Mundoro Provides Drill Programs Update and Corporate Update
MUNDORO PROVIDES DRILL PROGRAMS UPDATE AND CORPORATE UPDATE
MAY 1, 2017, Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) ("Mundoro" or
the "Company") provides an update to the drilling program at the Company's Borsko Jezero license
(“Borsko”) where drilling is ongoing. Borsko is one of the four licenses being sole funded by JOGMEC as
part of the JOGMEC -Mundoro option agreement announced in August 201 6 (“Timok North Projects”).
Borsko is located directly west of the Serbian state -operated producing mines, RTB Group’s Bor copper
porphyry mine and the Veliki Krivelj copper-gold porphyry mine, all located in the central portion of the
Timok Magmatic Compl ex (“ Timok”). See Figure 1: Borsko Drillhole Locations and Figure 2: Borsko
License Location Map.
Borsko Drilling Program Update in Serbia
Teo Dechev, CEO & President of Mundoro commented, “The Borsko drill program, which began in early
February 2017, increased from an initial 600 meters in one diamond drill hole to 2821 meters over three
diamond drill holes. We are encouraged by the alteration and mineralization we have identified in the
drill core t hus far and believe the drilling will provide valuable information for further testing in this
license area. Follow up drilling, analysis and interpretation is necessary to assess the viability of this
discovery. In addition to the JOGMEC funded drilling at Borsko we look forward to commencing drilling
at the Mundoro funded drilling at the Angel gold target in Bulgaria as well as the JOGMEC funded drill
program at Zeleznik in H2-2017.”
● BJ_06: This diamond drill hole ended at a depth of 821.6 m in Target 1 . Drill hole BJ_06, which
tested one of the newly generated drill targets at Borsko successfully demonstrated that a
potentially mineralised system exists under cover.
● BJ_07: Based on the visual inspection of BJ_06, Mundoro and JOGMEC determined to exten d the
drill program to further test Target 1 with a follow up drill hole, BJ_07, up to 1300 m. This drill hole
is currently at 1198 meters.
● BJ_08: This diamond drill hole was designed to test Target 2 with a projected depth of 700 m. Based
on visual insp ection of the core, Mundoro and JOGMEC determined to extend the drilling which
stopped at 794 m due to technical difficulty; drilling of this hole is on hold until a new drill rig is
mobilized on site to continue drilling.
Table 1: Overview of Borsko Drill Holes
Drill Hole
ID
Total Depth Dip/Azimuth Geological description
BJ_06
821.6m
EOH
-65/246 ● From surface to 585 m,BJ_06 cut through a package of
slightly chloritized volcanic agglomerate;
● From 585 m to 612 m the drill hole entered argillic
alteration containing disseminated pyrite increasing at
depth.
● At 612m to 765 m (153 m) the drill hole entered
pervasively silicified andesite volcanics containing
semi-massive pyrite, vuggy silica and breccia zones.
● From 765 m to 821 m, the drill hole transitioned to
argillic altered partly brecciated volcanics with
disseminated to semi-massive pyrite.
● Drill hole BJ_06 was terminated at 821.6 m in argillic
altered volcanics containing disseminated pyrite,
anhydrite veins and native sulphur.
BJ_07
1198 m
current
depth
-85/66 ● From surface to 583 m, BJ_07 intersected alternating
agglomerate, andesite tuff and andesite tuff breccia,
all part of the upper volcano-sedimentary package.
● From 583 m to 1132 m (549 m) the drill hole cuts
through the zone of strongly pyritized andesite tuff as
in drill hole BJ_06. The zone is argillic to advanced
argillic altered and alternates with pervasive silica
replacement, patchy vuggy silica and is cut by several
faults and breccia bodies. Semi-massive mostly sooty
fine grained pyrite permeates the entire interval.
● From 1132 m to the current depth of 1198 m and
after a fault the drill hole is in transition to propylitic
altered andesite tuff with disseminated pyrite
decreasing at depth
BJ_08
794.8m
current
depth
-75/351 ● From surface to 509 m, BJ-08 drills through
alternating agglomerate and andesite tuff.
● From 509 m to 615 m drill hole continued through
sedimentary package of marl and conglomerates over
layered with andesite tuff.
● From 615 m to 682 m, the drill hole intersected
unaltered coarse-grained hornblende andesite, similar
to that described in ‘Phase 1 andesite’ from the Timok
Magmatic Complex.
● From 682 m to the current depth of 794.8 m, the drill
hole continued in weak chlorite-smectite altered
andesitic breccia with trace of chalcopyrite-pyrite
mineralised clasts at 695.5 m and 749.6 m.
Logging and sampling are ongoing with the anticipation to have assay results with a brief description of
mineralization and alteration from all three holes announced in June.
For further information on this drill program, please refer to our press releases on March 21, 2017 and
February 8, 2017.
Angel Vyvoda Drill Program Update in Bulgaria
The drill program at Angel Vyvoda (“Angel”) in the Zvezda license in Bulgaria commenced at the end of
April with drill results expected in the first half of July. This drill program will test the gold -in-soil
geochemical anomalies and the Au-Ag-Sb-As-Mo suit of elements (epithermal) seen in the geochemical
survey that cover an area of a 2.7 km x 1.5 km and delineating at least three sets of E -W to NW -SE
structures.
For further information on this drill program, please refer to our press release on March 6, 2017.
Corporate Update
The Company announces that Mr. Thomas Wilson has stepped down as Chief Financial Officer (“CFO”)
effective April 30, 2017. Joining Mundoro as CFO effective May 1, 2017 is Mr. Anil Jiwani who is
contracted through Avisar Chartered Professional Accountants, a chartered accounting firm specializing
in providing accounting and financial reporting support to junior resource companies. Avisar has been
providing accounting services to Mundoro since September 2016.
Teo Dechev, CEO and President of Mundoro commented, "Mr. Jiwani and Avisar bring a streamlined
approach to accounting and financial reporting which is well suited to our needs as a junio r resource
company in the Canadian public markets. On behalf of the Board of Directors, we thank Mr. Wilson for
his dedication and significant contributions to Mundoro and wish him well in future endeavours."
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director
About Mundoro Capital Inc.
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 currently holds a diverse portfolio of projects in two European
countries as well as an investment in a producing gold mine in Bulgaria and a feasibility stage gold
project in China. The Company holds eight 100% owned projects in Serbia, the four Timok North Projects
are in option to JOGMEC, and the four Timok South Projects are being advanced by
Mundoro. 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 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 the earn -in expenditures and options by JOGMEC; and completion of a definitive joint venture
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 Timok North
Properties, the Company's future strategy and business plan and execu tion 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 un certainties 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, chan ges 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 Relea se 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 materiall y 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.