January 23 (SeeNews) - Canada-based minerals exploration company Mundoro Capital said it will invest $1.5 million (1.4 million euro) in 2017 to advance the exploration of the company’s 100% owned projects in Bulgaria and Serbia.
“We enter 2017 with a steady flow of catalysts, for advancing existing discoveries and generating new ones in both the North Timok Properties, with our partner JOGMEC, and the South Timok Properties as well as the Bulgarian properties which are Mundoro’s 100% owned projects,” Teo Dechev, President and CEO of Mundoro, said in a press release on Friday.
Mundoro also announced that its $300,000 exploration programme at the Borsko Jezero licence, funded by Japan Oil, Gas and Metals National Corporation (JOGMEC), has generated targets, where a drilling programme is expected to commence in the first half of 2017.
Drill results from the company’s 100% owned Skorusa porphyry target located in the Sumrakovac licence are expected to be announced by the end of January, the company added.
In addition, $1.5 million, funded by JOGMEC, are expected to be invested in exploration programmes at the four North Timok Properties - Zeleznik, Borsko, Dubrava and Padina, between April 2017 and March 2018.
On January 18, the company issued 938,000 stock options to its directors, officers, employees and contractors at a price of $0.13.
Mundoro Capital focuses on mineral acquisition, exploration and development. Its target areas are the Tethyan Belt in Southeast Europe and the Mesa Central Belt in Mexico.
($ = 0.9311 euro)