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May 11, 2007
Consultants Retained to Process Agata Environmental Permits
EDMONTON, Alberta; May 11, 2007 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) is pleased to report that Technotrix Consultancy Services Inc. and Mediatrix Business Consultancy have jointly been retained to assist with Mindoro's application for an Environmental Compliance Certificate (ECC) covering the Agata nickel laterite project in the Surigao Gold District of Northern Mindanao, the Philippines. Receipt of an ECC is a pre-requisite for production. Technotrix and Mediatrix will work with Mindoro to ensure the company's compliance with various ECC requirements, including: Environmental Impact Assessment, Environmental Risk Assessment, Environmental Management Plan, and Environmental Monitoring Programme.
Dr. Edgardo G. Alabastro, Chief Executive Officer of Technotrix, is currently the Chair of the Philippine Environmental and Social Assessment Network, Inc., the only existing nationwide Professional Organization of Environmental Impact Assessment Practitioners. As a previous member of the Environmental Impact Assessment Review Committee, of the Philippine Government's Environmental Management Bureau, Dr. Alabastro has handled several mining projects, including the Rio Tuba Project in Palawan. Ms. Matilde J. Fernando, LL.B., General Manager of Mediatrix, has a successful track record of assisting various clients, including Lafarge Corporation, with their permitting requirements in the Philippines.
Mindoro notes that another Canadian company, MBMI Resources (TSXV:MBR), announced on April 23, 2007, receipt of its required environmental permits to commence development and mining on a nickel property in Narra, Palawan, the Philippines.
ABOUT THE AGATA NICKEL LATERITE PROJECT
The nickel laterite prospect is situated on the Agata Project, Surigao Gold District, northern Mindanao, Philippines. There are several nickel laterite mines already in production in the Surigao District, providing direct shipping-grade ore to markets and processing plants in China, Japan, Korea and Australia. The geological extension of the Agata nickel laterite mineralization into an adjacent property, one kilometer south of Agata, is in production and product is being shipped to markets in China (see map accompanying release of March 13, 2007).
The very high demand for ferro-nickel feedstock for stainless steel production in the Asia-Pacific region region, and high nickel prices, presents a great opportunity to get the Agata Project into production fast, and to generate early cash flow. Uniquely, direct shipping grade nickel laterite deposits offer a low-capital cost and rapid route to production and cash-flow.
In 2006, thirty-five wide-spaced drill holes at Agata produced encouraging results, with nickel and iron grades in the range of material in high demand for the rapidly expanding ferro-nickel market for stainless steel production in China and SE Asia. Results were reported in a release dated July 6, 2006. Five rigs are currently drilling on a small part of the area tested in 2006, which is viewed as an Exploration Target with potential for 2 million to 3.5 million tonnes at a grade of 0.9% to 1.2% nickel and 40% to 45% iron, adequate for three to five years production. The Exploration Target has been calculated on approximately just 20% of the nickel laterite area mapped to date, which means the potential is high to increase the total tonnes and production. Assays from the current round of drilling are expected within the week.
The reader is cautioned that the potential quantity and grade of the Exploration Target described is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource. Until a feasibility study has been completed there is no certainty that the Company's projections will be economically viable.
Programs are carried out under the supervision of Tony Climie, P.Geol., president of Mindoro,who is a qualified person as defined by National Instrument 43-101. Sample preparation and assaying is being performed by McPhar Laboratory of Manila, an ISO 9001/2000 accredited laboratory. Ni, Co, Fe, MgO and Al2O3 assays are performed by AAS after an HCl-HNO3-HClO4 digest, and SiO2 by gravimetric method. Normal Quality Control and Quality Assurance procedures are being carried out, using a system of duplicate, standard and blank samples.
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). In addition to the Agata nickel laterite project, Mindoro is carrying out a major resource delineation program on its Kay Tanda gold-silver project. The company has also identified 22 porphyry copper-gold prospects in the Philippines and has an aggressive strategy of drilling multiple targets in 2007.
FOR FURTHER INFORMATION, CONTACT:
Executive Vice President
Ascenta Capital Partners Inc.
Toll Free: 1.866.684.4209 ext. 228
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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). 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.
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