Mundoro Provides Project Portfolio Update and 2023 Corporate Outlook for Growth
Mundoro Provides Project Portfolio Update
and 2023 Corporate Outlook for Growth
Vancouver, British Columbia--(Newsfile Corp. - February 21, 2023) -
Mundoro Capital Inc. (TSXV:
MUN) (OTCQB: MUNMF)
www.mundoro.com
("
Mundoro
" or the "
Company
") is pleased to provide
an update on the Company's corporate activities in Q4-2022 as well as outlook for 2023.
Teo Dechev, CEO and President, commented:
"Mundoro grew the number of properties optioned to
partners to a record total of nine, with the most recent announcement being with BHP Exploration. This
demonstrates (i) the ongoing interest by global mining companies for the Company's generated
copper-gold focused exploration properties, and (ii) the value Mundoro provides to partners with its
exploration and operational experience in the western Tethyan Belt and now also in the Laramide Belt
of the southwest USA. In 2023, Mundoro is in a position to generate cash flow to cover operating
expenses and continue growing the Generative Portfolio without the need to raise equity."
Follow our weekly updates on:
and
Twitter @Mundoro
.
2023 Outlook
Stable Cash Position:
As of December 31, 2022, the Company held C$4.8 million in cash and
cash equivalents and no long-term debt.
Generating Cash Flow to Cover Operating Expenses and Grow Generative Portfolio:
In
2023, the Company estimates receiving Operator Fees and Option Payments of approximately
C$2 to C$2.5 million while Corporate Expenses and Portfolio Generative Costs for 2023 are
estimated to be approximately C$1.6 million.
As a result, the Company does not anticipate a need
for capital raising in 2023.
Partner Funded Exploration:
For 2023, the Company estimates the partner funded exploration
expenditures to be approximately C$11 to C$15 million.
In 2023, Mundoro is operating six (6)
exploration programs in Serbia, one (1) exploration program in Bulgaria and two (2) exploration
programs in the USA.
Total drilling across all programs is estimated to be approximately 14,000
meters to 17,000 meters of drilling depending on various factors such as permitting.
Operational Highlights from Q4-2022
Mundoro options to BHP Exploration Properties in Timok, Serbia:
In January 2023, the
Company entered into a definitive agreement with a wholly owned subsidiary of BHP Group
Limited ("
BHP
") such that BHP has the right to earn-in to three (each, an
"Option")
exploration
areas that Mundoro holds in the Timok region. The projects under the Options with BHP are
located in and around the
Timok Magmatic Complex
in Serbia (
see press release dated January
23, 2023
). Mundoro is appointed as the operator of the work programs.
The Timok Magmatic
Complex is host to the largest copper-gold porphyry deposits in the western portion of the Tethyan
Belt such as (i) Cukaru-Peki, a high sulphidation epithermal copper-gold and porphyry deposit, (ii)
Bor underground mine which is a copper-gold porphyry, (iii-iv) Veliki Krivelj and Majdanpek open-
pit mines which are both copper-gold porphyries, (v) the recently reopened Cerovo open-pit mine
which is a copper-gold porphyry and (vi) the recently announced discovery of Coka Rakita
exploration prospect.
Mundoro Commenced Drill Program at the Vale Funded Projects in Timok, Serbia:
In Q4-
2022, Mundoro announced the commencement of a drill program at the Mundoro-Vale optioned
projects located in the south central Timok Magmatic Complex ("
Timok
") in Serbia. The drill
program commenced drilling for a total of 4,000 meters to test 3 target areas with 5 drill holes.
A
total of 3,016 meters have been drilled to date.
The drill program is ongoing with completion
estimated by the end of March 2023.
Mundoro is appointed as the operator of the work programs.
For further information
see press release dated October 5, 2022
.
Advancing Permitting for Drill Testing at the Vale Funded Dos-Cabezas Project in
Arizona, USA:
Several porphyry copper targets have been identified for drill testing.
In Q4-2022
the Company advanced permitting for a Phase 1 drill program for approximately 3,000 meters of
drilling which is planned to commence in late Q1-2023. Bureau of Land Management (BLM)
permits have been received in Q4-2022 while the Arizona State Land Department
(ASLD) permits
are in the final stage of review and expected to be complete in Q1-2023.
Additionally, new areas
within the project are being evaluated for porphyry targets.
Mundoro is the operator of the work
program.
Advancing Exploration at the JOGMEC Funded EE1 Project in Bulgaria:
The budgeted
work program for the 2022 field season consisted of: historical data compilation, stream sediment
sampling, soil sampling and detailed mapping. A preliminary geophysics survey to test the
response over the sediments is being carried out with interpretation of initial results expected in
Q1-2023. The Company is interpreting geochemical results from the field sampling programs as
they are received from the assay lab.
Mundoro is the operator of the work program.
Exploration Identifies Drill Targets at Kinross Funded GT7 Property in Serbia:
Based on
the completed exploration work program completed in 2022, a work program and budget has
been designed to: follow up on geochemical soil sampling anomalous areas, further detailed
mapping and geophysics as well as drilling to test the initial targets.
The Company is focused on
permitting and access for drill testing the target areas.
Mundoro is the operator of the work
program.
Corporate Update
Stock Option Grant:
The Company issued 1,899,000 stock options to employees, contractors,
officers and directors. The stock options were issued in accordance with the Company's Equity
Incentive Plan, exercisable for a period of 5 years from the date of the grant at an exercise price of
C$0.195 per Common share (being the closing price on the TSX Venture Exchange on February
16, 2023).
Qualified Persons
The scientific and technical information in this news release was prepared under the supervision of, and
approved by, T. Dechev, a Qualified Person as defined by NI 43-101, and the Company's Chief
Executive Officer and R. Jemielita, PhD, MIMMM, a Qualified Person as defined by NI 43-101 and the
Company's Chief Geologist.
About Mundoro
Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of
mineral properties focused primarily on base and precious metals.
To drive value for shareholders,
Mundoro's asset portfolio generates near-term cash payments to Mundoro from partners and creates
royalties attached to each mineral property.
The portfolio of mineral properties is currently focused on
predominantly copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide
Belt in the southwest USA.
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 the 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's website:
www.mundoro.com
.
Teo Dechev,
Chief Executive Officer, President and Director
+1-604-669-8055
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/155490