Mundoro Capital Inc. and Japan Oil, Gas and Metals National Corporation. announce the commencement of an exploration program on the recently approved JOGMEC-Mundoro Copper Project located in western Bulgaria. The JOGMEC-Mundoro Copper Project is considered highly prospective for sediment-hosted stratiform type deposits similar to that of the Kupferschiefer in Germany and Poland and the Central African Copperbelt in Zambia and DRC.

JOGMEC-Mundoro Copper Project has several historical mines and 60 copper-lead-zinc mineral occurrences. From 1953 to 1992 the total mining production from the historical mines in the license area is reported as 3,263,200 tons of ore with contained 20,611 tons of copper and 990 tons of lead and zinc. Historical data collection, digitization and interpretation has been completed, the work program has been approved by the local government and exploration work is expected to commence in Q3-2022. Project Location and Background: The EE1 license ("JOGMEC-Mundoro Copper Project") is an area totaling 166 sqkm located within the West Balkan zone of northwestern Bulgaria.

The JOGMEC-Mundoro Copper Project is located in the historical Iskar mining region in northwestern Bulgaria. The structural setting of the region is characterized by reverse-and-thrust fault tectonics, dominated by the overriding of the rock sequences of the West Balkan tectonic zone by the Palaeozoic basement of Srednogorie tectonic zone. More than 60 copper-lead-zinc mineral occurrences and several historical underground mines are recorded in the area.

Project Geology: The metallogeny of the region is defined generally by lens-like and stratiform copper-lead-zinc and copper deposits. Up to 1995, 3,194,000 tons of ore are reported to have been mined out at average copper grade of 0.75% Cu. The copper-silver mineralization formerly mined in the Iskar region is hosted mainly by early Mesozoic sedimentary rocks.

The copper sulphide minerals are hosted by white quartz sandstone that was originally part of a red-bed sequence. The sulphides are finely disseminated as well as occurring as larger grains in narrow quartz ¦ carbonate veinlets. The sulphides observed in the dump samples are hypogene chalcocite, chalcocite and bornite, bornite, chalcopyrite, chalcopyrite and pyrite or pyrite, which are suspected to have come from a sequence of transitional zones, with chalcocite at the base and pyrite at the top.

Much of the by-product silver is likely be in solid solution in the chalcocite. The copper-silver mineralization in the Iskar region is confirmed to be of sediment-hosted stratiform type, like that in the Kupferschiefer of Germany and Poland and the Central African Copperbelt of Zambia and DRC. This copper deposit type is formed by brines expelled from sedimentary basins, probably during compression and tectonic inversion, and is unrelated to magmatic activity.

The historical mining production data are derived from reports prepared by the National Geological Survey and held in the Bulgarian National Geological Fund. The company is not currently able to confirm the dates and the tonnage of the production, extraction methods and parameters used in the historical reports. At this time, Mundoro is not able to determine the reliability of the total mining production at the project area with reference to the standards applicable to CIM-compliant.