Business
Mundoro Announces Q1-2020 Exploration and Corporate Report
Vancouver, British Columbia--(Newsfile Corp. - May 22, 2020) - Mundoro Capital Inc. (TSXV: MU...
About this update from Mundoro Capital Inc.
[{"type":"text","content":"Mundoro Announces Q1-2020 Exploration and Corporate ReportVancouver, British Columbia--(Newsfile Corp. - May 22, 2020) - Mundoro Capital Inc. (TSXV: MUN) (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, 2020. 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. Mundoro's Objectives for 2020Commence exploration on the Vale-Mundoro JV Projects in the second half of 2020.Add partner(s) for Mundoro's projects available for optioning.Enter into exploration contract for the Svoboda project with the local government.Corporate and Business DevelopmentMundoro continues to have discussions with interested third parties regarding Mundoro's projects which are available for optioning, confirming the continued interest in exploring in Timok, Serbia as well as Bulgaria. Savinac and BacevicaThe two licenses, Savinac and Bacevica, previously part of the Freeport earn-in from October 2018 to April 2020, have reverted 100% to Mundoro for no consideration. Freeport informed Mundoro that it is restructuring its exploration programs and accordingly terminated their earn-in. Mundoro has since then set up a data room, signed confidentiality agreements and engaged in due diligence with third parties. Freeport sole funded a total of US$3.2 million (C$4.5 million) on these two licenses, therefore the current term work commitments for the licenses have been met. No further exploration expenditures are required to maintain the licenses while Mundoro continues discussions with third parties.Vale-Mundoro Projects For the Vale-Mundoro Projects, compiled data sets are being reviewed for targeting and exploration planning. The parties await government approvals before exploration activity can be commenced.JOGMEC-Mundoro JV Project To date, JOGMEC has sole funded a total of US$5.8 million (C$8.2 million) for the JOGMEC-Mundoro JV Project, and has completed the earn-in for a 51% interest in the project. All work commitments have been met for the JOGMEC-Mundoro JV Project during this term. The joint venture is now at a proportionate funding stage, with Mundoro entitled to exercise an option to acquire a 2% i...