Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
VANCOUVER, BRITISH COLUMBIA–(Marketwire – July 5, 2012) – Mundoro Capital Inc. (TSX VENTURE:MUN) (“Mundoro” or the “Company“) is pleased to announce (i) the final results of geophysical surveys from its 100% owned Camargo property in Chihuahua, Mexico and (ii) the preparation of a drilling program to test the strong Induced Polarization (“IP”) chargeability and associated resistivity anomalies with approximately 1500 meters over 6 drill holes. The strong chargeability anomaly can be traced, in plan view, over a strike length of approximately 800 meters on three geophysical lines and varies between 550 meters to 700 meters in width. The chargeability anomaly remains open to the north and south.
The ground geophysical surveys, consisting of IP and magnetic, were performed by Geofisica TMC of Mazatlan, Mexico, and covered approximately 5.74 square kilometers. The IP measurements were taken using the pole-dipole electrode array which allows a theoretical depth of penetration of approximately 600 meters. The recent ground geophysical surveys covered prospective geology and a prominent Mexican government airborne magnetic anomaly.
Teo Dechev, CEO and President of Mundoro, commented: “Achieving this drill target milestone reinforces our effective exploration strategy in Mexico to secure quality exploration properties at a low cost while we continue to evaluate development stage projects to add shareholder value. We have established a district scale land position with a large portfolio of exploration properties in this high-potential mineral belt. We have identified a compelling drill target and we are confident the coming months will advance our planned exploration program in Mexico.”
The geophysical surveys revealed the presence of a large scale strong chargeability anomaly in the central region of the property. Results include positive chargeability values of 14.4 milli-volts per volt (mv/v) to greater than 30 milli-volts with a background of around 3.0 milli-volts. The strong chargeability anomaly is interpreted to be clearer at greater than 200 meters in depth. In addition, a slight resistivity low anomaly (low resistivity anomalies may be associated with disseminated sulphides) is associated with the west side of the chargeability anomaly and represents a priority drill target.
The magnetic survey shows a large, circular ‘bulls-eye’ feature approximately 6 kilometers in diameter. The feature has a high magnetic core approximately one kilometer wide, a low magnetic annulus approximately 1-1.5 kilometer wide, and a high magnetic outer rim. This feature is interpreted as possible zoned alteration around a stock-like dioritic intrusion, having a high magnetite core, a sulphide-rich ring, with a magnetic/ferro-magnesic zone in the outer zone. This feature appears to be a classic alteration zonation pattern exhibited by porphyry-type deposits. The source of the magnetic and IP anomalies is covered by post-mineral rocks. The geological mapping and sampling program currently underway is evaluating outcropping rocks overlying the geophysical anomalies. Drilling permit application is underway.
Click on link to Figure 1: http://media3.marketwire.com/docs/Camargo_Project_Chargeability_anomaly_over_regional_airborne_magnetics.pdf
Click on link to Figure 2: http://media3.marketwire.com/docs/IP_Chargeability_Anomaly.pdf
This Press Release has been reviewed and approved by Mr. Brian Malahoff, P. Geo., the Qualified Person under National Instrument 43-101.
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director
About Mundoro Capital Inc.
Mundoro is a Canadian based company which operates as a mineral acquisition, exploration, development and investment company. The Company’s target areas are the Tethyan belt in South Eastern Europe and the Mesa Central Belt in Mexico, both of which are mineral belts the Company believes have strong exploration potential. Mundoro is well funded to advance its projects and has 37.9 million shares issued and outstanding. In the Mesa Central belt of Mexico, the Company has four concessions covering 673 sq. km. and has made application for twelve additional mineral concessions covering 1319 sq. km. The Company maintains an interest in the Maoling Gold Project through its 5% interest in Mundoro Mining Inc. Maoling is a pre-feasibility stage gold deposit located in Liaoning Province, China and has a gold resource with 4.8 million gold ounces (161 million tonnes at 0.92 g/t gold) in the Measured and Indicated category and an additional 4.4 million gold ounces (158 million tonnes at 0.9 g/t gold) in the Inferred category. The pre-feasibility study outlined a Reserve of 2.8 million ounces (88 million tonnes at 1 g/t gold) in the Probable category.
Caution Concerning Technical Information
For the Maoling Gold Project, the Pre-Feasibility Study(“PFS”) 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 PFS reflects various technical and economic conditions at the time of writing that can change significantly over relatively short periods of time. Reserves quoted were 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. The Zone 4 Resource Estimate (2001) was prepared by AMEC Americas and is reviewed in a technical report prepared by Peter Lewis, Ph.D., P.Geo. 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.
For the Cuencame Property, the Technical Report was prepared by Alain-Jean Beauregard, P. Geol., FGAC, AEMQ, an ‘Independent Qualified Person’ as defined by National Instrument 43-101, and an employee of Geologica GroupeConseil Inc., who consented to the filing of the Technical Report prepared for Mundoro Capital Inc. titled “NI 43-101 Technical Evaluation Report on the Cuencame Concessions”, dated September 20, 2011 with the securities regulatory authorities.
Caution Concerning Forward-Looking Statements
Investors are encouraged to review ‘Risk Factors’ as outlined in the Company’s disclosure documents and other regulatory filings, available 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
+1-604-669-8055+1-604-669-8056 (FAX)
