VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/14/13 -- Mundoro Capital Inc. (TSX VENTURE: MUN) (www.mundoro.com) ("Mundoro" or the "Company"), through its wholly-owned subsidiary Bulgaria Alpha EAD in the Republic of Bulgaria ("Bulgaria"), is pleased to report it has won a tender from the Bulgarian government for the Zvezda exploration license ("Zvezda") located in Southeastern Rhodopes of Bulgaria (see attached map). The Company signed the exploration contract with the Ministry of Mining, Economy and Tourism on March 12, 2013 and will pay BGN 480,000 including VAT for the tender. The terms of the license is for 3 years, with two renewable 2-year extensions. The Company also won the tender for the Byalo exploration license ("Byalo") as was published in the state gazette on March 12, 2013. There is no payment for the Byalo tender. Byalo is directly adjacent and north of the Zvezda license area.
Teo Dechev, CEO and President of Mundoro, commented, "Zvezda fortifies our regional strategy in Southeastern Europe. Bulgaria has a long established mineral resources industry which we believe provides opportunity for investors with a long term view into this emerging precious metals belt. Mundoro's exploration team, based in Southeastern Europe, has prepared a systematic exploration program commencing in Q2/2013 and consisting of geological, structural and alteration mapping, geochemistry, geophysics and drilling. The Company has budgeted approximately $3.5 million in calendar year 2013 for our exploration programs in Serbia, Bulgaria and Mexico. Our cash position is approximately $16 million as of the end of December 2012."
Zvezda totals 161 sq. km and is located in the Southeastern Rhodopean Region. The Rhodopean Region hosts a number of epithermal gold deposits in various stages of exploration and development. The Zvezda property is in a well-known mineral district that has been underexplored for epithermal low sulphidation Gold (Au) - Silver (Ag) veins, as well as disseminated, sediment hosted Gold (Au) and porphyry Copper (Cu) - Gold (Au) deposits. The gold potential of this region is evidenced by the operations in the surrounding area such as:
-- A currently operating gold mine which is adjacent to Zvezda and is an epithermal gold deposit with non NI 43-101 compliant reserves of 1.5 Mt @ 9.83 g/t Au containing approximately 500,000 ounces gold; and-- Krumovgrad, a development stage project which is southeast of Zvezda and hosts the Ada Tepe gold deposit which has a reported resource of 7.24 Mt @ 3.36 g/t Au or 781,000 Au ounces and 1.93 g/t Ag or 450,000 Ag ounces.
In connection with the Zvezda tender, the Company obtained a substantial amount of historical data including:
-- There are more than 30 known poly-metallic Pb-Zn-Cu (Au-Ag) deposits and occurrences within the Zvezda license area. Some of them have been exploited for Pb-Zn ore in the past. Four of these deposits (Spahievo- Saje, Mezarlak, Gabrovo and Intrusion) have historical reserves that are not 43-101 compliant. These reserves are for Cu, Pb, Zn.-- Gold potential of the area was recognized 20 years ago when high grade gold was intersected while exploring a Pb-Zn deposit similar to the current deposits on the Zvezda license area.-- Newmont carried out evaluation and compilation work in the region from 1996 to 1997, generating many targets which are prospective for gold exploration. These were not followed up, possibly because of the then low gold price.-- Based on Newmont's compilation work, a junior exploration company obtained an exploration permit and performed minimal exploration activities between 2002 and 2008. They confirmed high grade Au in trench sample results including: 3.5m @ 3.67 g/t Au; 2.3m @ 2.7 g/t Au; 0.8m @ 2.4 g/t Au; 0.5m @ 1.19 g/t Au; 0.3m @ 10.8 g/t Au. Grab and rock samples returned values up to 11.8 g/t. The junior company did not drill test any of the targets generated, and as a result the property remains underexplored.