Mundoro Provides Corporate Outlook for 2017 for its Serbia and Bulgaria prospects
Mundoro Capital Inc. is pleased to provide an overview of the Company’s goals and growth plans for the coming year. Mundoro enters 2017 with approximately C$5,000,000 in cash and no debt. The Company will aim to build on the successes achieved during 2016. The list below outlines some of the key catalysts and corporate growth plans for 2017:
Drill results expected in January from the Skorusa porphyry target located in the Sumrakovac license in Mundoro’s South Timok Properties;
Exploration work from the ongoing ~C$400,000 exploration program at the Borsko Jezero license located in the North Timok Properties, funded by partner JOGMEC, has generated targets where a drilling program is anticipated to commence in Q1/2017;
~C$2,000,000 in exploration expenditures is anticipated over the four North Timok Properties funded by partner JOGMEC, from April 2017 to March 2018 as per the Amended Option Agreement announced August, 2016;
C$2,000,000 in exploration expenditures has been budgeted for calendar 2017 to advance the exploration of the Company’s 100% owned projects in Serbia and Bulgaria;
Mundoro will continue quality project generation and/or acquisition efforts using its mineral occurrence database to secure key ground in Serbia and Bulgaria. The Company has applied for two additional license areas in Bulgaria in 2016 and will continue this effort into 2017; and
At the same time the Company is continuing discussions with groups regarding their interest to earn-in to Mundoro’s existing projects in Serbia and Bulgaria.
Mundoro’s President and CEO, Teo Dechev, stated: “We completed 2016 on budget, advanced our portfolio of targets and brought a partner to our North Timok Properties in Serbia. We enter 2017 with a steady flow of catalysts, for advancing existing discoveries and generating new ones in both the North Timok Properties, with our partner JOGMEC, and the South Timok Properties as well as the Bulgarian properties which are Mundoro’s 100% owned projects. The Company is well-positioned to deliver upside exposure to its shareholders while reducing exploration risk with partners funding exploration work on a part of the project portfolio.”
The Company issued 938,000 stock options to its directors, officers, employees and contractors on January 18, 2017. The stock options were issued in accordance with Mundoro’s Stock Option Plan and are exercisable into common shares of Mundoro at $0.13 over a five-year term.
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