Mundoro announces 2011 Year End Financial
Results
MUNDORO
ANNOUNCES 2011 YEAR END FINANCIAL RESULTS
Mundoro Capital Inc. (the "Company" or
"Mundoro") (TSXV: MUN) announces the filing
of the Company's financial results for the fiscal year of 2011. The highlights
provided in this release should read in conjunction with the Company's annual
audited financial statements and Management Discussion and Analysis, which are
available on SEDAR at www.sedar.com. All dollar amounts are in U.S. dollars
unless otherwise stated.
The Company's income for the year ended December 31, 2011 was $10,353,832
($0.27 per share), which included income from discontinued operations of
$11,922,533 compared to a loss of $3,158,481 ($0.08 per share) for 2010, which
included loss from discontinued operations of $1,646,645. The 2011 income was
principally attributable to the following:
� Gain on disposal of subsidiaries of $13,011,370, compared to $nil in 2010;
� Other project related costs of $538,109, compared to $nil in 2010;
� Expenditures for corporate expenses of $1,320,094, compared to $1,064,117 in
2010;
� Foreign exchange gain of $337,593, compared to a loss of $238,087 in 2010.
During 2011, the Company completed:
� In October 2011, completed the strategic transaction announced August 2, 2011
regarding the Maoling Gold Project (""Maoling"");
� Listed on the TSX Venture Exchange (""TSXV"") as of
September 30, 2011;
� Initiated a district wide exploration program in north-central Mexico by
staking 15 properties covering 1800 sq km and began a
reconnaissance exploration program on these properties;
� Filed the NI 43-101 Technical Report on the Cuencame
Property in Durango State;
� Expanded the exploration expertise of the Company with the addition of an
exploration manager in Mexico, a senior exploration manager in Europe and a
seasoned exploration geologist with 35+ years experience
to the Board;
� Continued with project generation initiatives in Europe and evaluation of
advanced stage mineral projects for acquisition or joint venture.
As at December 31, 2011, the Company is in a financially strong position with
$19,470,216 million in cash, cash equivalents, short-term investments, and no
debt.
Pursuant to the Company's NCIB Program, implemented on November 14, 2011, to
date the Company has purchased for cancellation a total of 487,500 common
shares at an average price of CAD $0.33 per share. After cancellation of these
shares the Company's number of Common Shares issued and outstanding is
37,911,776. The purchases were made by the Company through TD Securities Inc.,
in accordance with the rules of the TSXV, and at market price at the time of
acquisition. The Company may purchase for cancellation up to a maximum of
1,919,963 of its Common Shares. The actual number of Common Shares of the
Company that will be purchased for cancellation under the NCIB Program, and the
timing of such purchases will be determined by management as approved by the
Board of Directors of the Company.
The Company's CEO & President, Teo
Dechev commented: "2011 was a transitional year
for Mundoro with the sale of 95% of the common shares
of MMI to China National Gold Group Hong Kong Limited, to take over the
development process for the Maoling Gold Project, and
the initiation of the Mexico district scale exploration program. Mundoro staked 15 properties in north-central Mexico that
target the under evaluated porphyry systems and related epithermal systems in
this proven mineral belt. The Company's current exploration program of these
properties is focused on identifying drill targets to be tested in the second
half of the year. At the same time, Mundoro continues
to generate projects in proven mineral belts and evaluate advanced stage
projects for acquisition in our focus areas in order to bring the Company
closer to its goal of production and generate shareholder value."
On behalf of the Company,
Teo Dechev, Chief Executive
Officer and President