In May 5, 2009, Mindoro announced that a Memorandum of Agreement had been signed with a member of the Gold Fields group of companies, whereby Gold Fields may earn up to a 75 percent interest in each of Mindoro's El Paso, Lobo and Talahib porphyry copper-gold projects located in the Batangas Province of southern Luzon Is., the Philippines, as shown below.




Gold Fields may earn up to a 75 percent interest in each of the three projects by sole-funding exploration and a feasibility study on each project, subject to certain expenditure limits as described below. Mindoro will retain a 25 percent interest at a production decision. Gold Fields will manage the programs. The projects are being evaluated for their porphyry copper-gold potential.

Phase 1: Gold Fields may earn a 51 percent interest in the El Paso project and the Lobo projects by spending AU$ 4,000,000 on the relevant project within 60 months of the farm-in period formally commencing. In relation to the Talahib project, Gold Fields may attain a 51 percent interest by spending AU$ 2,000,000. To earn a 51 percent interest Gold Fields must maintain a minimum annual expenditure commitment of AU$ 350,000 per project.

Phase 2 -- feasibility: After completing the first phase, Gold Fields may elect to continue sole funding expenditure in relation to the relevant project. In doing so, Gold Fields may earn a further 24 percent interest in the relevant project by completing a feasibility study or contributing a milestone amount of expenditure. The milestone amount, for the El Paso project and the Lobo projects, is AU$ 16,000,000 and is AU$ 12,000,000 for the Talahib project. These milestone amounts are in addition to the Phase 1 expenditures.

News Releases
May 5, 2009	Mindoro and Gold Fields Sign Memorandum of Agreement
September 1, 2009	Gold Fields Updates Progress on Batangas Projects