Mundoro Mining

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Mundoro Mining Inc. is a Canadian company listed on the TSX (ticker symbol MUN.TO). It is the largest gold project in China to be explored by a Sino-Canadian joint venture and is believed to be one of the largest undeveloped gold deposits in China.

The company has a 79% interest in the Maoling gold deposit, which is located in the Liaoning Province in north-east China, in the old area of Manchuria, not far from Beijing.

As Maoling has measured and indicated resources of 161 million tonnes grading 0.92 grams gold per tonne, it contains 4.8 million gold ounces. Even with such a low grade we arrive at an extraordinary amount of payable gold.

The development team is experienced in working in China and a bankable feasibility study is due in mid-2007 with production projected in the first half of 2009.

The capital cost is estimated at US$235 million and cash costs of US$167/ounce. The company has forecast that at $400-gold, the internal rate of return would be 18% with net present value of 134 million.

With a market capitalisation of approximately US$74 million, Mundoro Mining is probably a very interesting long term investment.