Mundoro Options Out Saje Lead-Zinc Project in Bulgaria to New Partner

Mundoro Capital (TSXV:MUN) has reported that it has entered into an option agreement with an arm’s length third party private company, to which it has granted an option on one of Mundoro’s exploration projects, the Saje lead-zinc project located within the Zvezda license in southeastern Bulgaria.

According to the press release, under the terms of the Agreement, the private company has committed to drill a minimum of 1000 meters on the Saje project. Thereafter, the private company will have one month to provide written notice to enter into an agreement with Mundoro in respect of the Saje project. The private company is sole funding all costs during the option period. Upon entering into an agreement, the private company will pay to Mundoro annual advance royalty payments in January of each calendar year until commercial production. Mundoro will retain a 2 percent net smelter returns royalty on any metals production at the Saje project. The Saje project has no carrying value in the company’s balance sheet as at December 31, 2018.

As quoted in the press release, president and chief executive officer of Mundoro, Teo Dechev said:

“We are delighted to have signed this agreement with a new partner in the region. Mundoro is achieving our corporate strategy to work with partners on select projects within our portfolio while retaining 100 percent ownership over a core portion of our portfolio. Realizing value from our existing portfolio of over 10 licenses with multiple targets on various license is a key focus for the Company.”

Click here to view the full Mundoro Capital Inc (TSXV:MUN) press release.