Morumbi Resources Inc. is a publicly traded resource company
listed on the TSX Venture exchange (TSXV: MOC). It was recently
approved for a change of business by the TSXV.
Morumbi has mineral exploration operations in the Popondetta Area
of the Owen Stanley Range Papua New Guinea ("PNG"), several
MOU's with Landowner Groups in the Autonomous Region of
Bougainville of PNG, and a legacy oil property in the McKinley Area
of Northwest Alberta Canada,.
Morumbi has begun exploration efforts on its Popondetta mineral
exploration licenses (EL 1767 and EL 1649) that are surrounded by
mineral licenses in a $25 million joint venture between Vale (NYSE:
VALE) and Goldminex Resources Limited (www.goldminex.com.au
a publicly traded Australian mineral company. A great deal of
exploration work has been completed by Goldminex on their adjacent
properties, and strong indications of mineral prospectivity that have
come out of their program provides Morumbi with a great deal of
encouragement as to the potential of these licenses, as indicated by
the NI 41-101 report.
Morumbi also continues to make progress in building relationships
and establishing joint venture partnerships via MOU's with multiple
landowner groups on the Island of Bougainville. We believe early
passage of a new mining law by the Autonomous Bougainville
Government will enable us to rapidly convert these MOU's in
The Company's McKinley Property produces light oil from the
Cadotte formation, and is well positioned to access significant
remaining up dip oil believed to be recoverable from the pool.
Production has continued to improve since being brought on stream
in March 2010.