Mundoro Provides Corporate Outlook for 2017
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 20, 2017) - Mundoro Capital Inc. (TSX VENTURE:MUN) (www.mundoro.com) ("Mundoro" or the "Company"), is pleased to provide an overview of the Company's goals and growth plans for the coming year. Mundoro enters 2017 with approximately C$5,000,000 in cash and no debt. The Company will aim to build on the successes achieved during 2016. The list below outlines some of the key catalysts and corporate growth plans for 2017:
- Drill results expected in January from the Skorusa porphyry target located in the Sumrakovac license in Mundoro's South Timok Properties;
- Exploration work from the ongoing ~C$400,000 (US$300,000) exploration program at the Borsko Jezero license located in the North Timok Properties, funded by partner JOGMEC, has generated targets where a drilling program is anticipated to commence in Q1/2017;
- ~C$2,000,000 (US$1,500,000) in exploration expenditures is anticipated over the four North Timok Properties (Zeleznik, Borsko, Dubrava and Padina), funded by partner JOGMEC, from April 2017 to March 2018 as per the Amended Option Agreement announced August, 2016;
- C$2,000,000 in exploration expenditures has been budgeted for calendar 2017 to advance the exploration of the Company's 100% owned projects in Serbia and Bulgaria;
- Mundoro will continue quality project generation and/or acquisition efforts using its mineral occurrence database to secure key ground in Serbia and Bulgaria. The Company has applied for two additional license areas in Bulgaria in 2016 and will continue this effort into 2017; and
- At the same time the Company is continuing discussions with groups regarding their interest to earn-in to Mundoro's existing projects in Serbia and Bulgaria.
Mundoro's President and CEO, Teo Dechev, stated: "We completed 2016 on budget, advanced our portfolio of targets and brought a partner to our North Timok Properties in Serbia. We enter 2017 with a steady flow of catalysts, for advancing existing discoveries and generating new ones in both (i) the North Timok Properties, with our partner JOGMEC, and (ii) the South Timok Properties as well as the Bulgarian properties which are Mundoro's 100% owned projects. The Company is well-positioned to deliver upside exposure to its shareholders while reducing exploration risk with partners funding exploration work on a part of the project portfolio."
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Stock Option Grant
The Company issued 938,000 stock options to its directors, officers, employees and contractors on January 18, 2017. The stock options were issued in accordance with Mundoro's Stock Option Plan and are exercisable into common shares of Mundoro at $0.13 (being the closing price on the TSX Venture Exchange on January 17, 2015) over a five-year term.
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 and generating investment return for its shareholders through directly investing in mineral projects that have the potential for mineral resource discovery or development. The Company has a diverse portfolio of exploration projects primarily focused on gold and base metals in two European countries, Serbia and Bulgaria, as well as Mexico and potentially North America. Mundoro (TSX VENTURE:MUN) is funded to pursue it strategy, has a technical team with proven exploration success, a corporate team with established capital markets relationships and a board of directors with a breadth of corporate governance knowledge.
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. 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 North Timok Properties, South Timok Properties, projects, properties, licenses, the Company's future strategy, goals 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 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.