Mundoro Capital has announced it has entered into an earn-in agreement with Freeport-McMoRan Exploration Corporation.
Mundoro Capital (TSXV: MUN) has announced it has entered into an earn-in agreement with Freeport McMoRan Exploration Corporation (NYSE:FCX), in which Mundoro has granted to Freeport an option to earn-in to Mundoro’s Savinac and Bacevica exploration licenses located within the southern portion of the Timok magmatic complex in Serbia.
According to Mundoro, Timok is one of the most prolific metallogenic domains in the Tethyan Belt. Timok hosts the Cukaru-Peki deposit and the Serbian state-operated producing mines: the Bor copper porphyry underground mine and the Veliki Krivelj copper-gold porphyry open-pit mine.
CEO and President of Mundoro, Teo Dechev said:
“This Agreement is our third partnership in Serbia, which reflects the continued industry interest in Timok, the Tethyan Belt and demonstrates the prospectivity of Mundoro’s land package within this region. Mundoro has approximately C$4.6 million (US$3.5 million) in treasury, an earn-in agreement with JOGMEC for the Timok North Projects, an earn-in agreement with Freeport for the Freeport-Mundoro JV Project, and an option agreement with a private company for the Saje Project in Bulgaria. Realizing value for our mineral property portfolio of over 10 licenses with multiple targets on various license is one of our corporate priorities.”