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Apr 02, 2008
Mindoro Signs Benefits Sharing Agreement With Indigenous Community
EDMONTON, Alberta: April 2, 2008 - Mindoro Resources Ltd., (TSXV: MIO; Frankfurt: WKN906167) is pleased to announce that its Philippine operating subsidiary, MRL Gold Phils. Inc., has signed a Memorandum of Agreement (MOA) with the Mamanwa and Manobo Tribes and the National Commission on Indigenous Peoples (NCIP). The MOA is a result of the continuing consultation process by the company with the stakeholders within the company's Agata Project area, Northern Mindanao, the Philippines.
The MOA will allow the people of the Mamanwa and Manobo Tribes to participate in the company's future success by granting a royalty of one percent of the gross output of any mining project. In addition to the royalty payments, Mindoro has committed to provide skills training, employment opportunities, educational scholarships, and medical and dental services. The MOA also ensures the preservation and development of the community's culture, traditions and institutions, and the protection of burial grounds and sacred places.
Mindoro will sponsor economic development training for tribal leaders and elders who, along with representatives of the NCIP, will comprise a committee for the formulation of a community development plan. The goal is to ensure that the financial resources flowing back to the community from the company's mining project will be properly utilized for the benefit of the whole community and will foster economic sustainability.
Upon signing of the MOA, Mindoro's president, Tony Climie, commented: "We have been committed to socially and environmentally responsible exploration practices in the Philippines since 1997, designed to identify and develop economic mineral deposits that will provide lasting benefits to all stakeholders; including our shareholders, our employees and the local communities in which we work. As part of our commitment to this philosophy, we welcome the Mamanwa and Manobo Tribes as partners in the Agata nickel project."
Mindoro's Agata Project hosts significant areas of nickel laterite mineralization. Mindoro is initially advancing the project as a direct shipping ore operation, due to the low capital investment required and the opportunity for near-term cash flow. However, the company believes adquate nickel laterite tonnage exists to justify a local processing plant and management is actively evaluating various processing technologies as part of its long-term plan for Agata.
Mindoro Resources Ltd. is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). For techinical information on Mindoro's Projects, please visit Mindoro's website at www.mindoro.com. The MRL Gold website at www.mrlgold.com.ph offers a wealth of information of particular interest to our Philippine stakeholders and to anyone interested in the social and environmental challenges of exploration in the Philippines.
FOR FURTHER INFORMATION, CONTACT:
MINDORO RESOURCES LTD.
Penny Gould, Executive Vice President
MRL GOLD PHILS. INC.
Tony Climie, President, or
Edsel Abrasaldo, Vice President Exploration
Phone: +632.525.8869 or +632.525.0798
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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