Business
Mundoro Provides First Quarter 2019 Highlights and Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - May 30, 2019) - Mundoro Capital Inc. (TSXV: M...
About this update from Mundoro Capital Inc.
[{"type":"text","content":"Mundoro Provides First Quarter 2019 Highlights and Corporate UpdateVancouver, British Columbia--(Newsfile Corp. - May 30, 2019) - Mundoro Capital Inc. (TSXV: MUN) (www.mundoro.com) (\"Mundoro\" or the \"Company\"), announces it has filed results for the quarter ending March 31, 2019 (\"Q1-2019\"). Details of the Company's financial results are contained in the unaudited consolidated financial statements and Management's Discussion and Analysis which are available on the Company's website at www.mundoro.com and on SEDAR at www.sedar.com. Financial results were prepared in accordance with International Financial Reporting Standards, and all amounts are expressed in Canadian dollars unless otherwise stated.Highlights from Q1 2019Financial UpdateAt March 31, 2019, the Company had $3.1 million in cash and cash equivalents. Exploration expenditures for Q1-2019 totaled $1,368,826 with $940,352 of that amount recovered from option partners. Mundoro is the operator for two Earn-ins and one Generative Program, as such, the Company received operator fees, totaling $101,662 in the first quarter. The remaining expenditures totaling $222,008, include corporate activities for governance, accounting, communications and general and administration costs. Operational UpdateJOGMEC-Mundoro Projects in Serbia and BulgariaDuring the quarter, exploration activities on the Japan Oil, Gas and Metals National Corporation (\"JOGMEC\"), JOGMEC-Mundoro Project included completion of the third-year exploration program on the Borsko-Jezero (\"Borkso\") license in Serbia. During Q1-2019, the Company completed 2,896 m of drilling as part of the 9,090 m drill program over various targets in the Borsko license. On May 1, 2019, the Company announced it had been notified by JOGMEC of its decision to undertake the Stage Two Earn-In on the Borsko license under the Earn-In Agreement between Mundoro and JOGMEC (see Mundoro's press release dated May 1, 2019, at www.mundoro.com). As the Operator for the JOGMEC-Mundoro Project, the Company has now commenced the Year 1 exploration program for the Stage Two Earn-In at Borsko. The program will focus on completing further geophysics consisting of a gravity survey over the remainder of the Borsko license and further drill testing in the second half of 2019. Mundoro is also the Operator for the Generative Program Alliance, which...