Mundoro Announces Completion of 5000 Meters Drilling by FQM on Serbian Properties
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/03/15 -- Mundoro Capital Inc. (TSX VENTURE: MUN) () ("Mundoro" or the "Company") is pleased to report First Quantum Minerals Inc. ("FQM") has completed 5,000 meters of drilling on the Company''s 100%-owned exploration licenses, Savinac, Sumrakovac, Bacevica and Osnic (the "Southern Timok Properties") which are located at the southern portion of the Timok Magmatic Complex ("TMC") in northeastern Serbia (). Drilling commenced in July 2015 under the Option Agreement ("Agreement") between Mundoro and FQM. FQM is sole funding the drilling program and has completed the 5,000 meters required on the Southern Timok Properties by October 30, 2015.
FQM is currently drilling an additional 600 meters beyond the minimum 5,000 meters required. We anticipate this additional drilling will be completed by mid-November 2015.
Teo Dechev, CEO and President of Mundoro, commented, "This first phase of reconnaissance drilling at the Sothern Timok Properties has validated and confirmed the presence of large areas of zoned hydrothermal alteration systems, intersected new mineralised zones and added valuable geological, structural and geochemical information for this large part of the TMC. We believe the results are encouraging and will add significantly towards targeting of mineralised centers of these systems. The drilling was spread out to test various copper-gold targets over the four Southern Timok Properties. After all assay results from the drilling program have been received from the labs, Mundoro will provide drill results. Due to the slow turnaround of assay results from the labs, we anticipate drill results will be available for release around the end of November 2015. FQM can provide notice to Mundoro up to December 15, 2015 should they wish to enter into a joint venture with Mundoro for the Southern Timok Properties."
Teo Dechev added, "We see this drilling program as a good step towards testing the various copper-gold porphyry targets over the Southern Timok Properties and firmly believe this part of the TMC is a prolific portion of the Tethyan belt with potential to host further significant discoveries. For Mundoro shareholders, the funds FQM is spending on drilling and geophysics will meet near term exploration objectives as well as the required expenditures for each of these licenses to be maintained in good standing. At the same time, we continue to have ongoing discussions regarding potential joint ventures for the remaining non-optioned licenses. As we are operating in a time of difficult capital markets for mineral explorers, working under this form of partnership enables us to conserve the Company''s treasury while at the same time advance this large suite of projects. Mundoro ended Q2-2015 with a treasury of $6.5 million and no debt."
Highlights from the Drilling Program
Sumrakovac license
Savinac license
Bacevica license
Osnic license
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.
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director
About Mundoro Capital Inc.
Mundoro is a Canadian based public company which is focused on generating value for its shareholders through utilizing the collective expertise of our directors, management and technical team to invest in mineral projects that have the potential to generate future cash.
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 .
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.
Contacts:
Mundoro Capital Inc.
Teo Dechev
CEO, President and Director
+1-604-669-8055
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Datum: 03.11.2015 - 06:00 Uhr
Sprache: Deutsch
News-ID 1396342
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