Business
Mundoro Commences Drill Program on Jogmec-Mundoro JV Serbian Properties
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 5, 2016) - Mundoro Capital Inc. (TSX VENTURE:MUN) (www.mundoro.com) ("Mundoro" or the "Company") is pleased to
About this update from Mundoro Capital Inc.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 5, 2016) - Mundoro Capital Inc. (TSX VENTURE:MUN) (www.mundoro.com) (\"Mundoro\" or the \"Company\") is pleased to report drilling has commenced on the Company's 100% owned exploration licenses, Dubrava and Zeleznik which are located at the central and northern end of the Timok Magmatic Complex (\"TMC\") in northeastern Serbia (see Figure 1: Location Map - Timok North Projects). HIGHLIGHTS 3000 m drill program began July 1 on Timok North Projects Timok North Project work programs sole funded by JV partner JOGMEC Previous drilling and geophysics programs provided high priority targets including: 25.8 m of 0.47% CuEq interval in the West Zone (ZELDD01 from 29.2 m to 55.0 m) 4.9 m of 1.40% CuEq interval in the East Zone (ZELDD06 from 137.4 m to 142.3 m EOH) 2.8 m of 2.98% CuEq interval in the East Zone (ZELDD05 from 26.6 m to 29.4 m) Mundoro maintains a strong treasury and is debt free Teo Dechev, CEO and President of Mundoro commented, \"This program will focus on testing three copper-gold porphyry and epithermal systems within the two properties. We believe the drilling program at Zeleznik will further delineate the extent of the copper-gold porphyry identified in the West Zone from the first round of drilling results in January 2015 as well as the massive sulphides identified in the East Zone. For Mundoro shareholders, the JOGMEC funded exploration activity including drilling and geophysics will allow for more aggressive exploration of the Timok North Projects and bring us closer to identify a resource on the discovery at Zeleznik. At the end of Q1-2016, Mundoro had a treasury of $5.1 million and no debt.\" Drilling commenced on July 1, 2016 under the Option Agreement between Mundoro and Japan Oil, Gas and Metals National Corporation. (\"JOGMEC\") announced March 7, 2016. Under the terms of the agreement JOGMEC may earn a 51% interest in the Timok North Projects by making US$3 million in expenditures by March 7, 2018. JOGMEC is under a firm commitment to expend US$1 million of this amount by March 7, 2017. Stage Two Earn-in: Following the Stage One Earn-in, JOGMEC has a right to acquire an additional 24% interest in the Timok North Projects, for a total of 75% interest, by funding the completion of a Feasibility Study by the eighth anniversary of the Agreement (March 7, 2024). The...