Mundoro Continues to Consolidate Land Position Surrounding Bor Mine
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/04/13 -- Mundoro Capital Inc. (TSX VENTURE: MUN) (www.mundoro.com) ("Mundoro" or the "Company"), through its wholly-owned subsidiary in the Republic of Serbia ("Serbia") has been awarded a new license from the Serbian government directly adjacent to the Bor Mine. The Dubrava-Ostrelj license area is located both North and Southeast of the Bor Mine, with a portion of the license sitting in between the Bor Mine and Reservoir Minerals and Freeport Moran's Timok Project Joint Venture in Serbia (see attached map).
Teo Dechev, CEO and President of Mundoro, commented, "The Company is pleased to have been awarded the Dubrava-Ostrelj license. The Dubrava-Ostrelji license appears to be prospective due to two key parts: (i) at the north end it occupies the ground surrounding Bor Mine, Veliki Krivelj Mine and Cerovo Mine as well as (ii) at the south end it occupies the ground directly between the Bor Mine and the Reservoir/FMC Joint Venture. We believe the Tethyan Metallogenic Belt continues to offer strong prospectivity for further discoveries and are pleased to be able to focus our efforts on key license areas surrounding existing mining operations along this belt."
Dubrava-Ostrelj totals 50.97 sq. km and is located 7 km north of the Bor Mine and 3.5 km from the Timok Joint Venture Project in the highly prospective, world-class Timok Magmatic Complex (TMC). The license area geology is made up of Upper Cretaceous subduction-related magmatic rocks which are the host rocks of the world class Bor and Majdanpek deposits. The Company also reports that it has dropped the Manastirica and Rakova Bara licenses, which were on the outer periphery of the TMC, as the initial reconnaissance program did not present robust enough results to merit continuing exploration work.
In other business of the Company, the Board approved a grant of 182,500 stock options to several employees and contractors of the Company. The options will be granted at the closing price on April 3, 2013. The options are exercisable for a period of five years until April 3, 2018.
Qualified Person - The technical information of this Press Release has been reviewed and approved by Mr. G. Magaranov, P. Geo., the Qualified Person as defined by National Instrument 43-101.
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director
About Mundoro Capital Inc.
Mundoro is a well-funded, Canadian based, company focused on mineral acquisition, exploration, and development. Our target areas are the Tethyan Belt in Southeastern Europe and the Mesa Central Belt in Northwestern Mexico, both of which are prolific mineral belts with strong exploration and development potential. Mundoro has methodically acquired a district-scale land position in both mineral belts which host significant Gold-Copper porphyry and related epithermal deposits. Our strong project pipeline is positioned to drive long-term, sustainable growth in order to attain production and shareholder return.
Caution Concerning Forward-Looking Statements
Information included, attached to or incorporated by reference into this News Release may contain forward looking statements. All statements, other than statements of historical fact, included or incorporated by reference in this News Release are forward-looking statements, including, without limitation, statements regarding activities, events or developments that the Board 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" 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 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 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 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.
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Contacts:
Mundoro Capital Inc.
Teo Dechev
CEO, President and Director
+1-604-669-8055
+1-604-669-8056 (FAX)
info@mundoro.com
Roth Investor Relations
Michelle Roth
+1-732-792-2200