Vancouver - Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) ('Mundoro' or the 'Company'), is pleased to report its quarterly update for exploration and corporate activity for the three months ending March 31, 2020.
The Company has filed its quarterly Consolidated Financial Statements and Management's Discussion and Analysis on SEDAR at www.sedar.com and posted on the Company's website at www.mundoro.com.
Mundoro's Objectives for 2020
Commence exploration on the Vale-Mundoro JV Projects in the second half of 2020.
Add partner(s) for Mundoro's projects available for optioning.
Enter into exploration contract for the Svoboda project with the local government.
Corporate and Business Development
Mundoro continues to have discussions with interested third parties regarding Mundoro's projects which are available for optioning, confirming the continued interest in exploring in Timok, Serbia as well as Bulgaria.
Savinac and Bacevica
The two licenses, Savinac and Bacevica, previously part of the Freeport earn-in from October 2018 to April 2020, have reverted 100% to Mundoro for no consideration. Freeport informed Mundoro that it is restructuring its exploration programs and accordingly terminated their earn-in. Mundoro has since then set up a data room, signed confidentiality agreements and engaged in due diligence with third parties. Freeport sole funded a total of US$3.2 million (C$4.5 million) on these two licenses, therefore the current term work commitments for the licenses have been met. No further exploration expenditures are required to maintain the licenses while Mundoro continues discussions with third parties.
Vale-Mundoro Projects
For the Vale-Mundoro Projects, compiled data sets are being reviewed for targeting and exploration planning. The parties await government approvals before exploration activity can be commenced.
JOGMEC-Mundoro JV Project
To date, JOGMEC has sole funded a total of US$5.8 million (C$8.2 million) for the JOGMEC-Mundoro JV Project, and has completed the earn-in for a 51% interest in the project. All work commitments have been met for the JOGMEC-Mundoro JV Project during this term. The joint venture is now at a proportionate funding stage, with Mundoro entitled to exercise an option to acquire a 2% interest in the joint venture from JOGMEC (taking Mundoro to 51%) for nominal consideration and maintain its role as the operator. The JV Partners are discussing alternatives for further funding and exploration at Borsko. A data room for the project has been opened for interested third parties which have signed a confidentiality agreement with the Company.
Zeleznik
A data room for the Zeleznik project has been opened for interested third parties which have a confidentiality agreement signed with the Company.
Generative
The Company has several areas under application in Serbia and Bulgaria as a result of the Company's generative programs in these two jurisdictions.
Financial Highlights and Initiatives to Manage Costs
Earn-in parties funded exploration costs totaled $1,230,158 and operator fees earned totaled $108,636. Mundoro funded exploration costs for generative programs totaled $136,916.
Corporate expenses totaled $98,839, versus $120,346 in 2019.
At March 31, 2020, Mundoro had a treasury position of $3.1 million and no debt.
During ongoing global impacts to commerce as a result of the COVID-19 health pandemic, the board of directors and management considers it prudent for the Company to take steps to reduce non-essential expenditure pending a return to normal business conditions. The initiatives below are expected to result in cash preservation for 2020 whilst they are in effect: Capital expenditures that are not essential to support ongoing exploration programs have been reduced or deferred, and Corporate and marketing expenditures have been reduced.
About Mundoro Capital Inc.
Mundoro is a Canadian listed (TSX-V:MUN) precious and base metal company focused on building value for its shareholders through directly investing in mineral projects that have the ability to generate future returns for shareholders. Mundoro has generated an attractive mineral project pipeline in Serbia and Bulgaria, as well as an investment in a producing gold mine in Bulgaria, in order to drive long-term growth and achieve shareholder return. Potential future returns for our shareholders from our mineral properties can be in various forms such as discovery of mineral resources, royalties, advance royalty payments from partners, an interest in production, dividend payments or sale of our interest in the mineral property.
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 the earn-in expenditures and options by JOGMEC and completion of a definitive joint venture 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 Timok North Properties, 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.
Contact:
Teo Dechev
Tel: +1-604-669-8055
Email: info@mundoro.com
MUNDORO CAPITAL INC. 
