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Mundoro Announces JOGMEC Election to Earn-In for Stage Two as Well as an Update on Exploration Activity
Vancouver, British Columbia--(Newsfile Corp. - May 1, 2019) - Mundoro Capital Inc. (TSXV: MUN...
About this update from Mundoro Capital Inc.
[{"type":"text","content":"Mundoro Announces JOGMEC Election to Earn-In for Stage Two as Well as an Update on Exploration ActivityVancouver, British Columbia--(Newsfile Corp. - May 1, 2019) - Mundoro Capital Inc. (TSXV: MUN) (www.mundoro.com) (\"Mundoro\" or the \"Company\") reports that it has been notified by Japan Oil, Gas and Metals National Corporation (\"JOGMEC\") of its decision to undertake the Stage Two Earn-In on the Borsko-Jezero (\"Borsko\") license under the Earn-In Agreement between Mundoro and JOGMEC. Mundoro is also pleased to provide an update on the exploration activity under the Company's option agreements with earn-in third parties.Under the Earn-In Agreement with JOGMEC, Mundoro granted to JOGMEC an earn-in option on four of Mundoro's Serbian exploration licenses: Dubrava, Padina, Borsko Jezero and Zeleznik located within the northern portion of the Timok Magmatic Complex in northeastern Serbia. Under the terms of the Earn-In Agreement, JOGMEC was required to spend US$4 million to earn-in a 51% interest. JOGMEC spent US$5.09 million over the course of the Stage One Earn-In, which included US$500,000 in operator fees payable to Mundoro. JOGMEC has now elected to undertake the Stage Two Earn-In to sole fund exploration on the Borkso license. If JOGMEC completes the Stage Two Earn-In, JOGMEC will acquire an additional 24% interest in that license by having sole funded exploration and development expenditures of no less than US$32 million over a five-year term. JOGMEC may choose to cease sole funding at any time. JOGMEC has notified Mundoro the remaining three licenses: Zeleznik, Dubrava and Padina will be relinquished and revert 100% to Mundoro. Teo Dechev, CEO & President of Mundoro commented, \"Mundoro has benefited from establishing earn-in relationships to fund exploration programs. As a result of having optionee funded exploration programs, Mundoro conserves cash. At the end of Q1-2019, the treasury of the Company was approximately C$3.2 million. Mundoro continues to have discussions with interested third parties seeking options on our available projects, confirming the growing interest in exploring the Tethyan Belt in Timok, Serbia as well as Bulgaria.\"Update on Exploration Activity under the various Option Agreements JOGMEC-Mundoro Project in SerbiaMundoro has been appointed as the Operator for the JOGMEC-Mundoro Project and ...