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Nov 03, 2008
Mindoro Appoints Tosney An Advisor And Issues Incentive Stock Options
EDMONTON, Alberta: November 3, 2008 -- Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) today announced that the company has appointed Mr. John Tosney, M.Sc., P.Eng., to the company's advisory board. Mr. Tosney has extensive experience in the development of gold projects, being involved in feasibility studies, environmental assessments, licensing, construction, operations, and early decommissioning at the Star Lake, Jasper, and Contact Lake mines in Saskatchewan.
Mr. Tosney's leadership skills and technical expertise have taken him from Saskatchewan Mining Development Corporation (1981) to senior management positions with Cameco Corporation, President of Cigar Lake Mining Corporation, and Executive Vice President of COGEMA Resources Inc. (Areva Group). Mr. Tosney currently serves as a director of Golden Band Resources and as Executive Advisor at Areva Resources Canada Inc.
In addition to his engineering expertise, John has also for many years played a leading role as an industry representative on many committees dealing with mine development issues. In recognition of his career, John received the 2005 Outstanding Achievement Award by the Association of Professional Engineers and Geoscientists of Saskatchewan.
Mr. Tosney holds a B.Sc. (Hons.) in Mining Engineering from Nottingham University and an M.Sc. in Management Studies from Durham University.
The company has granted incentive stock options to MR. Tosney to purchase 50,000 common shares at an exercise price of $0.13 per share for a five year term. Options will vest over one year with one half of the options vesting in each six month period following the date of issue. Granting incentive stock options provides long term incentive to the company's key personnel and further ensures that the interests of the company's personnel are aligned with the interests of the company's shareholders. The grant of options is subject to regulatory approval.
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:
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Mindoro Resources Ltd.
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The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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