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Oct 22, 2008
Mindoro Clarifies Agata Nickel Laterite Disclosures
In the company's press releases of July 13 and August 10, 2007, and February 7, March 25, and April 30, 2008, references were made to scoping studies, preliminary mine planning and economic evaluations for a Direct Shipping Operation (DSO) on the Agata North nickel project; some of these studies were in progress at the time, and others were to commence upon completion of the initial NI 43-101 resource estimate. The company also stated a target production date of the first half of 2008 for the DSO operation.
Subsequently, in a May 27, 2008, press release, the company noted that there had been a softening in prices quoted for low-grade DSO nickel laterite, and that many of the nickel pig iron blast furnaces in China had been shut down, apparently for environmental reasons. In a press release dated June 26, 2008, the company stated that due to a weakening nickel prices and demand for DSO ore, "the option to commence a DSO operation, currently on hold, will be kept open".
The company wishes to clarify that due to market conditions for low-grade DSO product, all activities related to advancing a potential DSO operation at Agata North have been terminated. Any previously announced scoping studies, mine planning, or planned economic evaluations for a DSO operation at Agata have likewise been terminated.
On October 16, 2007, the company announced that it had expanded its development concept and would evaluate several value-added, on-site processing options. Since that time all news releases have emphasized that the company's primary objective is to define the entire Agata North resource, and to define the optimal technology for enhanced value, local processing of its nickel laterite resource (releases dated Feb. 26, April 30, May 27, June 26, July 16 and 29, August 7, 12 and 19, September 4 and 16, and October 14, 2008).
Preliminary resource estimates for the Agata nickel laterite, included in technical reports dated June 10 and September 19, 2008, were disclosed in releases dated April 30 and August 12, 2008. As a result of the review by the Alberta and British Columbia Securities Commissions, the company intends to file an amended technical report on or before October 28, 2008, rectifying certain deficiencies noted in the September 19, 2008, technical report. The amendments will not affect the actual resource estimate, but pertain to other disclosures in the report.
As advised in the company's release dated October 14, 2008, the drilling at Agata North has been terminated with about 80 percent of Agata North drill-tested. A final resource estimate is expected to be released in November. This will form the basis for seeking a joint venture partner to fund further exploration and possible development of the Agata Nickel Laterite Project.
Tony Climie, P.Geol. and Chief Executive Officer of Mindoro, is the qualified person responsible for the technical information reported in this news release.
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on copper-gold and nickel exploration in the Philippines with a strategy of advancing early stage opportunities to production or joint venture. Mindoro has identified initial NI 43-101 compliant resource estimates on its Agata North nickel-iron-cobalt project, and on both its Lobo (SWB) and Archangel (Kay Tanda) gold-silver projects. Mindoro has also identified 22 porphyry copper-gold prospects and recently announced a Memorandum of Understanding with Avocet Mining and a Letter of Agreement with Gold Fields covering Mindoro's Batangas projects.
For further information, contact:
INVESTOR RELATIONS -- CANADA
Mindoro Resources Ltd.
Penny Gould, President: email@example.com
Toll Free: 1.877.413.8187
Renmark Financial Communications Inc.
Barbara Komorowski: firstname.lastname@example.org
Jason Roy: email@example.com
INVESTOR RELATIONS -- EUROPE
Richard H. Mayr: firstname.lastname@example.org
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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