Mundoro Announces Jogmec Election to Earn-IN FOR Stage TWO as Well as an Update ON Exploration Activity
MUNDORO ANNOUNCES JOGMEC ELECTION TO EARN-IN FOR STAGE TWO AS WELL AS AN UPDATE ON
EXPLORATION ACTIVITY
May 1, 2019, Vancouver, BC – Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) (“Mundoro” or
the “ Company”) reports that it has been notified by Japan Oil, Gas and Metals National Corporation
(“JOGMEC”) of its decision to undertake the Stage Two Earn -In on the Borsko-Jezero (“Borsko”) license
under the Earn-In Agreement between Mundoro and JOGMEC. Mundoro is also pleased to provide an
update on the exploration activity under the Company’s option agreements with earn-in third parties.
Under the Earn-In Agreement with JOGMEC, Mundoro granted to JOGMEC an earn -in option on four of
Mundoro’s Serbian exploration licenses: Dubrava, Padina, Borsko Jezero and Zeleznik located within the
northern portion of the Timok Magmatic Complex in northeastern Serbia. Under the terms of the Earn-In
Agreement, JOGMEC was required to spend US$4 million to earn -in a 51% interest. JOGMEC spent
US$5.09 million over the course of the Stage One E arn-In, which included US$500,000 in operator fees
payable to Mundoro . JOGMEC has now elected to undertake the Stage Two Earn-I n to sole fund
exploration on the Borkso license. If JOGMEC completes the Stage Two E arn-In, JOGMEC will acquire an
additional 24% interest in that license by having sole funded exploration and development expenditures
of no less than US$32 million over a f ive-year term. JOGMEC may choose to cease sole funding at any
time. JOGMEC has notified Mundoro t he remaining three licenses: Zeleznik, Dubrava and Padina will be
relinquished and revert 100% to Mundoro.
Teo Dechev, CEO & President of Mundoro commented, “Mundoro has benefited from establishing earn-
in relationships to fund exploration programs. As a result of having optionee funded exploration programs,
Mundoro conserves cash. At the end of Q1 -2019, the treasury of the Company was approximately C$3.2
million. Mundoro continues to have discussions with interested third parties seeking options on our
available projects, confirming the growing interest in exploring the Tethyan Belt in Timok, Serbia as well
as Bulgaria.”
Update on Exploration Activity under the various Option Agreements
JOGMEC-Mundoro Project in Serbia
● Mundoro has been appointed as the Operator for the JOGMEC-Mundoro Project and will receive
an operator fee for operating the program. The Year 1 explorati on program for the Stage Two
Earn-In at Borsko is scheduled to commence in May 2019 and will focus on completing further
geophysics and further drill testing in the second half of 2019.
Freeport-Mundoro Project in Serbia
● Mundoro completed the initial target testing drill program at Savinac and Bacevica licenses, sole-
funded by Freeport -McMoRan Exploration Corporation (" Freeport") as part of the E arn-In
Agreement with Freeport, in which Mundoro has granted to Freeport an option to earn -in to the
Freeport-Mundoro Projects. This exploration program included initial target test drilling of 4,778
meters over 7 drill holes (see Mundoro’s press release dated April 5, 2019 at www.mundoro.com).
● The Company is Operator for the Freeport -Mundoro Project and receives an operator fee for
operating the program. The program for the remainder of 2019 is focused on completing
geophysics, alteration mapping, interpretation and potentially further drill te sting of targets in
the second half of 2019.
JOGMEC Generative Program Alliance in Bulgaria
● The Company entered into a strategic alliance with JOGMEC in which Mundoro is carrying out
activities in Bulgaria under the direction of a joint Technical Committee with a view to identify
areas of interests that merit additional exploration and/or development work. The activity
commenced with data acquisition to create a dataset with multiple layers incorporating historical
information including but not limited to, geology, metallogeny, geophysics, alteration,
geochemistry, structural analysis and other data. The dataset has been set up in a manner to
maximize its use for interpretation to identify exploration targets.
● Mundoro is Operator for the Generative Pr ogram Alliance and receives an operator fee for
operating the program. The generative program is ongoing and will continue throughout 2019.
Additional Third-Party Discussions
● Mundoro continues to have discussions with third parties regarding optioning t he Company's
available projects. The projects available to third parties include in Serbia: the two Timok South
licenses, Sumrakovac and Osnic, the relinquished Timok North licenses, Zeleznik, Padina and
Dubrava as well as various licenses in Bulgaria.
About JOGMEC
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 i n developing minerals
projects worldwide to help secure a stable supply of natural resources for Japanese industry.
About Mundoro
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, one of is optioned
to JOGMEC, two licenses are optioned to Freeport -McMoRan Exploration Corporation and five licenses
are available for joint venture. In Bulgaria, Mundoro has formed a Generative Alliance with JOGMEC.
Mundoro’s common shares trade on the TSX Venture Exchange under the symbol “MUN”.
For further information please contact:
Teo Dechev, CEO, President and Director of Mundoro Capital Inc. at +1-604-669-8055
Qualified Person
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.
Caution Concerning Forward-Looking Statements
This News Release contains forward-looking information and statements (“forward-looking statements”)
under applicable securities laws. All statements, other than statements of historical fact, included or
incorporated by reference in this News Release are forward -looking statements, including, without
limitation, the completion of exploration work on any projects and licenses and results of that exploration
work, the prospect of one or more joint ventures an d other statements regarding activities, events or
developments that the Company 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”, “promising”, “encouraging” 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 materi ally 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 Mundoro 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 st atements, 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.