Mundoro Capital (MUN-V) $15 million cash, no debt.
Due to the market conditions for mineral resource companies, the company has reduced its exploration expenditures for 2013. The primary focus of the current work programs is on the exploration properties along the Tethyan belt in southeastern Europe.
The Mexico exploration program has been reduced to primarily care and maintenance until market conditions improve. The company believes there is potential for discovery on this assembled property package; however, due to the market conditions, the company is pursuing joint venture opportunities for its exploration properties in Mexico as well as other value-enhancing transactions for these properties.
All properties staked or acquired are evaluated on a quarterly basis as to whether to continue exploration, progress into development, joint venture to another company or drop the property. In the first quarter of 2013, the company applied to drop three properties in Mexico and has dropped two properties in Serbia. At the end of first quarter 2013, the company held 10 properties in Serbia, one in Bulgaria and 12 in Mexico. Subsequent to quarter-end, the company filed with the Mexican General Bureau of Mines to drop the Hidalgo 1, Hidalgo 2 and Tejamen mining concessions, reducing the total number of properties in Mexico to nine. |
