Mundoro receives $45 million earn-in from Vale for Serbian projects
Mundoro announced today that it granted to Vale an earn-in for Mundoro's four exploration licenses in Serbia.
Mundoro has granted to Vale an option to earn up to a 75% interest in four properties located within the Timok Magmatic Complex: Sumrakovac, Osnic, Dubrava and Padina. Vale will provide funding up to $45 million to advance the projects.
"Mundoro is pleased to welcome Vale as our latest partner in Serbia, which reflects the prospectivity of Mundoro’s land package within the Timok region and demonstrates the growing interest in this region," said Teo Dechev, CEO and President of Mundoro.
Vale and Mundoro will establish a new Serbian corporation as the legal vehicle representing the earn-in/joint venture.
The Sumrakovac license is 106 sq.km area located 5 km southwest of the Bor Mine Complex. Some significant drill results were 63.4m @ 0.30 g/t Au and 0.11% Cu from 71.6m for drill hole SUMDD001, and 60.0m @ 0.30 g/t Au and 0.14% Cu from 54.0m for drill hole SUMDD002.CORRECTION: Original article incorrectly identified country where projects were located. Story is updated. Kitco regrets the error.