Mundoro Capital Inc., TSX: MUN,Vancouver, is a Canadian based public company, listed on the Toronto Stock Exchange, which operates as a mineral exploration, development and investment company.

The ownership of Mundoro Mining, and its Maoling Gold Project in Liaoning Province, north-east China, remains a key asset of Mundoro Capital and the Company will continue to develop the Maoling Gold Project.

Mundoro Mining Inc. is a resource company focused on the exploration and development of the large-scale, advanced exploration stage Maoling Gold Project

China's largest single, gold resource deposit

• Indicated: 4.8 million oz
• 4.4 million oz Inferred
• 2.8 million oz Probable

The Maoling Gold Project is a multi-million ounce feasibility stage gold project for which Mundoro Mining Inc. is planning a large-scale, open-pit mining & conventional milling operation. Mundoro was invited in 1999 by the government to help develop the Maoling gold deposit.

A Chinese joint venture company, Liaoning Tianli Mining Company Ltd. ("Tianli"), was formed with a mutual interest to develop Maoling into a national model for large scale, environmentally friendly, and economically sustainable gold mining operations; an interest shared between Mundoro and its partner, the Liaoning Aidi Resources Company Limited ("Aidi"), the corporate arm of the Liaoning Geology and Exploration Bureau. Mundoro's 79% interest in Tianli is represented by five directors and Aidi's 21% interest is represented by three directors.

Since entering into this collaboration, the Company has:

• completed extensive exploration work with a total of 231 holes (63,338 m) drilled and over 26,000 samples of drill core cut, prepped and assayed;
• completed a pre-feasibility study in June 2005;
• completed an updated resource estimate published in February 2006 which revealed 4.8 million contained gold ounces in the Measured and Indicated category and an additional 4.4 million contained gold ounces in the Inferred category, resulting in a defined gold resource that is triple the original 1990 Chinese estimate

Permitting - No written reason has been given for the delay in issuing this license.

Liaoning Tianli Mining Company Ltd. ("Tianli"), the joint venture company operating the Maoling Gold Project, has been operating under a business license that has to be periodically renewed and which is tied to the term of the exploration license for Maoling.

In spite of a timely application having been submitted for renewal, the business license expired at the end of August, 2005. As a result, Tianli's application for renewal of its exploration license, which expired on November 5, 2005, was deferred by the Ministry of Land and Resources in Beijing until the business license is renewed by authorities in Shenyang, Liaoning province. No written reason has been given for the delay in issuing this license.

The renewal of the exploration license for Maoling has been deferred pending the renewal of a business license for Mundoro Mining's joint venture company, Liaoning Tianli Mining Company Ltd. Mundoro Mining and its partner, Liaoning Aidi Resources Company Limited, have undertaken a strategy of engagement and building awareness with a wide range of government agencies in order to resolve the issu

The long delay in renewing the business license of Tianli has weighed heavily on the Company's valuation in the public markets; however the Company continues to believe the strategy undertaken of engagement and building awareness with a wide range of government agencies and Chinese enterprises in China and in Canada in order to resolve the issue, will provide a positive outcome

Community Relations Program

Mundoro's community relations program has been well-received by the local residents for its successful development of local infrastructure and economic advancement including local medical service improvements, as well as assistance in scholastic and educational development. With the full support of the Gaizhou County government, the Company implemented a plan to spend RMB 1.2 million over a three year period to fund educational, health and sanitation development in Gaizhou County. This quarter, the Company provided funds for the upgrade of the Kuangdonggou Medical Clinic to fully integrate the clinic's recent purchase of an X-Ray machine. It is expected the upgrades will be completed by the end of the year and the X-Ray machine to be fully operational and in use by medical staff at that time.