VANCOUVER, Dec. 1,
2014 /CNW/ - Mundoro Capital Inc. (TSXV:MUN
www.mundoro.com) ("Mundoro or the "Company") is
pleased to announce the Company has filed financial results for the
third quarter ended September 30,
2014.
Teo Dechev, CEO
& President commented, "Mundoro has been extremely prudent in
allocating our cash as we advance our exploration targets. We
currently have sufficient cash on hand to see us through two years
of exploration programs in southeastern Europe. The Company
continues to evaluate strategic opportunities such as joint
ventures with producers for the Company's projects in Bulgaria and Serbia as we work to enhance
shareholder value."
Mundoro ended the third quarter and nine months
with cash, cash equivalents and short term investments totaling
$8,357,951 and no debt which
represents approximately $0.19 per
share. For the three months ended September 30, 2014 the Company recorded a net
loss of $1,189,581 ($0.03 per share) compared to a net loss of
$1,429,071 ($0.03 per share) for the comparable period in
2013. During the quarter the Company advanced its properties
on the Tethyan Metallogenic Belt in Serbia and Bulgaria. A
summary of activity can be found in the MD&A. The
highlights provided in this press release should be read in
conjunction with the Company's unaudited Financial Statements and
Management Discussion and Analysis, which are available on SEDAR at
www.sedar.com. All dollar amounts are in Canadian Dollars
unless otherwise specified.
The Company also announces that Ernst & Young
LLP (the "Former Auditors") have, at the Company's request,
resigned. They have been replaced, effective November 28, 2014, by PricewaterhouseCoopers LP
("PwC"), to hold office until the close of the next annual
general meeting.
Teo Dechev, CEO
& President commented, "On behalf of the Company, we would like
to thank Ernst & Young for their past services and look forward
to working with PwC."
There were no disagreements or unresolved issues
with the Former Auditors on any matter of audit scope or procedure,
accounting principles or policies or financial statement
disclosure. It is the Company's opinion that there have been
no reportable events (as defined in NI 51-102 (Part 4.11)) between
the Company and the Former Auditors. The Former Auditors did
not have any reservation in the auditors' report for the financial
statements for the Company's last two fiscal years or for any
period subsequent to the date the most recent audit report was
issued and preceding the date hereof.
The Company has sent a Notice of Change of
Auditor ("Notice") to the Former Auditors and to PwC and has
received a letter from each, addressed to the securities
commissions in each of Ontario,
British Columbia and Alberta stating that they agree with the
information contained in the Notice. The Notice, together
with the letters from the Former Auditor and from PwC have been
reviewed by the Company's Board of Directors and are available on
www.sedar.com
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
focused on mineral acquisition, exploration, and development. Our
primary focus is advancing our properties on the Tethyan Belt in
Southeastern Europe. Mundoro has methodically acquired a
district-scale land position on this prolific mineral belt which
hosts significant Gold-Copper porphyry and related epithermal
deposits. Our strong project pipeline, which also includes assets
in Mexico and China, is positioned to drive long-term,
sustainable growth in order to attain production and shareholder
return.
Caution Concerning Forward-Looking
Statements
Information included, attached to or incorporated
by reference into this News Release may contain forward-looking
statements, including the amount of time that existing cash
resources will be sufficient for exploration and potential
strategic joint venture partnerships. 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.
SOURCE Mundoro Capital Inc.