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Mundoro Announces Q3 Financials and Comprehensive Governance Policies
By: Marketwired .
Nov. 9, 2012 05:22 PM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/09/12 -- Mundoro Capital Inc. (TSX VENTURE:MUN) ("Mundoro" or the "Company") (www.mundoro.com) announces the filing of the Company's financial results for the quarter ended September 30, 2012. The highlights provided in this release should be read in conjunction with the Company's quarterly financial statements and Management Discussion and Analysis, which are available on SEDAR at www.sedar.com and at the Company's website. All dollar amounts are in U.S. dollars unless otherwise stated.
The Company's loss for the nine months ended September 30, 2012 was $3,709,819 ($0.10 per share) compared to a loss of $2,426,496 ($0.06 per share) for the for the nine months ended September 30, 2011 which included a loss from discontinued operations of $494,401. The loss for the first nine months of 2012 was principally attributable to the following: expenditures on project exploration and evaluation of $1,564,406 in 2012 compared to $576,552 2011; and, expenditures for dissident related costs of $1,156,786 compared to $Nil in 2011. The non-cash items were: foreign exchange gain of $4,785 compared to a loss of $606,225 in 2011; share-based payment expense of $134,151 compared to $183,409 in 2011; and, depreciation $13,643 compared to $Nil in 2011.
The Company maintains a low share count of 41.9 million shares and at September 30, 2012 held $7.3 million in cash and cash equivalents with a further $10.3 million in short-term investments.
The Company alerts shareholders that the dissident shareholder news release issued on November 7, 2012 is not from the Company as it incorrectly states the Company is the source. Mundoro, with its strong record of sound corporate governance and of acting in the best interests of shareholders generally, firmly stands behind all procedures followed during the Annual General and Special Meeting of shareholders held on August 27, 2012 in Vancouver (the "AGM"). The recent allegations made by certain dissident shareholders who were unsuccessful in their attempt to, first, ambush the AGM, then solicit sufficient shareholder support to replace the board of directors (the "Board") at the AGM, are without merit. Mr. John Hoey, Chairman of the Board, commented, "Once again, we would like to take this opportunity to express our gratitude to the shareholders of Mundoro for their support at the AGM. The company continues to move forward and management is executing on its strategic plans for the benefit of all shareholders."
As part the Company's annual corporate governance review, the Board has adopted a comprehensive set of corporate governance policies including, among others, Board Charter, Audit Committee Charter, Nominating and Corporate Governance Committee Charter, Compensation Committee Charter, Code of Business Conduct & Ethics, Whistleblower Policy, Disclosure, Confidentiality and Insider Trading Policy, and an Advance Notice Policy. The corporate governance policies were adopted by the Board on November 8, 2012 and are effective as of the date approved. All governance polices will be made available on the Company's website. The Advance Notice Policy will be submitted for shareholder approval at the next Annual and Special General Meeting of the Company. The same Advance Notice Policy received majority support of shareholders at the AGM, but did not attain the two-thirds vote required to adopt the Policy as an amendment to the Company's Articles of Incorporation.
In other business of the Company, the Board approved a grant of 105,000 stock options to independent directors of the Company and 150,000 stock options to a contractor of the Company. The options will be granted at closing price on November 14, 2012, when the Company's current blackout will be lifted. The options are exercisable for a period of five years until November 8, 2017.
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director
About Mundoro Capital Inc.
Mundoro is a well-funded, Canadian based company which operates as a mineral acquisition, exploration, development and investment company. The Company has exploration properties in the Tethyan Belt in South Eastern Europe and the Mesa Central Belt in Northwestern Mexico, both of which are prolific mineral belts the Company believes have strong exploration and development potential. In Serbia, Mundoro has seven mineral exploration licenses covering 499 sq. km. within the well-known Timok Magmatic Complex which hosts significant Au-Cu porphyry deposits and related Au-Cu epithermal deposits. In Mexico, Mundoro has thirteen mineral concessions covering 1,541 sq. km. in the Mesa Central belt, of which Centauro is the furthest advanced exploration property. The Company maintains an interest in the Maoling Gold Project through its 5% interest in Mundoro Mining Inc.
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.
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.
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.
Caution Concerning Forward-Looking Statements
Information included, attached to or incorporated by reference into this News Release may contain forward looking statements. All statements, other than statements of historical fact, included or incorporated by reference in this News Release are forward-looking statements, including, without limitation, statements regarding activities, events or developments that the Board expects or anticipates may occur in the future. These forward-looking statements can be identified by the use of forward-looking words such as "will", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue" or similar words or the negative thereof. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the Company's future strategy and business plan and execution of the Company's existing plans. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, which are not a guarantee of performance and are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, changes in law, regulatory processes, the status of Mundoro's assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedar.com.
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.
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