Vancouver, British Columbia (ots/PRNewswire) - Mundoro Capital Inc. ("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 http://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 http://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 http://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.
For further information: please contact Teo Dechev, CEO, President and Director of Mundoro Capital Inc. at +1-604-669-8055 or Michelle Roth, Roth Investor Relations at +1-732-792-2200.