Mundoro issues proxy circular-shareholders urged to vote their gold proxy
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Aug. 2, 2012) – Mundoro Capital Inc. (TSX VENTURE:MUN) ("Mundoro" or the "Company") is pleased to announce it has filed the Management Information Circular today ahead of its upcoming annual general and special meeting of shareholders. Materials have been mailed to all shareholders of record as of July 27, 2012. They are available through the Company's website at: AGM2012.
Mundoro shareholders will elect directors for the coming year on Monday, August 27, 2012, at 11:00 a.m. (Vancouver time)
The letter to shareholders highlights the success Mundoro has achieved in its turnaround strategy: "Our strong pipeline of projects in two highly promising mineral belts means we are well-positioned to execute on our growth strategy for the benefit of all shareholders." Teo Dechev, CEO and President, added, "Equally important, we have the capital to fund these projects. We continue to effectively explore the targets and continue to evaluate advanced stage projects in order to maximize efforts to reach production." The full text of the letter is available at: LETTER TO SHAREHOLDERS.
Shareholders are urged to vote their GOLD proxy ahead of the deadline of 11 a.m. (Vancouver time) on Thursday, August 23, 2012.
John Hoey, Mundoro's Chairman, stated: "Mundoro takes pride in its ethical and responsible corporate governance standards. We have a highly effective and efficient board. Three of the four management nominee directors are independent of management and do not have any affiliation with related parties. Unlike the dissident's nominees, the management's slate of directors can truly act independently for Mundoro and have no professional conflicts with related parties. Your board has top-notch experience, integrity and a track record of success."
Mr. Hoey added, "In contrast to Mundoro's progress, a group of dissident shareholders led by Mr. Hong Jun Li, have no recognized technical expertise and have not disclosed their plans for the company. We believe the dissidents have used deceptive tactics to advance their case." The Supreme Court of British Columbia recently dismissed, in its entirety, an application brought by Mr. Li's company, Northern Minerals Investment Corp. (NMI), to prevent Mundoro from postponing the annual meeting, among other things. The Court held "The petitioner [NMI] has not placed before this Court any evidence that the directors were acting other than in the best interests of the shareholders of the company…it is the petitioner [NMI] who has acted in its own interest as a shareholder but not necessarily in the interests of all shareholders…". The Court added: "the actions of the petitioner (NMI) in planning to 'hide in the weeds' until the AGM appear to be aimed at preventing all shareholders from having notice and the opportunity to vote in a proxy contest."
Mundoro's recent achievements include:
- A unique and strategic land position in the form of seven (7) exploration properties in the Tethyan Belt in Serbia with the potential of Au-Cu porphyry and epithermal deposits.
- A district-scale exploration portfolio in Mexico, with key drill targets identified at Camargo.
- Tight spending discipline over the past six years, with an average of $366,000 per quarter on corporate expenses and $487,000 per quarter on exploration and development related expenses.
- Sale of majority control of the Maoling Gold Project located in the high-risk jurisdiction of China for $13.8 mln.
- An experienced team with strong in-house expertise including exploration, development, mining, finance, community relations and governance, as well as world recognized technical advisors.
Attention Mundoro Shareholders
The proxy deadline is Thursday, August 23, 2012 at 11:00 am (Vancouver time).
YOU MAY VOTE IN THREE WAYS:
BY FAX OR INTERNET (www.voteproxyonline.com), OR MAIL BY SIGNING, DATING AND RETURNING THE GOLD PROXY PROVIDED.
If you have any questions and/or need assistance in voting your shares, please call Laurel Hill Advisory Group at 1-877-304-0211 (toll free) or 1-416-304-0211 (collect calls accepted) or e-mail [email protected].
NO MATTER HOW MANY SHARES YOU OWN, YOUR VOTE IS CRUCIAL.
About Mundoro Capital Inc.
Mundoro is a Canadian based company which operates as a mineral acquisition, exploration, development and investment company. The Company's target areas are the Tethyan belt in South Eastern Europe and the Meso Central Belt in Northwestern Mexico, both of which are prolific mineral belts the Company believes have strong exploration and development potential. The Company maintains an interest in the Maoling Gold Project through its 5% interest in Mundoro Mining Inc.
Caution Concerning Forward-Looking Statements
Information included, attached to or incorporated by reference into this News Release may contain forward looking statements. 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 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.
Kingsdale Communications Inc.
Bernard Simon, Vice-President