VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/06/13 -- Mundoro Capital Inc. (TSX VENTURE: MUN) (www.mundoro.com) ("Mundoro", "Company") announces the filing of the Company's Annual Audited Financial Results for fiscal year ended December 31, 2012. Highlights provided in this news release should be read in conjunction with the Company's Annual Audited Financial Statements and the Management Discussion and Analysis, which is available on SEDAR at www.sedar.com. All dollar amounts are in U.S. dollars unless otherwise stated.
Mundoro ended 2012 in a strong financial position with a total of $15,974,340 ($5,781,069 in cash and cash equivalents and $10,193,271 in short-term investments). The Company has no debt. The Company's net loss for the year ended December 31, 2012 was $5,050,722 or $0.12 per share and was principally attributable to dissident shareholder related costs of $1,187,355 and exploration and project evaluation costs of $2,413,308. This compares with net income of $10,353,832 or $0.27 per share in 2011, which included income from discontinued operations of $11,922,533.
During 2012 the Company:
-- Expanded its project generation program into Southeastern Europe with the acquisition of 11 mineral exploration licenses within the Republic of Serbia ("Serbia") in the well-known Timok Magmatic Complex ("TMC"), a segment of the Tethyan Metallogenic Belt. One additional application remains pending with the Ministry of Environment, Mining and Spatial Planning. Exploration work and ranking is on-going.
-- Regional Airborne Magnetic and Gravity data covering 8,000 sq. km was processed, gridded, interpreted and used for targeting over the TMC. Eight prospective targets were identified which are all within Mundoro's100% owned exploration licenses.
-- Stream sediment sampling was completed over 8 license areas and a total of 480 samples were analyzed. An AMT geophysical survey has been started over these areas and is expected to be completed in Q2 2013.
-- Gained a strategic shareholder, the Sheridan Platinum Group Ltd., which is aligned with the Company's long term growth strategy.
-- Conducted a first phase drill program at Camargo (see Mundoro news release February 20, 2013) which confirmed the presence of a mineralized and highly altered hydrothermal system.
-- Executed a definitive option agreement to acquire 100% of the Centauro project, Chihuahua State, Mexico which is a low sulphidation epithermal system.
-- A mapping and sampling program at Centauro is currently underway (see Mundoro News Release October 9, 2012) which is aimed at defining the epithermal model and localizing the feeders and plumbing system to target higher grade precious metal mineralization at depth.
Most Popular Stories
- Twitter Names Woman to Board
- NSA Tracks 5 Billion Cellphone Records a Day
- Nelson Mandela Dies After Momentous Life
- Ford Mustang Still Packs Power
- W.H. Corrects Itself on Unclegate
- Nelson Mandela Dead at 95
- Fast-Food Workers Want $15 an Hour
- Roybal-Allard Tours Gordon Brush Plant
- Aspen Contracting Adding 300 Jobs
- Pope Francis Says He'll Fight Child Sex Abuse