Mundoro Capital Inc. (“Mundoro” or the “Company”) announces that drilling on site has commenced on the 100% owned Borsko Jezero copper-gold property. Borsko Jezero is located within the Timok Magmatic Complex (TMC), directly west of the Bor Cu-Au Mine and near both the Veliki Krivelj Mine and the Cerovo Mine.
Mundoro has 49 kilometers long continuous ground on the TMC and is exploring along various areas of interest in the Borsko Jezero, Savinac, Bacevica and Sumrakovac licenses.
Teo Dechev, CEO and President of Mundoro commented, “This first phase scout drill program is initially targeting three main areas within the Borsko Jezero property. The three main areas have anomalies that were interpreted by regional geophysical data and are completely undercover. This first phase scout drill program is intended to provide the Company with a preliminary understanding of the geology, geologic structure and orientation in order to be used to define a second phase detailed geophysics program and drill program. The Company will provide an update after all the assay results and interpretations have been completed.”
Greenfields exploration in Serbia has gained wider prominence after Freeport McMoRan elected to solely fund their JV with Reservoir Minerals (Timok JV) in August, 2012. Serbia has an excellent infrastructure with easy access to the national power grid. The region has had a long history of exploration and mining, with modern mining starting in 1903. However exploration activity was limited until recently as government agencies had been previously focused on mining rather than exploration. The TMC, which hosts significant Gold Copper (Au-Cu) porphyry deposits such as Bor and Majdanpek in Serbia, is a segment of the Tethyan Metallongenic Belt which stretches from Eastern Europe to Southeast Asia.
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director
Sampling, Analysis and Qualified Person
The technical information of this Press Release has been prepared and approved by Mr. G. Magaranov, P. Geo., the Qualified Person as defined by National Instrument 43-101. The technical review of the Borsko Jzero Copper-Gold Property in Bor, Serbia was prepared by D. Power-Fardy, P.Geo., EurGeol and Senior Geologist with Watts, Griffis and McOuat Limited, Consulting Geologists and Engineers of Toronto, Canada, and G. Magaranov, P. Geo., EurGeol and Senior Exploration Manager, SE Europe for Mundoro Capital Inc. Mr. Power-Fardy is independent of Mundoro. Their review and report are in compliance with Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101”) and definitions of the Council of Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) standards.