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Aug 05, 2009
Mindoro Issues Incentive Stock Options
EDMONTON, Alberta: August 5, 2009 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) today announced that incentive stock options have been granted to directors, officers, advisory board members and employees of the Company and the Company's Philippine subsidiary, MRL Gold Phils., Inc., to purchase 2,615,000 common shares at an exercise price of $0.13 per share for a five year term.
During the past year, in response to the difficult economic climate, officers and employees of Mindoro and MRL have taken reductions in the cash component of their compensation ranging from ten to sixty percent. The grant of incentive stock options provides additional 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. All grants are 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 NI 43-101 resource estimates on its Agata North nickel-cobalt project and on both its Lobo (SWB) and Archangel (Kay Tanda) gold-silver projects. Mindoro has identified 22 porphyry copper-gold prospects and has a Memorandum of Understanding with Avocet Mining and a Memorandum of Agreement with Gold Fields covering its Batangas projects.
Mindoro is well positioned to capitalize on the global demand for gold with plans to drill the Lobo and El Paso copper-gold projects, funded by Gold Fields, and drill the American Tunnels gold /copper-gold project, commencing in August. Final results are also awaited from due diligence drilling on the Kay Tanda gold project, funded by Avocet. Additional near-term objectives include finalizing one to two joint venture arrangements on Mindoro's porphyry copper-gold prospects at Pan de Azucar and Surigao and identifying a suitable partner to fund development of the significant Agata North nickel resource.
For further information, contact:
Mindoro Head Office
Penny Gould, President email@example.com
Tel: 780.413.8187 or
Toll Free: 1.877.413.8187
Investor Relations -- Canada
Senergy Communications Inc.
Investor Relations - Europe
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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