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Mundoro Advances Exploration Portfolio and Provides Q1 Highlights
Vancouver, British Columbia--(Newsfile Corp. - May 30, 2022) - Mundoro Capital Inc. (TSXV: MU...
About this update from Mundoro Capital Inc.
[{"type":"text","content":"Mundoro Advances Exploration Portfolio and Provides Q1 HighlightsVancouver, British Columbia--(Newsfile Corp. - May 30, 2022) - Mundoro Capital Inc. (TSXV: MUN) (OTCQB: MUNMF) (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, 2022. 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.Teo Dechev, CEO and President commented: \"Mundoro's copper-gold exploration properties in Serbia, Bulgaria and the USA are now all in either earn-in agreements, option agreements or letters of intent to enter into transactions with third party senior mining companies. Mundoro's business model brings value to both our shareholders and partners to participate in copper and gold focused exploration opportunities for new discoveries in well-established mineral regions which remain underexplored.\"Follow our weekly updates on: LinkedIn and Twitter @MundoroQ1-2022 Program HighlightsStrong Cash Position: As of March 31, 2022, the Company held cash and cash equivalents totaling $3,082,041 (December 31, 2021 - $3,587,477) and held $390,474 in receivables from partners as well as no long-term debt.Partner Funded Exploration: The exploration expenditures, the majority of which are sole-funded by partners, were higher at $948,776 in Q1-2022 compared to $839,503 in Q1-2021 due to higher budgeted expenditures and including the USA in Q1-2022. Recoveries from option partners in Q1-2022 were higher when compared to Q1-2021 and were $774,330 (82%) and $631,634 (73%) respectively, resulting in net exploration costs of $174,446 in Q1-2022 and $207,869 in Q1-2021.Q1-2022 Exploration Portfolio HighlightsNew LOI signed for 6 of Mundoro's Copper Properties in Serbia and Bulgaria: Mundoro has been approached by third parties regarding its various copper focused exploration licenses in Serbia and Bulgaria. The Company set up an online data room, some of which included 3D Leapfrog models for properties, which was opened for interested third parties that have signed confidentiality agreements with the Company. The Company signed a Letter of Intent (\"LOI\") covering 6 license areas with a new third party in May 2022...