historical reserves that are
    not 43-101 compliant. These reserves are for Cu, Pb, Zn.  
--  Gold potential of the area was recognized 20 years ago when high grade
    gold was intersected while exploring a Pb-Zn deposit similar to the
    current deposits on the Zvezda license area. 
--  Newmont carried out evaluation and compilation work in the region from
    1996 to 1997, generating many targets which are prospective for gold
    exploration. These were not followed up, possibly because of the then
    low gold price. 
--  Based on Newmont's compilation work, a junior exploration company
    obtained an exploration permit and performed minimal exploration
    activities between 2002 and 2008. They confirmed high grade Au in trench
    sample results including: 3.5m @ 3.67 g/t Au; 2.3m @ 2.7 g/t Au; 0.8m @
    2.4 g/t Au; 0.5m @ 1.19 g/t Au; 0.3m @ 10.8 g/t Au. Grab and rock
    samples returned values up to 11.8 g/t. The junior company did not drill
    test any of the targets generated, and as a result the property remains
    underexplored.



Geologically, Zvezda is within a large volcano complex. A late-stage caldera was
subsequently filled by acidic magma, rhyolite, ignimbrites and tuffs. These are
unconformably overlain by Paleogene conglomerates, sandstones, siltstones and
limestones. Late monzonite-syenite porphyry intrusions cut the volcano and
caldera complexes. The caldera-fill host rocks exhibit widespread, intense
alteration and a number of stockwork Cu-Mo mineral occurrences. Prominent faults
cross cut all rock units and providing plumbing for dyke swarms, hydrothermal
alteration and mineralization within the area.


Change of Transfer Agent 

In other news, Mundoro has appointed a new transfer agent, Valiant Trust Company
of Vancouver, effective March 15, 2013. On March 11th, IIROC incorrectly halted
trading on the Company's shares regarding this change. They published a
notification that the stock had been halted in error by IIROC.


Qualified Person - The technical information of this Press Release has been
reviewed 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

About Mundoro Capital Inc. 

Mundoro is a well-funded, Canadian based, company focused on mineral
acquisition, exploration, and development. Our target areas are the Tethyan Belt
in Southeastern Europe and the Mesa 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 in
both mineral belts which host significant Gold-Copper porphyry deposits and
related Gold-Copper epithermal deposits. The Company has a minority 5% interest
in Mundoro Mining Inc. which is 95% controlled by China National Gold Group, for
the development of the Maoling Gold Project. Our strong project pipeline is
positioned to drive long-term, sustainable growth in order to attain production
and shareholder return. 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Mundoro Capital Inc.
Teo Dechev
CEO, President and Director
+1-604-669-8055
+1-604-669-8056 (FAX)
info@mundoro.com
www.mundoro.com


Roth Investor Relations
Michelle Roth
+1-732-792-2200

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