Mundoro Wins Tender & Signs Exploration Contract
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/14/13 -- 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.
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.
Contacts:
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
