Q1-2023 Financial Highlights
Strong Cash Position: As of
Positive Net Income: In Q1-2023, the Company recorded income of
Partner Funded Exploration Expenditures & Generative Expenditures: The exploration and project evaluation expenditures, the majority of which are sole-funded by partners, were higher at
Corporate Expenses: Corporate expenses in Q1-2023 were
Positive Cash Flow from Operations: The Cash Flow from Operations is higher at
Q1-2023 Exploration Portfolio Highlights & Outlook
Vale-Mundoro Projects
Announced new
Ongoing Drill Testing at Bobot and Ojej: In Q1-2023, drill testing at the Tilva Rosh North target commenced where a total of 113.7 meters of diamond drilling was completed out of the planned 3,200 meters. Drilling is anticipated to be completed in Q2-2023 with assay results from this drill program anticipated in Q3-2023. Additionally, drill testing at the Markov Kamen South target started, where a total of 867.9 meters of diamond drilling was completed out of the planned 900 meters that remained from the 2022 drill program. The assay results are expected to be received in Q2-2023.
Completion of Permitting in
Advancing Exploration for upcoming Drill Programs with Vale: In Q1-2023, the Company mobilized for a Passive Seismic geophysical survey over the Branik and Padina licenses with the geophysical interpretations anticipated in Q3-2023.
BHP-Mundoro Projects
Ongoing Drilling in Borsko: During Q1-2023, drilling commenced where a total of 566.0 meters of diamond drilling was completed out of the planned 2,000 meters. Drilling is anticipated to be completed in Q2-2023 with assay results from this drill program anticipated in Q3-2023.
Advancing Exploration for upcoming Drill Program with BHP: During Q1-2023 the Company conducted permitting for the upcoming drilling program at Trstenik and Vitanovac with the
Advancing Exploration for upcoming Drill Program with JOGMEC: In Q1-2023, the work program consisted of soil sampling, mapping, site visits and preparation for additional geophysics and 2,000 meters of drilling in 2023.
Advancing Exploration for upcoming Drill Program with Kinross: During Q1-2023 the Company focused on community relations and landowner permitting for the planned work program in 2023.
About Mundoro
Mundoro is a publicly listed company on the TSX-V in
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 earn-in expenditures, options and completion of a definitive 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 Company's projects, 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.
Contact:
Tel: +1-604-669-8055
Email: info@mundoro.com
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