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Jan 13, 2009
Mindoro Announces Director And Advisory Board Changes
EDMONTON, Alberta: January 13, 2009 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) today announced the resignation of Dr. Gerhard Kirchner from the Board of Directors and his appointment to the company's Advisory Board, effective immediately. The company is grateful for Dr. Kirchner's dedication and his significant contributions over the twelve years that he has served as a director, including four years as Chairman. Although Dr. Kirchner is retiring as a director, we are pleased that his valuable expertise will continue to be available to the company as a member of Mindoro's Advisory Board.
The company is pleased to announce the appointment of Mr. John Tosney, M.Sc., P.Eng., as a director. Mr. Tosney has resigned as a member of Mindoro's Advisory Board pursuant to his appointment as director. Mr. Tosney has extensive experience in the development of gold projects, being involved in feasibility studies, environmental assessments, licensing, construction, operations, and 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.
John has also for many years played a leading role as an industry representative on many committees dealing with mine development issues. In 2005, John received the 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.
"While Dr. Kirchner's presence as a director will be missed, we certainly understand his desire to spend more time with family and friends in his native Austria. We are, on the other hand, very pleased that he has agreed to be available to us on our Advisory Board where we can continue to draw upon his encyclopedic mining knowledge," commented Rob Garden, Mindoro's Chairman. "Dr. Kirchner strongly recommended John Tosney to fill the vacancy that his departure has created. I have known John for more than 20 years and worked with him extensively over that period. I know that John will be an energetic board member and an enthusiastic supporter of our many promising projects in the Philippines."
The company has granted incentive stock options to MR. Tosney to purchase 100,000 common shares at an exercise price of $0.18 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 NI43-101 resource estimates on its Agata North nickel-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 has a Memorandum of Understanding with Avocet Mining and a Letter of Agreement with Gold Fields covering its Batangas projects.
For further information, contact:
INVESTOR RELATIONS - CANADA
Mindoro Resources Ltd.
Penny Gould, President: email@example.com
Tel: 780.413.8187 or 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
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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