Issue link: http://resourceworld.uberflip.com/i/1037672
56 www.resourceworld.com O C T O B E R / N O V E M B E R 2 0 1 8 INVESTMENT In 2011, Mundoro Capital Inc. [MUN- TSX; MUNMF-OTC; NGU-FSE] sold 95% of Mundoro Mining Inc. for C$13.8 million to China National Gold Group Hong Kong Limited. Until then, Mundoro had been working to advance the Maoling Gold Project, one of the largest gold discoveries in China, leaving investors disillusioned by the jurisdictional risk. So when Mundoro reinvested the money into exploration licenses along the Tethyan Belt in Serbia and Bulgaria many investors were at first skeptical and left scratching their heads. Fast forward and it's a different story today. Investors started applauding Mundoro's strategic foresight soon after, Reservoir Minerals Inc. (acquired by Nevsun Resources [NSU-TSX] for approxi - mately US $506 million in June 2016) announced their Timok Project results (located next door to Mundoro's licenses) which have inferred resources of 31.5 bil- lion pounds of copper and 9.6 million ounces of gold making it one of the largest copper exploration projects in the world. (Nevsun is being taken out by Chinese miner Zijin in an all-cash deal valued at US $1.4 billion.) As a company, Mundoro has a lot of good things going for it. They have cash in the bank – almost CDN $4.8 million (Q2- 2018). They also have a prospective land package that's attracted experienced and deep-pocketed partners who are drawn partly by the 100-year history of mining in the region. Mundoro's President and CEO, Teo Dechev, a geological engineer and former research analyst and investment banker, likens the Eastern European Tethyan Belt to the better-known Andean Copper Belt in Peru and Chile. Yet, she says, while there may be as many as a 1,000 projects in Chile and Peru, there is only a handful in the lesser-known Tethyan Belt. "When I was a research analyst I fol - lowed the discoveries being made in the Tethyan Belt where there are now world- class, porphyry and epithermal copper and gold deposits being mined," says Dechev. Serbia is not a new mining jurisdic - tion. The former Yugoslav republic had long mined and explored in the area, and majors such as Freeport McMoRan and Rio Tinto have been exploring in the region since mid-2000s. In her search for a prospective prop - erty in Serbia, the primary focus was the Timok Magmatic Complex, known for hosting some of the highest concentrations of copper enrichment in the Tethyan Belt. It's here, in the Timok Magmatic Complex, that Mundoro's Timok North Projects and Timok South Projects are intertwined between and around the corridors of sev - eral world class historic and active metals mines. "We refer to them as brownfield proj- ects because of their proximity to the mines and the existing infrastructure," says Dechev. The property selections proved to be right. It wasn't long after Mundoro received their licenses they caught the attention of other miners working in the district. By March of 2016, Japan Oil Gas Mundoro Capital captures investor attention Well-positioned land package, strong partners and in safe jurisdictions with existing infrastructure by Robert Simpson Drill sites at Mundoro Capital's Brosko Project in Serbia, one of the Timok North Projects located within the Timok Mining Complex. Photo-illustration courtesy Mundoro Capital Inc.