Mundoro Provides Progress on Exploration Programs and Reports $0.28
Per Share Cash Value at End of Q3-2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 3, 2013) -
Mundoro Capital Inc. (TSX-VENTURE:MUN) (GR:NGU), www.mundoro.com)
("Mundoro" or the "Company") is pleased to provide an update for
its 2013 exploration programs in southeastern Europe and reports
filing of Q3-2013 financials. This press release should be read in
conjunction with the Company's unaudited Financial Statements and
the Management Discussion and Analysis for Q3-2013, which are
available on SEDAR at www.sedar.com. All dollar amounts are in
Canadian dollars unless otherwise stated.
Commenting on
Mundoro's exploration results CEO & President Teo Dechev
summarizes:
"As of September 30,
2013, Mundoro held just over $0.28 per share which represents
over $12.2 million of cash in treasury. This cash value puts
Mundoro in an excellent position for the next three years to
continue its successful exploration program. While the company has
the ability to pursue its properties independently, we have been
approached by various parties for potential joint ventures and are
evaluating the benefits of partnership and the value that brings to
the company and its shareholders.
In Serbia, Mundoro's
2013 exploration programs have identified three key areas for
further exploration in 2014:
- the Tilva Rosh, high grade, high sulphidation zone,
- the Zeleznik, copper-gold mineralization skarn system
outcropping on surface, and
- the BJ-Dubrava corridor drill intersected chalcopyrite/pyrite
mineralized clasts approximately 20m from surface.
These are all near
surface mineralized areas which do not require deep drilling and
are cost effective to explore in 2014. As recently as Q4-2013,
Mundoro also identified an additional area for near surface
porphyry mineralization confirmed during a recent site visit by one
of the world's leading porphyry experts.
In light of the
current market conditions, Mundoro is managing its cash
conservatively to balance preservation of cash and a focused
exploration program to deliver shareholder value."
A. Serbia Exploration Summary
Tilva Rosh Highlights from 2013
Exploration Program
- On Mundoro's southern properties' Savinac license, our
trenching program in this area has discovered a high grade, high
sulphidation zone outcropping at surface.
- Savinac license is a well-known alteration system in the Timok
Magmatic Complex where Mundoro has identified several new areas of
gold soil anomalies and discovered high grade gold and silver
mineralization from trenching.
- Trenching results highlight the newly discovered high grade
gold and silver zone:
- Trench 4 - 12 m @ 30.39 g/t Au and 171.27 g/t Ag (33.03 g/t
AuEq)
- Trench 2 - 8 m @ 5.31 g/t Au and 21.07 g/t Ag (5.63 g/t
AuEq)
- Trench 1 - 18 m @ 2.21 g/t Au and 29 g/t Ag (2.66 g/t
AuEq)
- Mapping from this area shows that the high grade mineralization
is controlled by NW normal fault dipping to south-west.
- This fault was intersected by additional trenching along
strike for 200 m.
- The soil survey Mundoro completed in 2013 was designed to fill
in the open soil anomalies along the 8.5 km long belt of alteration
as well as follow-up on the high grade gold results received from
rock and trench sampling at Tilva Rosh.
- Throughout the year Mundoro collected: 2024 soil samples, 817
rock samples, dug and sampled 818 line meters trenches and measured
853 spectroscopy specimens from outcrops and trenches in
Savinac.
- Results to date have highlighted further geochemical anomalies
of gold and various other indicator elements to be followed-up with
trenching and detailed mapping over the 8.5 km x 3 km area in
2014.
- In 2014, the exploration program will focus on
delineating the high grade zone with further trenching (lateral
extent) and shallow drill testing (vertical extent), as well as
following up new gold anomalies along the 8.5 km trend.
Zeleznik Highlights from 2013
Exploration Program
- In the southern part of the Zeleznik license, approximately 1.8
km north of the currently producing Majdanpek porphyry copper-gold
open-pit mine, is a well-developed, coherent copper-in-soil
anomalies which merit shallow drilling to test underlying porphyry
and/or skarn copper-gold mineralization.
- To date the Company has completed 716 soil samples as well as
initial reconnaissance mapping and rock sampling.
- A highlight of results to date are:
- Two Cu-Au-Mo in soil anomalies with values >200 ppm to 2000
ppm Cu;
- The western anomaly is 600 m x 450 m and is open to the north
and south, and
- The eastern anomaly is 300 m x 300 m dipping under limestone
cap to the north.
- Copper-magnetite skarn outcrop sample this year returned 1% Cu
and 1.47 g/t Au
- The two soil anomalies are considered targets for porphyry and
related skarn mineralisation. The surface dimensions of the western
anomaly are sufficiently large to be underlain by a mineralised
body of potential interest.
- In 2014, the exploration program will focus on drill
testing the two copper-in-soil anomaly targets for porphyry copper
and/or proximal copper skarn mineralization.
BJ- Dubrava Corridor
Highlights from 2013 Exploration Program
- Mundoro's scout drill program identified a mineralized zone
along the strike continuation between the Bor Mine and
Reservoir/Freeport McMoRan's Timok JV.
- The scout drill program totaled 3,226 m drilled in five holes;
three of them in Borsko Jezero (BJ- 01, BJ-03 and BJ-05), one in
Dubrava (BJ-04) and one in Sumrakovac (BJ-02).
- Two drill holes (BJ-04, BJ-05) were drilled in the BJ-Dubrava
corridor area and were designed to drill test along strike
continuation between the Bor deposits and the newly discovered
Timok JV (Reservoir Minerals/Freeport McMoRan) high grade Cu-Au
mineralization.
- Drill hole BJ-04, starting from 22 m, intersected Cu-Au
mineralization of:
- 28 m @ 0.2% Cu, 0.25 g/t Au (0.36% CuEq.)
- including 7m @ 0.5% Cu, 0.69 g/t Au (0.94% CuEq.)
- Drill hole BJ-05, starting from 377 m, intersected Au
mineralization:
- 1 m @ 1.69 g/t Au; and
- 11 m @ 0.53 g/t Au,
- including 1 m @ 1.24 g/t Au and 2m @ 1.05 g/t Au.
- BJ-04 area of mineralization is within short trucking distance
of approximately 2 km from the Bor processing and smelting
facility.
- The other three drill holes (BJ-01, BJ-02, and BJ-03) were
designed to test audio-magneto- telluric (AMT) geophysical
anomalies. These drill holes provided valuable technical
information which will guide future exploration within the Timok
licenses as a whole.
- In 2014, the exploration program will focus on
delineating the mineralized zone of mineralized clasts.
B. Bulgaria
Exploration
Program
- The Zvezda license covers an area of 161 sq.km., which is
located in southeastern Bulgaria and is designated as brownfields
exploration due to:
- its proximity to a producing gold mine directly adjacent and
north of the license, and
- historical mine workings in the area for lead zinc and silver
mineralization.
- As a result, Mundoro is also completing historical data
compilation for the Zvezda license to incorporate all the results
of the historical mine workings as well as known historical
resources that are not 43-101 compliant.
- In Mundoro's 2013 exploration program, the company collected:
143 stream sediment, 418 rock samples, and 710 soil samples.
Initial results have highlighted an area of gold and silver bearing
quartz veins located in the central part of the license.
- The veins are up to 1 m wide over an area of 800 m x 300 m and
can be followed up discontinuously for up to 130 m.
- The highest gold result returned from rock sampling of the
quartz veins is 5.12 g/t Au.
- An additional 12 samples returned between 1 to 3.5 g/t Au from
different intervals of the veins.
- Trenching has been completed over an area of hydrothermally
altered rocks containing visible copper-oxide mineralization. A
total of 370 m has been trenched with 128 channel samples
collected. Results are pending.
- In 2014, the exploration program will focus on further
mapping, sampling and trenching the two key areas at Zvezda and
Byalo licenses as well as initial drill testing.
C. Mexico Exploration
Program
In Mexico, work by
Mundoro was focused on maintaining the licenses in good standing,
reducing non- strategic land holdings and preparing Centauro,
Camargo and the rest of the package for joint venture opportunities
with third parties.
- Mundoro expects minimal expenditures in 2014 as the focus will
be the Serbian and Bulgarian properties.
Sampling, Analysis
and Quality Assurance and Control (QAQC)
Drillhole
orientations were surveyed at approximately 50 m intervals. Drill
core was collected from drill sites by the Company's geologists and
processed and sampled at the Company's core shed according to
industry best practice standard procedures. Samples were collected
as half PQ or HQ core at 1 m lengths from mineralised intervals and
3 m lengths from none mineralised intervals. Where necessary the
sampling lengths were adjusted to reflect the geological
boundaries, occasionally with maximum length up to 5 m.
All samples are
assayed using 50 gram fire assay with atomic absorption finish and
ME-ICP61 by ALS Romania. The entire sample was crushed to 2 mm,
then split off a 1 kg sample and pulverized the split to better
than 85% passing 75 microns. Quality Assurance and Quality Control
procedures include the systematic insertion of standards,
duplicates and blanks into the sample streams. Duplicate core
samples are taken every 25 samples and standards and blanks are
inserted after every 20th sample. All data collected from detailed
logging and assay results from the laboratories are routinely
verified and entered in an Access data base.
Copper equivalent
(CuEq%) is calculated using the formula CuEq = (%Cu) +
[(g/t/Au) x (1/31.1035) x ($/ozAu)] ÷ [(22.0462) x ($/lbCu)].
Gold Equivalent ("AuEq.") is calculated using the formula AuEq
= (g/t/Au) + [(%Cu) x (22.0462) x ($/lbCu)] ÷ [(1/31.1035) x
($/ozAu)]. Metal prices used are: gold price of US$1300/oz,
copper price of US$3/lb, and silver price US$20/oz. All thicknesses
from intersections from drill holes are down-hole drilled
thicknesses or outcrop sample length thickness.
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.
Grant Stock
Options
The Board approved a
grant of 852,500 stock options to directors, officers, employees
and contractors of the Company. The options will be granted
December 2, 2013 at a price of $0.30 per share which is 67% premium
to the closing price on November 29, 2013. The options are
exercisable for a period of five years.
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 primary focus is
advancing our properties on the Tethyan Belt in Southeastern
Europe. Mundoro has methodically acquired a district-scale land
position on this prolific mineral belt which hosts significant
Gold-Copper porphyry and related epithermal deposits. Our strong
project pipeline, which also includes assets in Mexico and China,
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.
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.
Mundoro Capital Inc.Teo DechevCEO, President and
Director+1-604-669-8055Roth Investor RelationsMichelle
Roth+1-732-792-2200
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