VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 17, 2016) - Mundoro Capital Inc. (TSX
VENTURE:MUN)(www.mundoro.com) ("Mundoro" or the
"Company") is pleased to report drilling has commenced on the Company's 100% owned Byalo exploration license
which is located in southeastern Bulgaria in the Rhodopean region of the Tethyan metallogenic belt (see
Figure 1: Location Map - Byalo and Zvezda Projects)
HIGHLIGHTS
- The Chuka porphyry drill program will include 1000 m
- Systematic exploration by Mundoro defined the Chuka porphyry copper-gold target with results including:
- Stockwork mineralisation with banded quartz veins in an area 200 x 250 m in size outcropping at surface
- A historical drill hole with reported assay interval of 18.8 m @ 0.42% Cu; 0.108 g/t Au from 25.40 m to 44.20 m
- Mundoro surface rock sampling from stockwork returned values from single samples up to 0.39% Cu, 0.55 g/t Au and 580
ppm Mo with average 0.158 g/t Au, 35 ppm Mo and 267 ppm Cu from a 200 x 250 m outcrop
- Mundoro holds approximately $5.5 mln in cash as of September 30, 2016 and is debt free
Teo Dechev, CEO and President of Mundoro commented, "Having closed the $1 million private placement in September 2016, we are
using these funds to drill test five target areas, the first of which is the Chuka copper-gold porphyry target in Bulgaria. Given
the compelling copper-gold-molybdenum soil geochemistry, stockwork viening on surface, trenching results and coincident ground
magnetic bulls-eye style anomaly, we believe the current drilling program at Chuka will give us a better understanding of the
scale of the porphyry and the controls of mineralization. The Company believes the historical drilling, surface sampling and
mapping along with the geophysical interpretations to-date suggest the potential for discovery of bulk porphyry copper-gold
mineralisation at Chuka."
The Chuka Drill Program
This initial drilling program at Chuka is designed to test the stockwork grade at depth, and determine if there is a
transition from sericitic to potassic alteration and correspondingly higher copper and gold grades . The Company plans to drill
1000 meters among three drill holes. (Figure 2: Chuka Target
Drill Hole Locations).
The Chuka target has been identified through a systematic program completed by Mundoro comprising of detailed mapping,
geochemistry, alteration mapping, ground geophysics, regional geophysics and historic drill testing. This previous
systematic exploration showed strong evidence for porphyry style mineralisation. Historical drill holes showed molybdenite,
chalcopyrite, trace bornite mineralisation in quartz veinlets in the upper levels. Historic Drill Hole #1018 had a
reported assay interval of 18.8 m @ 0.42% Cu; 0.108 g/t Au from 25.40 m to 44.20 m. It is noteworthy that none of the
historical drilling reached the potassic core of the system in order to demonstrate primary mineralisation. Soil sampling and
alteration mapping show well defined soil geochemical anomalies with porphyry alteration style zoning. A chargeability anomaly is
consistent with upper level phyllic (quartz-sericite-pyrite) alteration, while a deeper defined magnetic bulls-eye anomaly could
be the preserved mineralised magnetite-bearing potassic alteration.
Overview of Byalo License
The Chuka target is located in the Byalo license which is a 161 sq.km area located within the Rhodope mountains in
southeastern Bulgaria, 250 km southeast of Sofia. Byalo is contiguous at the south end with Mundoro's 100% owned Zvezda
license. The two licenses together surround a third-party owned project which is host to an operating gold mine where
Mundoro is a small shareholder.
Additional Exploration Target in Bulgaria Projects
Systematic exploration by Mundoro, and limited historic State drilling, highlighted two targets areas, 1) the Chuka porphyry
target currently being drilled, and 2) the Angel Vyvoda ("AV") epithermal gold target, to be drilled upon receipt of drilling
approval which is expected in Q4/16.
At the AV, target mineralised zones are hosted in Eocene sediments and are expressed on surface as discrete fault controlled
breccia and veinlets. Soil geochemical anomalies highlight an area of 2.7 x 1.5 km area anomalous in Au-Ag-Sb-As-Mo suit of
elements (epithermal) and delineating at least three sets of E-W to NW-SE structures. Previous work identified low-sulphidation
style gold mineralisation hosted in Eocene sediments resembling the Ada Tepe gold deposit. Rock and soil sampling results
returned 1 to 3.3 g/t Au in rock outcrops and three gold bearing structures in soil anomalies trending NW from 1.3 km to 2.7 km
long.
For the AV target, the Company believes the historical drilling, surface sampling and mapping work and geophysical
interpretations to-date suggest the potential for discovery of low sulphidation vein style gold mineralisation.
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director
About Mundoro Capital Inc.
Mundoro is a Canadian mineral exploration and development public company focused on building value for its shareholders
through directly investing in mineral projects that have the ability to generate future returns for shareholders. The
Company currently holds a diverse portfolio of projects in two European countries as well as an investment in a producing gold
mine in Bulgaria and a feasibility stage gold project in China. The Company holds eight 100% owned projects in Serbia, the four
Timok North Projects are in option to JOGMEC, and the four Timok South Projects are being advanced by Mundoro. Mundoro's
common shares trade on the TSX Venture Exchange under the symbol "MUN".
Qualified Person
Technical information contained in this Press Release has been reviewed and approved by Mr. G. Magaranov, P. Geo., Qualified
Person as defined by National Instrument 43-101.
Sampling and Analysis
All rock samples are assayed using 50-gram fire assay with atomic absorption finish and ME-MS61 by ALS Romania prepared by ALS
Bor, Serbia. Quality Assurance and quality control procedures include the systematic insertion of standards and duplicates into
the sample streams. Field duplicate samples are taken every 25 samples and standards and blanks are inserted after every 20th
sample. All data collected in the field and assay results from the laboratories are routinely verified and entered in an Access
database.
Soil samples were collected from "B" horizon of the soil media by hand digging a hole from 0.1 to 0.5m. Material of ~500 grams
was collected, sealed and send directly to the ALS laboratory in Bor. Samples were dried at <60°C/140F, sieve sample to -180
micron (80 mesh) and assayed using 30gram fire assay with atomic absorption finish and ME-MS41L - 51 elements by aqua regia acid
digestion and a combination of ICP-MS and ICP-AES.
Caution Concerning Forward-Looking Statements
This News Release contains forward-looking statements. 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, and include the following: completion of the earn-in expenditures and options by JOGMEC; and
completion of a definitive joint venture agreement by the parties. The material assumptions that were applied in making the
forward looking statements in this News Release include expectations as to the mineral potential of the Timok North Properties,
the Company's future strategy and business plan and execution of the Company's existing plans. We caution readers of this News
Release not to place undue reliance on forward looking statements contained in this News Release, as there can be no assurance
that they will occur and they 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, exploration results, commodity prices, 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, 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.