Mundoro Provides First Quarter 2019 Highlights and Corporate Update
MUNDORO PROVIDES FIRST QUARTER 2019 HIGHLIGHTS AND CORPORATE UPDATE
May 30, 2019, Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) ("Mundoro" or
the "Company"), announces it has filed results for the quarter ending March 31, 2019 (“Q1-2019”). Details
of the Company’s financial results are contained in the unaudited consolidated financial statements and
Management’s Discussion and Anal ysis which are available on the Company ’s website at
www.mundoro.com and on SEDAR at www.sedar.com. Financial results were prepared in accordance with
International Financial Re porting Standards, and a ll amounts are expressed in Canadian dollars unless
otherwise stated.
Highlights from Q1 2019
Financial Update
At March 31, 2019, the Company had $3.1 million in cash and cash equivalents. Exploration expenditures
for Q1-2019 totaled $1,368,826 with $940,352 of that amount recovered from option partners. Mundoro
is the operator for two Earn -ins and one Generative Program, as such, the Company received operator
fees, totaling $101,662 in the first quarter. The remaining expenditures totaling $222,008, include
corporate activities for governance, accounting, communications and general and administration costs.
Operational Update
JOGMEC-Mundoro Projects in Serbia and Bulgaria
During the quarter, exploration activities on the Japan Oil, Gas and Metals National Corporation
(“JOGMEC”), JOGMEC-Mundoro Project included completion of the third-year exploration program on the
Borsko-Jezero (“Borkso”) license in Serbia. During Q1-2019, the Company completed 2,896 m of drilling
as part of the 9 ,090 m drill program over various targets in the Borsko license. On May 1, 2019, the
Company announced it had been notified by JOGMEC of its decision to undertake the Stage Two Earn -In
on the Borsko license under the Earn-In Agreement between Mundoro and JOGMEC (see Mundoro’s press
release dated May 1, 2019, at www.mundoro.com).
As the Operator for the JOGMEC -Mundoro Project, the Company has now commenced the Year 1
exploration program for the Stage Two Earn-In at Borsko. The program will focus on completing further
geophysics consisting of a gravity survey over the remainder of the Borsko license and further drill testing
in the second half of 2019. Mundoro is also the Operator for the Ge nerative Program Alliance, which is
engaged in ongoing field observations throughout 2019.
In Q1-2019, the Company also entered into a strategic alliance with JOGMEC in which Mundoro is carrying
out activities in Bulgaria under the direction of a joint Te chnical Committee with a view to identifying
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.
Freeport-Mundoro Projects in Serbia
During the quarter, Mundoro completed and announced the initial target testing drill program at Savinac
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and Bacevica licenses (“Freeport -Mundoro Projects”) which is sole-funded by Freeport -McMoRan
Exploration Corporation (“Freeport”) as part of the Earn-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 testing drill program of 4,778 m over seven drill holes (see Mundoro’s press release
dated April 5, 2019, at www.mundoro.com).
As the Operator for the Freeport- Mundoro Projects, the Company is focused on completing geophysics,
alteration mapping, interpretation and potentially further drill testing of targets in the second half of 2019.
Outlook on Third-Party Discussions
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.
The projects available to third parties in Serbia include: the two Timok South licenses, Sumrakovac and
Osnic, the relinquished Timok North licenses, Zeleznik, Padina and Dubrava as well as various licenses in
Bulgaria.
Stock Options Issued
The Company issued 1,975,000 stock options to its directors, officers, employees and contractors on May
27, 2019. The stock options were issued in accordance with Mundoro’s Stock Option Plan and are
exercisable into common shares of Mundoro at $0.12, being the closing price on the TSX Venture
Exchange on May 24, 2019, over a five-year term.
About Mundoro Capital Inc.
Mundoro is a Canadian mineral exploration and development public company focused o n 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”.
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.
For further information please contact:
Teo Dechev, CEO, President and Director of Mundoro Capital Inc. at +1-604-669-8055
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 sta tements 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
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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
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 co uld 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 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 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.