Mundoro Announces Q3 Financials and Comprehensive Governance Policies
VANCOUVER, BRITISH COLUMBIA, Nov 09, 2012 (Menafn - MARKETWIRE via COMTEX) --Mundoro Capital Inc. ("Mundoro" or the"Company") (www.mundoro.com) announces the filing of the Company'sfinancial results for the quarter ended September 30, 2012. Thehighlights provided in this release should be read in conjunctionwith the Company's quarterly financial statements and ManagementDiscussion and Analysis, which are available on SEDAR atwww.sedar.com and at the Company's website. All dollar amounts are inU.S. dollars unless otherwise stated.
The Company's loss for the nine months ended September 30, 2012 was3,709,819 (0.10 per share) compared to a loss of 2,426,496 (0.06per share) for the for the nine months ended September 30, 2011 whichincluded a loss from discontinued operations of 494,401. The lossfor the first nine months of 2012 was principally attributable to thefollowing: expenditures on project exploration and evaluation of1,564,406 in 2012 compared to 576,552 2011; and, expenditures fordissident related costs of 1,156,786 compared to Nil in 2011. Thenon-cash items were: foreign exchange gain of 4,785 compared to aloss of 606,225 in 2011; share-based payment expense of 134,151compared to 183,409 in 2011; and, depreciation 13,643 compared toNil in 2011.
The Company maintains a low share count of 41.9 million shares and atSeptember 30, 2012 held 7.3 million in cash and cash equivalentswith a further 10.3 million in short-term investments.
The Company alerts shareholders that the dissident shareholder newsrelease issued on November 7, 2012 is not from the Company as itincorrectly states the Company is the source. Mundoro, with itsstrong record of sound corporate governance and of acting in the bestinterests of shareholders generally, firmly stands behind allprocedures followed during the Annual General and Special Meeting ofshareholders held on August 27, 2012 in Vancouver (the "AGM"). Therecent allegations made by certain dissident shareholders who wereunsuccessful in their attempt to, first, ambush the AGM, then solicitsufficient shareholder support to replace the board of directors (the"Board") at the AGM, are without merit. Mr. John Hoey, Chairman ofthe Board, commented, "Once again, we would like to take thisopportunity to express our gratitude to the shareholders of Mundorofor their support at the AGM. The company continues to move forwardand management is executing on its strategic plans for the benefit ofall shareholders."
As part the Company's annual corporate governance review, the Boardhas adopted a comprehensive set of corporate governance policiesincluding, among others, Board Charter, Audit Committee Charter,Nominating and Corporate Governance Committee Charter, CompensationCommittee Charter, Code of Business Conduct & Ethics, WhistleblowerPolicy, Disclosure, Confidentiality and Insider Trading Policy, andan Advance Notice Policy. The corporate governance policies wereadopted by the Board on November 8, 2012 and are effective as of thedate approved. All governance polices will be made available on theCompany's website. The Advance Notice Policy will be submitted forshareholder approval at the next Annual and Special General Meetingof the Company. The same Advance Notice Policy received majoritysupport of shareholders at the AGM, but did not attain the two-thirdsvote required to adopt the Policy as an amendment to the Company'sArticles of Incorporation.
In other business of the Company, the Board approved a grant of105,000 stock options to independent directors of the Company and150,000 stock options to a contractor of the Company. The optionswill be granted at closing price on November 14, 2012, when theCompany's current blackout will be lifted. The options areexercisable for a period of five years until November 8, 2017.
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director
About Mundoro Capital Inc.
Mundoro is a well-funded, Canadian based company which operates as amineral acquisition, exploration, development and investment company.The Company has exploration properties in the Tethyan Belt in SouthEastern Europe and the Mesa Central Belt in Northwestern Mexico, bothof which are prolific mineral belts the Company believes have strongexploration and development potential. In Serbia, Mundoro has sevenmineral exploration licenses covering 499 sq. km. within thewell-known Timok Magmatic Complex which hosts significant Au-Cuporphyry deposits and related Au-Cu epithermal deposits. In Mexico,Mundoro has thirteen mineral concessions covering 1,541 sq. km. inthe Mesa Central belt, of which Centauro is the furthest advancedexploration property. The Company maintains an interest in theMaoling Gold Project through its 5% interest in Mundoro Mining Inc.
For the Maoling Gold Project, the Pre-Feasibility Study("PFS")described herein was prepared to broadly quantify the Maoling Zone 1deposit's capital and operating cost parameters, and to further thedevelopment of the project. It was not prepared for use as avaluation of the deposits, nor should it be considered to be a finalfeasibility study. The information contained in the PFS reflectsvarious technical and economic conditions at the time of writing thatcan change significantly over relatively short periods of time.Reserves quoted were prepared by AMEC Americas Ltd. under thedirection and oversight of Mr. Mark Pearson P.Eng. of Vancouver, BC,an 'Independent Qualified Person' as defined by National Instrument43-101. Resource estimation for the Zone 1 area in 2006 was carriedout in the Brisbane, Australia office of Golder Associates PtyLimited, an international earth sciences consulting group under thedirection and oversight of Dr. Andrew Richmond, MAusIMM, an'Independent Qualified Person' as defined by NI43-101. The Zone 4Resource Estimate (2001) was prepared by AMEC Americas and isreviewed in a technical report prepared by Peter Lewis, Ph.D., P.Geo.
For the Cuencame Property, the Technical Report was prepared byAlain-Jean Beauregard, P. Geol., FGAC, AEMQ, an 'IndependentQualified Person' as defined by National Instrument 43-101, and anemployee of Geologica GroupeConseil Inc., who consented to the filingof the Technical Report prepared for Mundoro Capital Inc. titled "NI43-101 Technical Evaluation Report on the Cuencame Concessions",dated September 20, 2011 with the securities regulatory authorities.
NI43-101 compliant technical reports for the pre-feasibility studyand all reserve and resource estimates have been filed on the SEDARwebsite at www.sedar.com.
Caution Concerning Forward-Looking Statements
Information included, attached to or incorporated by reference intothis News Release may contain forward looking statements. Allstatements, other than statements of historical fact, included orincorporated by reference in this News Release are forward-lookingstatements, including, without limitation, statements regardingactivities, events or developments that the Board expects oranticipates may occur in the future. These forward-looking statementscan be identified by the use of forward-looking words such as "will","expect", "intend", "plan", "estimate", "anticipate", "believe" or"continue" or similar words or the negative thereof. The materialassumptions that were applied in making the forward lookingstatements in this News Release include expectations as to theCompany's future strategy and business plan and execution of theCompany's existing plans. There can be no assurance that the plans,intentions or expectations upon which these forward-lookingstatements are based will occur. We caution readers of this NewsRelease not to place undue reliance on forward looking statementscontained in this News Release, which are not a guarantee ofperformance and are subject to a number of uncertainties and otherfactors that could cause actual results to differ materially fromthose expressed or implied by such forward-looking statements. Thesefactors include general economic and market conditions, changes inlaw, regulatory processes, the status of Mundoro's assets andfinancial condition, actions of competitors and the ability toimplement business strategies and pursue business opportunities. Theforward-looking statements contained in this News Release areexpressly qualified in their entirety by this cautionary statement.The forward-looking statements included in this News Release are madeas of the date of this News Release and the Board undertakes noobligation to publicly update such forward-looking statements toreflect new information, subsequent events or otherwise, except asrequired by law. Shareholders are cautioned that all forward-lookingstatements involve risks and uncertainties and for a more detaileddiscussion of such risks and other factors that could cause actualresults to differ materially from those expressed or implied by suchforward-looking statements, refer to the Company's filings with theCanadian securities regulators available on www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (asthat term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.
Mundoro Capital Inc.
(604) 669-8056 (FAX)
SOURCE: Mundoro Capital Inc.
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