MUN.V · 2020-12-07 12:00:00

Mundoro Announces Operational and Exploration Update with New Target Areas Identified for Drill Testing in Serbia

Exploration Programs

Mundoro Announces Operational and

Exploration Update with New Target Areas

Identified for Drill Testing in Serbia

Vancouver, British Columbia--(Newsfile Corp. - December 7, 2020) -

Mundoro Capital Inc. (TSXV:

MUN) (OTCQB: MUNMF) (

www.mundoro.com

)

Mundoro

" or the "

Company

") a royalty generator

company with a portfolio of projects focused on copper and gold that generate royalties and near-term

revenue, is pleased to report its quarterly update for exploration and corporate activity.

The Company's

quarterly Consolidated Financial Statements and Management's Discussion and Analysis are filed on

SEDAR at

www.sedar.com

and posted on the Company's website at

www.mundoro.com

Teo Dechev, CEO and President commented: "Despite an exploration year that has been slowed by the

COVID-19 pandemic, Mundoro's exploration activity to drive value for shareholders is moving ahead as

demonstrated with the US$1.9 million confirmed work program budget for the Vale-Mundoro projects.

This work program has already identified new targets and upgraded current targets for drill testing which

is expected to commence around year end.

The improving commodity prices for copper and gold

continue to drive interest by third parties in the copper and gold exploration projects Mundoro has

generated in the Tethyan belt."

Operational Highlights

Stable Cash Position:

The Company ended Q3-2020 with C$2 million in cash and cash

equivalents. Mundoro has no long-term debt.

Generating Cash Flow:

During the nine months ended September 30, 2020 and 2019, the

Company received operator fees of C$140k and C$205k for its role as the operator on exploration

programs for option partners.

Since 2016, Mundoro's business strategy has benefited from

partner-sole-funded programs of C$15.5 million (US$11.9 million) and Mundoro has generated

operator fees of C$1.5 million (US$1.2 million).

Partner Funded Exploration:

The Company's exploration costs were lower for the nine months

ended September 30, 2020 at C$2.2 million compared to C$2.9 million for the nine months ended

September 30, 2019. Exploration costs related to the JOGMEC Generative Alliance, JOGMEC-

Mundoro JV Project, Vale-Mundoro Projects, were sole-funded by option partners. Recoveries

from partners during the nine months ended September 30, 2020 and 2019, amounted to C$1.4

million and C$2 million, resulting in net exploration costs of C$779k and C$882k respectively.

Reducing Corporate Costs:

During the period, Mundoro recorded lower corporate expenses of

C$367k versus $437k in the prior period resulting from the reduction of costs in accounting and

audit, corporate communication, and corporate governance expenditures. COVID-19 restrictions

on travel and in-person conferences, along with concerted efforts to reduce non-essential

expenditures were the primary factors in the overall reduction in corporate expenses compared to

the same period in 2019.

Exploration Highlights

Focused to bring additional partnerships:

Mundoro entered into a Memorandum of

Understanding ("MOU") with Vale in October 2020 for two additional exploration areas in Serbia -

see press release dated October 22, 2020

The Company continues to methodically grow the

eastern European exploration portfolio while working on new partnerships for the existing projects

available for optioning and joint venture.

Compelling New Targets Identified

The Vale-Mundoro Technical Committee has approved a

US$1.9 million exploration program up to Q4-2021. Five target areas were identified from the

exploration program to date for further exploration as highlighted below.

Vale-Mundoro Projects

The Technical Committee has approved a US$1.9 million exploration work program up to Q4-2021.

The

exploration work program has commenced at two of the Vale-Mundoro Projects - Skorusa and Oblez,

both located west-southwest of the Cukaru Peki Deposit and all within the Timok Magmatic Complex

(

Figure 1

). The exploration completed to date over the two license areas includes: grid-based soil

sampling, geological mapping and rock sampling as well as a ground magnetic survey.

As a result of

these exploration programs, the preliminary results have identified five areas prospective for porphyry

copper-molybdenum-gold deposits for initial focus:

Skorusa Porphyry (see

Figure 2

)

Broad regional magnetic-low anomaly, with internal magnetic high zones, was identified and

encompasses the Skorusa Porphyry with a footprint of approximately 2.5 km by 5 km. The Skorusa

gold-copper porphyry system was partially tested in 2015 and 2016 in two separate drill

campaigns.

Exploration in this area identified quartz stockwork-hosted mineralization in potassic altered diorite

porphyry which returned

23m with 0.94 g/t AuEq

[1]

(0.17% copper and 0.72 g/t gold)

from surface

rock-chip sampling. Follow up drilling completed in 2016 proved the stockwork extended to depth

and returned:

63.4m with 0.44 g/t AuEq (0.11% copper and 0.3 g/t gold)

in drill hole SUMDD-001;

60.0m with 0.48 g/t AuEq (0.14% copper and 0.3 g/t gold)

in drill hole SUMDD-002 and

72.0 m

with 0.31 g/t AuEq (0.1% copper and 0.17 g/t gold)

in drill hole SUMDD-003.

A drilling program is planned in late Q4-2020 to test additional target areas identified at the

Skorusa Porphyry.

Skorusa South (see

Figure 2

)

With the completion of the recent grid soil sampling and mapping programs, the field team defined

a circular feature 450 m in diameter with advanced argillic alteration, 3.5 km southeast of the

Skorusa Porphyry, which likely represents a porphyry-related lithocap. The advanced argillic

alteration was confirmed by the presence of Na-Alunite detected by use of a portable

spectrometer.

Detailed sampling and alteration mapping are planned for this target as well as additional re-

interpretation from a historical Induced Polarization (IP) survey.

Glavica

(see

Figure 3

)

A new area of interest to the exploration team has been identified in the central western portion of

Skorusa license. A strong ground magnetic anomaly with a footprint of approximately 2 km by 2 km

and order of magnitude greater than any other anomalies in the area stands out in the recently

completed ground magnetic geophysical survey. The cause of the anomaly is unclear and detailed

geological mapping and sampling is planned for 2021 exploration program.

Tilva Mare (see

Figure 3

)

The prospect area is outlined by copper in the soil geochemistry in the northern portion of the

Oblez license. The upper Cretaceous cover rock of agglomerates contain a variety of mineralized

clasts with malachite, native copper and locally chalcocite. These clasts occur at surface along

road cuts and occur to depths of 250 in drilling.

Potential exists here for concealed epithermal and porphyry copper and gold mineralisation

beneath the sediments and agglomerates from the upper Cretaceous stratigraphy.

Follow up geological mapping is ongoing. In order to better understand the source of geochemical

and mineralized clasts, the exploration efforts will be complemented by an Audio-frequency

Magnetotellurics (AMT survey planned in late Q4-2020.

Markov Kamen East

(see

Figure 4

)

This area is of interest is defined by anomalous molybdenum and gold in the grid soil sampling

program over the upper Cretaceous limestone and siltstone cover rocks in the southwest portion of

the Oblez license. Anomalous geochemistry here is contiguous to the anomalous geochemistry on

the Markov Kamen target directly to the west.

The exploration team was so encouraged by the initial results that follow up infill soil sampling and

detailed geological mapping was undertaken to understand anomalies and better define drill

targets.

Results from this sampling and mapping are expected in Q4-2020.

Qualified Person

The exploration work programs described herein were supervised by Y. Khrischev, the Company's

Exploration Manager in Serbia and Bulgaria who has also prepared the above technical information in

this press release in accordance with Canadian regulatory requirements as set out in National Instrument

43-101. The above technical disclosure in this press release has been reviewed, verified and approved,

by R. Jemielita, PhD, MIMMM, a Qualified Person as defined by NI 43-101 and consultant to the

Company

About Mundoro Capital Inc.

Mundoro is a Canadian listed royalty generator company with a portfolio of projects focused on base

and precious metals that generate royalties and near-term mineral revenue.

To drive value for

shareholders, Mundoro has generated a portfolio of mineral projects primarily focused on copper and

gold in Serbia and Bulgaria.

Value generated from our mineral properties is through near term revenues

from various forms of payments from partners and long term through the generated royalties.

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: completion of

earn-in expenditures, options and completion of a definitive agreement by the parties. 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 Company's projects, 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 the Board undertakes no obligation to publicly 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.

For further information, please visit Mundoro Capital website

www.mundoro.com

Teo Dechev,

Chief Executive Officer, President and Director

+1-604-669-8055

[email protected]

Figure 1 - Project Location Map for Timok area