Mundoro Provides Exploration and Corporate Update
MUNDORO PROVIDES EXPLORATION AND CORPORATE UPDATE
September 4, 2018, Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com)
("Mundoro" or the "Company") reports an update on the Company’s exploration activity and filing of its
condensed interim consolidated financial statements for the three and six months ended June 30, 2018
and the related management’s discussion and analysis o f financial position and results of operations.
Update on Exploration Activity
● In Serbia, drilling is ongoing at the Borsko license (Figure 1) which is sole -funded by Japan Oil,
Gas and Metals National Corporation (“ JOGMEC”); this drill program of approx imately 5,000 m
aims to test:
○ Target 1: lateral extension of the alteration and mineralisation intersected in drill hole
17-BJ-11 (15m @ 1.04 g/t Au and 6.9 g/t Ag) further to the east- northeast towards what
has now been identified as IP chargeability anomaly;
○ Target 5: a new target identified to test a shallower and stronger IP chargeability
anomaly coincident with magnetic low anomaly at favorable structural intersection
located 1,500 m north-northeast of Target 1; and
○ Additional targets: identified by both structural interpretation and geophysical programs
using CSAMT, ground magnetics, IP -Resistivity and gravity.
● In Bulgaria, drilling has been ongoing at the Saje Project, which is sole -funded by a Private
Mining Company ; approximately 1,000 meters has b een completed in three drill holes with
assays pending.
● In Serbia, Mundoro and Freeport -McMoran Exploration Corporation (“ Freeport”) are at the
planning stage for a field program to commence in Q4 -2018 on the Freeport- Mundoro JV
Project (Figure 1) which will be sole-funded by Freeport.
● In Serbia, Mundoro has completed follow up geochemical analysis and ground geophysical
surveys to further define the prospective targets on the Sumrakovac and Osnic licenses (Figure
1). Mundoro is planning for a small drill program on the Osnic license in Q4 -2018 in order to
upgrade the targets.
Update on Third Party Discussions
Mundoro has entered into the following transactions for its licenses in Serbia and Bulgaria:
● an earn -in agreement with JOGMEC in which Mundoro has 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.
● an earn -in agreement with Freeport, in which Mundoro has granted to Freeport an earn -in
option on two of Mundoro’s Serbian exploration licenses: Savinac and Bacevica located within
the southern portion of the Timok Magmatic Complex in northeastern Serbia. The earn -in
agreement transaction with Freeport is subject to closing conditions as outlined in Mundoro’s
press release dated July 30, 2018.
● an option agreement with a Private Mining Company on Mundoro’s Saje Project located within
the Zvezda license in southeastern Bulgaria.
The Company continues to have discussions regarding future joint ventures for Mundoro’s two Timok
South licenses, Sumrakovac and Osnic, and licenses in Bulgaria. Although there are ongoing discussions,
the Company cannot provide assurance that a transaction will be concluded as a result of these
discussions.
Corporate Update
Highlights of the Company’s quarterly results for the last eight quarters is as follows:
C$ Thousands Q2/18 Q1/18 Q4/17 Q3/17 Q2/17 Q1/17 Q4/16 Q3/16
Income Statement items:
Exploration and project evaluation (838) (689) (1,438) (829) (997) (650) (864) (806)
Recoveries from partners 498 465 1,290 532 311 547 499 382
Net Exploration and project
evaluation
(340) (224) (148) (297) (686) (103) (365) (424)
Corporate expenses (1) (234) (185) (170) (202) (235) (201) (203) (149)
Loss before other (expenses) income (574) (409) (318) (499) (921) (304) (568) (573)
Other income (expense) (2) (149) 4 (114) (67) (97) (64) 1 9
Loss for the period (723) (405) (432) (566) (1,018) (368) (567) (545)
Balance Sheet item:
Cash & Cash Equivalents 4,856 4,452 3,522 2,674 2,120 2,054 1,568 1,307
1. Corporate Expenses include accounting and audit, corporate governance, corporate communication, and general and
administrative expenses.
2. Other income (expense) includes share-based compensation, the impact of foreign exchange fluctuations, and the change
in the fair value of the Company’s investments.
Change in Chief Financial Officer
The Company is pleased to announce the appointment of Mr. Christopher Wong as Chief Financial
Officer of the Company, effective September 1, 2018. Mr. Wong has over 20 years of experience in
financial reporting, corporate controlling and accounting with private and public companies in the
natural resources sector and technology se ctor. The Company would like to thank Avisar Chartered
Professional Accountants and Mr. Anil Jiwani for their professional accounting services to Mundoro for
the previous two years.
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 has earn -in agreements with: JOGMEC for the Timok North Projects,
Freeport for the Freeport- Mundoro JV Projects, and an option agreement with a private company for
the Saje Project in Bulgaria. 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 and 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 stat ements 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 asse ts 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 cautionar y 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 fro m 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.
Figure 1: Location Map of Partnership Licenses in Serbia