On November 18, 2009, Mindoro reported results of a NI 43-101-compliant mineral resource estimate at 0.5 percent nickel cutoff grade for the limonite and 0.8 percent cutoff grade for the saprolite. The resource estimate was based on a total of 408 drill holes, comprising 7,300 m of diamond drill core, covering approximately 80 percent of the delineated laterite at Agata.



Summary of Resource @ 0.5 % Ni cutoff grade (Limonite) and 0.8% cutoff grade (Saprolite)

Category	Laterite Horizon	Mil. WMT	Mil.DMT	Ni%	Co%	Fe%	Contained Ni (Mil. pounds)	Contained Co (Mil. pounds)
Measured	Limonite	2.16	1.40	1.00	0.11	44	31.01	3.26
	Saprolite	0.64	0.51	1.16	0.03	11	13.09
Indicated	Limonite	12.98	8.44	0.98	0.11	46	181.55	21.02
	Saprolite	20.70	16.56	1.18	0.03	11	431.20
Total Meas.+ Ind.	Limonite	15.14	9.84	0.98	0.11	45	212.56	24.28
	Saprolite	21.34	17.07	1.18	0.03	11	444.28
	Total	36.48	26.92	1.11	0.06	24	656.84	24.28
Inferred	Limonite	1.56	1.01	0.92	0.10	44	20.49	2.17
	Saprolite	3.48	2.78	1.11	0.03	12	68.26
	Total	5.03	3.79	1.06	0.05	21	88.74	2.17

• 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.
• Mineral resources which are not mineral reserves do not have demonstrated economic viability.
• The tonnage and nickel grades above have been rounded to the nearest 2nd decimal, and iron grades to the nearest whole number, which may have resulted in minor discrepancies.
• The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
• It is uncertain if further exploration will result in upgrading the Inferred mineral resource to an Indicated or Measured mineral resource or the Indicated mineral resource to a Measured Resource category.

Sampling test pit in Agata nickel laterite	Drill rig on the Agata nickel laterite project
Sampling test pit in Agata nickel laterite

NEWS RELEASES

November 18, 2009

Major Upgrade For Agata North Nickel - Cobalt Laterite Resource

TECHNICAL REPORTS

December 22, 2009

Independent Report on the Nickel Laterite Resource Estimate Upgrade at Agata North