Mundoro Capital Inc. (TSX VENTURE:MUN) ("Mundoro" or the "Company")
(www.mundoro.com) announces the filing of the Company's financial
results for the quarter ended September 30, 2012. The highlights
provided in this release should be read in conjunction with the
Company's quarterly financial statements and Management Discussion
and Analysis, which are available on SEDAR at www.sedar.com and at
the Company's website. All dollar amounts are in U.S. dollars
unless otherwise stated.
The Company's loss for the nine months ended September 30, 2012
was $3,709,819 ($0.10 per share) compared to a loss of $2,426,496
($0.06 per share) for the for the nine months ended September 30,
2011 which included a loss from discontinued operations of
$494,401. The loss for the first nine months of 2012 was
principally attributable to the following: expenditures on project
exploration and evaluation of $1,564,406 in 2012 compared to
$576,552 2011; and, expenditures for dissident related costs of
$1,156,786 compared to $Nil in 2011. The non-cash items were:
foreign exchange gain of $4,785 compared to a loss of $606,225 in
2011; share-based payment expense of $134,151 compared to $183,409
in 2011; and, depreciation $13,643 compared to $Nil in 2011.
The Company maintains a low share count of 41.9 million shares
and at September 30, 2012 held $7.3 million in cash and cash
equivalents with a further $10.3 million in short-term
investments.
The Company alerts shareholders that the dissident shareholder
news release issued on November 7, 2012 is not from the Company as
it incorrectly states the Company is the source. Mundoro, with its
strong record of sound corporate governance and of acting in the
best interests of shareholders generally, firmly stands behind all
procedures followed during the Annual General and Special Meeting
of shareholders held on August 27, 2012 in Vancouver (the "AGM").
The recent allegations made by certain dissident shareholders who
were unsuccessful in their attempt to, first, ambush the AGM, then
solicit sufficient shareholder support to replace the board of
directors (the "Board") at the AGM, are without merit. Mr. John
Hoey, Chairman of the Board, commented, "Once again, we would like
to take this opportunity to express our gratitude to the
shareholders of Mundoro for their support at the AGM. The company
continues to move forward and management is executing on its
strategic plans for the benefit of all shareholders."
As part the Company's annual corporate governance review, the
Board has adopted a comprehensive set of corporate governance
policies including, among others, Board Charter, Audit Committee
Charter, Nominating and Corporate Governance Committee Charter,
Compensation Committee Charter, Code of Business Conduct &
Ethics, Whistleblower Policy, Disclosure, Confidentiality and
Insider Trading Policy, and an Advance Notice Policy. The corporate
governance policies were adopted by the Board on November 8, 2012
and are effective as of the date approved. All governance polices
will be made available on the Company's website. The Advance Notice
Policy will be submitted for shareholder approval at the next
Annual and Special General Meeting of the Company. The same Advance
Notice Policy received majority support of shareholders at the AGM,
but did not attain the two-thirds vote required to adopt the Policy
as an amendment to the Company's Articles of Incorporation.
In other business of the Company, the Board approved a grant of
105,000 stock options to independent directors of the Company and
150,000 stock options to a contractor of the Company. The options
will be granted at closing price on November 14, 2012, when the
Company's current blackout will be lifted. The options are
exercisable for a period of five years until November 8, 2017.
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 which operates
as a mineral acquisition, exploration, development and investment
company. The Company has exploration properties in the Tethyan Belt
in South Eastern Europe and the Mesa Central Belt in Northwestern
Mexico, both of which are prolific mineral belts the Company
believes have strong exploration and development potential. In
Serbia, Mundoro has seven mineral exploration licenses covering 499
sq. km. within the well-known Timok Magmatic Complex which hosts
significant Au-Cu porphyry deposits and related Au-Cu epithermal
deposits. In Mexico, Mundoro has thirteen mineral concessions
covering 1,541 sq. km. in the Mesa Central belt, of which Centauro
is the furthest advanced exploration property. The Company
maintains an interest in the Maoling Gold Project through its 5%
interest in Mundoro Mining Inc.
Technical Information
For the Maoling Gold Project, the Pre-Feasibility Study("PFS")
described herein was prepared to broadly quantify the Maoling Zone
1 deposit's capital and operating cost parameters, and to further
the development of the project. It was not prepared for use as a
valuation of the deposits, nor should it be considered to be a
final feasibility study. The information contained in the PFS
reflects various technical and economic conditions at the time of
writing that can change significantly over relatively short periods
of time. Reserves quoted were prepared by AMEC Americas Ltd. under
the direction and oversight of Mr. Mark Pearson P.Eng. of
Vancouver, BC, an 'Independent Qualified Person' as defined by
National Instrument 43-101. Resource estimation for the Zone 1 area
in 2006 was carried out in the Brisbane, Australia office of Golder
Associates Pty Limited, an international earth sciences consulting
group under the direction and oversight of Dr. Andrew Richmond,
MAusIMM, an 'Independent Qualified Person' as defined by NI43-101.
The Zone 4 Resource Estimate (2001) was prepared by AMEC Americas
and is reviewed in a technical report prepared by Peter Lewis,
Ph.D., P.Geo.
For the Cuencame Property, the Technical Report was prepared by
Alain-Jean Beauregard, P. Geol., FGAC, AEMQ, an 'Independent
Qualified Person' as defined by National Instrument 43-101, and an
employee of Geologica GroupeConseil Inc., who consented to the
filing of the Technical Report prepared for Mundoro Capital Inc.
titled "NI 43-101 Technical Evaluation Report on the Cuencame
Concessions", dated September 20, 2011 with the securities
regulatory authorities.
NI43-101 compliant technical reports for the pre-feasibility
study and all reserve and resource estimates have been filed on the
SEDAR website at www.sedar.com.
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.
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. (604) 669-8055 (604) 669-8056
(FAX)info@mundoro.com www.mundoro.com