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Re: News Releases - Thursday, August 13, 2009
Mundoro Q2 2009
Financial Results
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VANCOUVER, BRITISH COLUMBIA--(Aug. 13, 2009) - Mundoro Capital Inc.
(the "Company") announces the filing of the Company's financial
results
for the quarter ended June 30, 2009. The highlights provided in this
release should be read in conjunction with the Company's interim
financial statements and Management Discussion and Analysis, which are
available on SEDAR at www.sedar.com. All dollar amounts are in U.S.
dollars unless otherwise stated.
Highlights
- The Company's consolidated and comprehensive loss for the quarter was
$196,719 ($0.005 per share) compared with a loss of $335,544 ($0.01 per
share) for the previous period.
- The corporate expenses during this quarter remain comparatively low
due to management's continued efforts to conserve cash and refrain from
raising additional capital in order to not dilute shareholders.
- The net loss in the quarter was attributable to:
I. expending $93,899 on project management
costs;
II. expending $617,662 on corporate expenses;
III. accounting for $508,601 for other accounting
items; and
IV. earning interest income of $6,241.
- The Company ended the quarter with $13,396,956 in cash and cash
equivalents which equates to C$0.35 per share with no long term debt.
During the second quarter of 2009, the main areas of focus for the
Company continue to be corporate development activity in China for
Mundoro Mining's efforts to secure a strategic
partner; engaging the
government of Liaoning;
and, evaluating investment opportunities in the
resources sector for Mundoro Capital. Mundoro Mining has been in
discussions with various Chinese companies with respect to a strategic
partnership in China.
These efforts are in various stages of discussion
with no certainty of completion.
With respect to the Maoling Gold Project, the Company
continues to
dedicate its efforts to demonstrating the economic, technical and
environmental merits of a long life, sustainable mining operation in
China
in close co-operation with the county, municipal, provincial and
national levels of government. The economic benefits of Maoling
to the
province are many including: local job creation, skills training and
significant indirect job creation; purchase of equipment from Chinese
suppliers; operating expenses to be spent in China;
taxes collected by
the local and provincial government; and gold produced from Maoling
to
be sold in China.
A large scale low-grade operation at Maoling will
bring the latest international mining knowledge to China.
The majority of the feasibility level work was concluded in the first
quarter of 2007, and the Company continues to optimize the technical
understanding of Maoling through metallurgy and mine
design to
supplement the work previously completed for the Feasibility Study and
the supporting studies for an Environmental and Social Impact
Assessment ("ESIA"). Although a formal ESIA has not been completed,
an
independent report by Qinghua
University in Beijing and the analysis
completed to date by ENFI, BGRIMM, Ausenco and Golder all indicate the
Maoling deposit can be developed in a safe and
responsible manner with
no detrimental impact on the environment.
The Company's current cash and cash equivalents balance exceeds current
estimated costs required to complete the Feasibility Study and the ESIA
for Maoling subject to any decisions the Company may
make to invest in
new resource opportunities.
Mundoro Capital is looking to employ its financial
strength and
technical expertise either in conjunction with others or as the
principal for resource projects. The Company will continue to monitor
carefully value driven opportunities and weigh these opportunities
against the necessity to conserve capital during this period of
restricted financial markets.
About Mundoro Capital Inc.
Mundoro Capital Inc. is a Canadian based company
which operates as a
mineral exploration, development and investment company. The 100%
ownership of Mundoro Mining, and its Maoling Gold Project, remains the
key asset of the Company. Mundoro Capital will also
evaluate and invest
in other resource assets or companies in the natural resources field,
which can create value for Mundoro Capital and its
shareholders, using
management's years of specialized experience in the capital markets
focused on evaluating exploration and production assets, resource
investment opportunities.
About Mundoro Mining Inc.
Our vision is to create value for all of our stakeholders from
responsible mining. Our mission is to build a state of the art large
scale goldmine at Maoling meeting or exceeding all
applicable Chinese
and international environmental standards. Mundoro
Mining has a 79%
interest in Maoling through a Sino-Foreign
co-operative joint venture
with the corporate arm of the Liaoning
provincial government which owns
21%. Maoling is a feasibility stage gold deposit
located in Liaoning
Province, China and is one of China's largest gold resource deposits
with 4.8 million contained gold ounces in the Measured and Indicated
category and an additional 4.4 million contained gold ounces in the
Inferred category. In 2005 a
Reserve of 2.8 million ounces in the
Probable category was the basis for the Pre-Feasibility Study. Thus
far, two deposits that outcrop at surface have been outlined at Maoling
in which disseminated, free-milling gold mineralization occurs within a
sequence of metasedimentary rocks. The renewal of the
exploration
license for Maoling has been deferred pending the
renewal of a business
license for Mundoro Mining's joint venture company,
Liaoning Tianli
Mining Company Ltd. Mundoro Mining and its partner,
Liaoning Aidi
Resources Company Limited, have undertaken a strategy of engagement and
building awareness with a wide range of government agencies in order to
resolve the issue.
Investors are encouraged to review 'Risk Factors' associated with the
Maoling project as outlined in the Company's
prospectus documents and
other regulatory filings, available on the SEDAR website at
www.sedar.com.
The pre-feasibility study described herein was prepared to broadly
quantify the Maoling Zone 1 deposit's capital and
operating cost
parameters, and to further the development of the project. It was not
prepared for use as a valuation of the deposits, nor should it be
considered to be a final feasibility study. The information contained
in the study reflects various technical and economic conditions at the
time of writing that can change significantly over relatively short
periods of time. There can be no assurance that the potential results
contained in the study will be realized. The study was prepared by AMEC
Americas Ltd. under the direction and oversight of Mr. Mark Pearson
P.Eng. of Vancouver, BC,
an 'Independent Qualified Person' as defined
by National Instrument 43-101. Resource estimation for the Zone 1 area
in 2006 was carried out in the Brisbane, Australia
office of Golder
Associates Pty Limited, an international earth sciences consulting
group under the direction and oversight of Dr. Andrew Richmond,
MAusIMM, an 'Independent Qualified Person' as defined
by NI43-101.
NI43-101 compliant technical reports for the pre-feasibility study and
all reserve and resource estimates have been filed on the SEDAR website
at www.sedar.com.
The statements herein that are not historical facts are forward-looking
statements. These statements address future events and conditions and
so involve inherent risks and uncertainties, as disclosed under the
heading "Risk Factors" in the company's periodic filings with
Canadian
securities regulators. Actual results could differ from those currently
projected. The Company does not assume the obligation to update any
forward-looking statement.
The TSX has neither approved nor disapproved of the information
contained herein.
Contact:
Teo Dechev
President & CEO
604-630-3591
Ben Chow
Investor Relations Manager
604-630-3587
info@mundoro.com
www.mundoro.com
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Copyright (c) 2009 MUNDORO CAPITAL INC. (TSX:MUN) All rights
reserved. For more information visit our website at
http://www.mundoro.com/ or send mailto:info@mundoro.com
Message sent on Mon Aug 17, 2009 at 8:33:49 AM Pacific Time
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