Business
Mundoro Options Fourth Serbian Project to JOGMEC
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 2, 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 - Aug. 2, 2016) - Mundoro Capital Inc. (TSX VENTURE:MUN) (www.mundoro.com) (\"Mundoro\" or the \"Company\") is pleased to report that it has entered into an amendment agreement (\"Amendment\") to option a fourth property, the Company's 100% owned Borsko Jezero exploration license, to its partner Japan Oil, Gas and Metals National Corporation (\"JOGMEC\") with whom Mundoro has an earn-in agreement (\"Agreement\"). On March 7, 2016 Mundoro announced it had granted to JOGMEC an earn-in option on three of Mundoro's exploration licenses: Dubrava, Padina and Zeleznik (the \"Timok North Projects\") located within the Timok Magmatic Complex in northeastern Serbia (Figure 1: Timok North Projects). This Amendment will now add a fourth property to the earn-in Agreement with revised terms as described below. Teo Dechev, CEO and President of Mundoro commented, \"Mundoro and JOGMEC have been building a strategic partnership and bringing the Borsko Jezero exploration license into the partnership is a natural progression of the relationship given that Borsko Jezero is an extension of the Dubrava license already under option directly to the east. The Mundoro-JOGMEC land package, as amended, establishes a continuous exploration area in the Timok district which has proven mineral endowment with operations such as the Bor and Veliki Krevali mines as well as the Cukaru Peki deposit. JOGMEC has proven to be a good partner with the 2016 exploration program well under way on the Timok North Projects. We look forward to announcing steady news flow as results come in from the various fields programs underway.\" Summary of Revised Earn-In Terms Pursuant to the Agreement and Amendment, Mundoro has granted to JOGMEC the following earn-in and option rights to the now four Timok North Projects: Borsko Jezero, Dubrava, Padina and Zeleznik. Stage One Earn-in: JOGMEC may earn a 51% interest in the Timok North Projects by making US$4 million (previously US$3 million) in expenditures by March 2019. JOGMEC is under a firm commitment to spend US$1 million of this amount by March 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...