Business
Mundoro Announces Operational and Exploration Update with New Target Areas Identified for Drill Testing in Serbia
Vancouver, British Columbia--(Newsfile Corp. - December 7, 2020) - Mundoro Capital Inc. (TSXV...
About this update from Mundoro Capital Inc.
[{"type":"text","content":"Mundoro Announces Operational and Exploration Update with New Target Areas Identified for Drill Testing in SerbiaVancouver, British Columbia--(Newsfile Corp. - December 7, 2020) - Mundoro Capital Inc. (TSXV: MUN) (OTCQB: MUNMF) (www.mundoro.com) (\"Mundoro\" or the \"Company\") a royalty generator company with a portfolio of projects focused on copper and gold that generate royalties and near-term revenue, is pleased to report its quarterly update for exploration and corporate activity. The Company's quarterly Consolidated Financial Statements and Management's Discussion and Analysis are filed on SEDAR at www.sedar.com and posted on the Company's website at www.mundoro.com.Teo Dechev, CEO and President commented: \"Despite an exploration year that has been slowed by the COVID-19 pandemic, Mundoro's exploration activity to drive value for shareholders is moving ahead as demonstrated with the US$1.9 million confirmed work program budget for the Vale-Mundoro projects. This work program has already identified new targets and upgraded current targets for drill testing which is expected to commence around year end. The improving commodity prices for copper and gold continue to drive interest by third parties in the copper and gold exploration projects Mundoro has generated in the Tethyan belt.\"Operational Highlights Stable Cash Position: The Company ended Q3-2020 with C$2 million in cash and cash equivalents. Mundoro has no long-term debt.Generating Cash Flow: During the nine months ended September 30, 2020 and 2019, the Company received operator fees of C$140k and C$205k for its role as the operator on exploration programs for option partners. Since 2016, Mundoro's business strategy has benefited from partner-sole-funded programs of C$15.5 million (US$11.9 million) and Mundoro has generated operator fees of C$1.5 million (US$1.2 million).Partner Funded Exploration: The Company's exploration costs were lower for the nine months ended September 30, 2020 at C$2.2 million compared to C$2.9 million for the nine months ended September 30, 2019. Exploration costs related to the JOGMEC Generative Alliance, JOGMEC-Mundoro JV Project, Vale-Mundoro Projects, were sole-funded by option partners. Recoveries from partners during the nine months ended September 30, 2020 and 2019, amounted to C$1.4 million and C$2 million, resulting in net explorat...