MINDORO RESOURCES LTD.: MAJOR UPGRADE FOR AGATA NORTH NICKEL-COBALT LATERITE RESOURCE
Mindoro Resources Ltd. has released an upgraded mineral resource estimate for the Agata North nickel laterite, Agata project, Surigao gold district. The new resource estimate, shown in the table below, demonstrates a 40-per-cent increase in total tonnage compared with the Dec. 16, 2008, estimate, as well as the conversion of most of the resource to indicated and measured categories.
The increase in the indicated and measured resource is mostly due to the broadening of the search parameters as a result of the detailed variographic studies and the reinterpretation of the 0.8 per cent nickel domain lower surface, carried out by the independent qualified person who conducted the previous estimate.
The estimate covers about 80 percent of Agata North. Mindoro is carrying out reconnaissance work, including manual auger drilling on other laterite areas on its Surigao projects. An exploration target will be announced for these next month.
While considerable additional resource potential exists at Agata and other Surigao projects, an adequate resource has been established to form the basis for a detailed evaluation of potential development alternatives and studies are in progress. All development alternatives are being considered. Emphasis will be on establishing an on-site processing plant. However, Mindoro notes the recent increases in direct shipping ore (DSO) prices, particularly in the higher-grade categories, and will also evaluate DSO as a means to achieving short-term cash flow. It is receiving increasing expressions of interest from DSO traders and developers interested in accessing Agata North for DSO operations.
Agata North has strong competitive advantages for both DSO and processing operations -- excellent infrastructure, adjacent to the ocean, proximity to China and other Asian markets, considerable upside resource potential, favourable metallurgical characteristics, and extensive limestone deposits on site.
The company's production objectives are intended to provide an indication of management's current expectations and are still conceptual in nature. It is uncertain that it will be established that these resources will be converted into economically viable mining reserves. Until a feasibility study has been completed, there is no certainty that these objectives will be met.
SUMMARY OF MINERAL RESOURCE ESTIMATE
(Ni cut-off grade 0.5 per cent (Limonite) and 0.8 per cent (Saprolite))
Contained Contained
laterite Mil. Mil. Ni metal Co metal
category horizon WMT DMT Ni% Co% Fe% (Mil lb) (Mil lb)
Note: Total metal contents in the reported resources represent metal in the
ground and have not been adjusted for metallurgical recoveries and other
factors which will be considered in later study.
Tonnage is reported in both wet metric tonnes (WMT) applicable for DSO
operations, and dry metric tonnes (DMT) applicable to any processing
operation.
The mineral resource model was generated by Dallas Cox, BE (Min), an independent qualified person as defined by NI 43-101. A total of 408 drill holes, comprising 7,300 metres of diamond drill core, and 7,271 assayed samples, were used for the estimate. These drill holes cover approximately 80 per cent of the currently delineated laterite area at Agata North. An inverse distance squared grade estimation method was utilized within tightly constrained lithological and grade domains. Mr. Cox has indicated that the density of drilling and continuity of mineralization is sufficient to classify the estimated resource, and has verified and authorized the technical information detailed in this release. The NI 43-101-compliant technical report will be filed on SEDAR within 45 days.
Mr. Cox has 27 years of experience in open-pit mine technical services, mine operations and management in Australia, China, Indonesia and the Philippines. His engineering, mine design and development experience in the Philippines includes the Rusina Mining Ltd. Acoje nickel project, the Platinum Group Metals Corp. Caga4 nickel project, the Red5 Ltd. Siana gold project, the Metals Exploration Ltd. Runruno gold-molybdenum project, the Filminera Resources Masbate gold project and Mindoro's Kay Tanda gold project.
Tony Climie, PGeol, is the qualified person responsible for monitoring the supervision and quality control of Mindoro's programs. He has reviewed and verified the technical information contained in this news release.
Mindoro Closes Private Placement to Advance Nickel Laterite Development Options and Appoints Howard Walker Director
EDMONTON, ALBERTA--(Marketwire - March 3, 2010) - Mindoro Resources Ltd. (TSX VENTURE:MIO) (FRANKFURT:WKN 906167) announces that it has closed its previously announced private placement of 25 million units at a price of CAD$0.105 per unit for gross proceeds of $2,625,000.00. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at an exercise price of CAD$0.15 per share for one year from the date of closing. The company paid finder's fees of $159,250 and 1,516,665 finder's warrants in connection with the investment. Each finder's warrant is exercisable into one common share at a price of $0.15 for one year. All securities issued are subject to a four-month statutory hold period expiring on July 4, 2010.
The Units have not been registered or offered in the United States. All issues of securities are subject to final approval by the TSX Venture Exchange.
Institutional investors, including Asian Lion Limited and Lion Selection Group Limited, purchased 80 percent of the units. The proceeds of the Private Placement will be used to advance Mindoro's nickel laterite development options announced on February 19, 2010.
HOWARD WALKER APPOINTED DIRECTOR
Mindoro is further pleased to announce the appointment of Howard Walker to the board of directors. Howard was appointed an Advisor to the Company in January 2010 and currently serves as the Executive Director of Lion Selection Group Limited. Howard graduated as a Mining Engineer from the Royal School of Mines in London in 1975. He worked for General Mining in South Africa for five years, prior to joining Mount Isa Mines in Queensland as a mine planning engineer in the copper and lead/zinc areas. In 1983, Howard joined stockbroker J B Were & Son as precious metals analyst, specialising in the Australian gold sector. He became an associate director of the firm in 1986, and was appointed Manager of the Resources Research team in 1987.
Howard joined J B Were Corporate Services Limited as a director in 1990 and was closely involved in numerous capital raisings for resource companies such as BHP Gold, Asarco Australia, Plutonic Resources Limited, Acacia Resources Limited, Lihir Gold Limited, North Flinders Mines Limited and Homestake Gold of Australia. Howard was a director of Highlake Resources NL from 1996 to 1997. Howard was a founder and executive director of Lion Manager from 1997 before retiring in 2007 and is Executive Chairman of Altitude Investments, which is a shareholder in Asian Lion Limited.
The Chairman of Mindoro, Rob Garden, stated, "We are very pleased that Howard Walker has agreed to become a board member. He brings a wealth of experience to the Mindoro board, both as a Mining Engineer in developing countries and Australia as well as through his exceptional track record in corporate finance and investment".
ABOUT MINDORO
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on exploration in the Philippines with a strategy of advancing early stage opportunities to production or joint venture. Mindoro controls major nickel laterite resources in the Surigao District, Mindanao, where potential for a direct shipping ore (DSO) operation to generate early cash flow is being investigated as well as large scale potential for an onsite processing plant.
Mindoro has NI 43-101 resource estimates on its Agata North nickel-cobalt project and on both its Lobo and Archangel (Kay Tanda) gold-silver projects. Mindoro has identified 22 porphyry copper-gold prospects and has three joint venture projects with Gold Fields in the Batangas area of southern Luzon, where drilling is also in progress, funded by Gold Fields. Drilling on the American Tunnels project has confirmed potential for a near-surface, bulk-tonnage gold target and porphyry copper-gold targets. Other objectives include finalizing joint venture arrangements on Mindoro's porphyry copper-gold prospects at Surigao.
This release may contain forward-looking statements including management's assessments of future plans and operations, and expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production and the uncertainty of the availability of capital). The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact
Mindoro Head Office
Penny Gould
VP Investor Relations
(780) 413-8187 or Toll Free: 1-877-413-8187
(780) 426-2716 (FAX) penny@mindoro.com
The IFC, a member of the World Bank Group, has agreed to invest approximately $2.1-million in Mindoro Resources Ltd.'s financing announced in Stockwatch June 8, 2010, along with additional subscriptions from other institutional and qualified investors. The IFC investment will form part of a second closing expected to occur before the end of July.
Mindoro is also pleased to advise that pursuant to the sale of units under the first closing, it has issued 5,881,632 common shares and an equal number of purchase warrants at a price of 20.8 cents per unit, for gross proceeds of $1,223,379. Each purchase warrant entitles the holder to acquire one additional common share at a price of 31 cents per share for five years from the date of closing.
Proceeds from the financing will be used for exploration at Mindoro's Agata nickel project in the Surigao district on Mindanao Island of the Philippines. IFC will work with the company to ensure that exploration and any subsequent mine development are carried out in an environmentally and socially sustainable manner
Ms. Penny Gould reports
MINDORO RAISES CDN$4 MILLION TO ADVANCE AGATA NICKEL PROJECT
Mindoro Resources Ltd. has received gross proceeds of approximately $2.7-million from the sale of 13,165,593 units pursuant to the second and final closing of a private placement announced June 6, 2010. Combined with the first closing on July 9, 2010, the company has received total proceeds of approximately $4-million, including approximately $2.1-million from IFC, a member of the World Bank Group, and approximately $1.4-million from other institutional shareholders, including Asian Lion Ltd. and Lion Selection Group.
Units, priced at 20.8 cents each, consisted of one common share and one purchase warrant. Each purchase warrant entitles the holder to acquire one additional common share at a price of 31 cents per share for five years from the date of closing. No finder's fees were paid in connection with the second closing. All securities issued in the second closing are subject to a four-month statutory hold period expiring on Nov. 23, 2010, and to final approval by the TSX Venture Exchange.
Proceeds from the financing will be used for exploration and feasibility studies at Mindoro's Agata nickel project in the Surigao district on Mindanao Island of the Philippines. IFC will work with the company to ensure that exploration and any subsequent mine development is carried out in an environmentally and socially sustainable manner.
Mindoro Resources Ltd. has granted incentive stock options to directors, officers, employees and consultants of the company to purchase four million common shares at an exercise price of 20.8 cents per share for a three-year term.
The grant of incentive stock options provides long-term incentive to the company's key personnel and further ensures that the interests of the company's personnel are aligned with the interests of the company's shareholders.
MANILA, PHILIPPINES--(Marketwired - Feb. 29, 2016) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) ("Mindoro" or the "Company") is pleased to announce that, subject to the approval of the TSX Venture Exchange (the "Exchange"), Fabian B. Reyes has been appointed to the board of directors of the Company following the resignation of Aaron Principe as a director. The Company is also pleased to announce that, subject to the approval of the Exchange, Ms. Jeannette V. Gutierrez has been appointed to succeed Clayton Northey as the new CFO as well as the Corporate Secretary of the Company.
Mr. Fabian B. Reyes is a resident of Calgary, Alberta. During his stay in the Philippines, Mr. Reyes has handled executive positions as a Certified Public Accountant in both Government & Private Financial Institutions over a period of 26 years. He worked as a Trust Officer with Philippine Commercial Capital, Inc. and was a Bank Manager at the time of his retirement from the Development Bank of the Philippines. He completed his Bachelor's degree at the National College of Business and Arts and received his MBA degree from Jose Rizal University (Philippines). He is also active in his volunteer work as an Administrative Assistant at the Calgary Drop-In & Rehabilitation Center Society.
Ms. Jeannette V. Gutierrez is a Philippine-licensed Certified Public Accountant and has worked as an Associate Director at the Assurance & Advisory Business Services sector of Sycip Gorres Velayo & Co. (SGV & Co.), a member firm of Ernst & Young International from 2010 to 2014. She obtained her Bachelor of Science in Accountancy at the Rizal Technological University (Philippines) in 2009 where she graduated cum laude. She provides accounting and advisory services with her JVG Consulting firm and is a member in good standing with the Philippine Institute of Certified Public Accountants (PICPA) in the Philippines.
The Board of Directors of the Company would like to thank Mr. Principe for his services as a director and Mr. Northey for his invaluable contribution to the Company. The Company wishes them both the best in their future undertakings.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Mindoro Resources Ltd.
Mary Anne B. Antazo
Interim CEO
+632 5513037 mbantazo@mrlnickel.com
