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Jan 12, 2010
New Director And Advisors Appointed
EDMONTON, Alberta; January 12, 2010 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) is pleased to announce the appointments of Jon Dugdale to the Company's board of directors and Howard Walker and Michael Grace to the Company's Advisory Board.
Rob Garden, Mindoro's chairman stated, "On behalf of the Board of Directors I welcome our new board member, Jon Dugdale, and our two new advisors, Howard Walker and Michael Grace. Asian Lion is our largest shareholder. Having the active support of Asian Lion and Lion Selection at both Mindoro's board and advisory level, through Jon and Howard, is a real "game changer" for Mindoro. Jon and Howard are well acquainted with business and financial opportunities in both Australia and Southeast Asia. We look forward to their support in advancing Mindoro's interests in that area of the world.
Michael has been a strong supporter of Mindoro for many years. He has wealth of experience and many connections that will be most helpful. With the assistance of these three men we look forward to 2010 as a significant building year for our company."
Mindoro also announced that incentive stock options have been granted to new appointees to purchase an aggregate 200,000 common shares at an exercise price of $0.125 per share for a five year term.
ABOUT JON DUGDALE BSC (HONS), MAUSIMM
Jon Dugdale is the President of Asian Lion Limited and a member of the management team of Lion Manager Pty Ltd. ("the Lion Manager). Since graduating as a geologist with first class honours from the University of Melbourne in 1986 Jon has 22 years mining and investment experience in Australia and the Asian region. This includes 7 years with Western Mining Corporation (WMC), 12 years with Mining Project Investors (MPI) and Leviathan Resources and the last 3 years with Lion/Asian Lion.
With MPI from 1993 to 2004 Jon was associated with a number of exploration discoveries made by the MPI exploration team, including Silver Swan nickel deposit in WA and Golden Gift in Stawell, Victoria. The takeover of MPI Mines saw Jon move to Leviathan Resources as Manager Exploration, responsible for building and managing the exploration portfolio in SE Australia, before joining Asian Lion and the Lion Manager in 2006.
Asian Lion is a private equity fund, formed in 2006, that provides capital for development projects, feasibility studies and advanced exploration in junior mining companies active in Asia. The fund is managed by the Lion Manager, which is also the manager of the African Lion funds and is managed from Lion Selection's Melbourne office. Asian Lion's fund is currently US$34.2 million and its shareholders include Lion Selection, the IFC (the World Bank's investment arm), PROPARCO (French Development Bank), ABN AMRO, Altitude Investment Company, and Atlas Financial International.
Asian Lion currently holds 4,985,000 Mindoro common shares.
ABOUT HOWARD WALKER BSC, ARSM, MAUSIMM
Howard Walker currently serves as the Executive Director of Lion Selection Group Limited. Howard graduated as a Mining Engineer from the Royal School of Mines in London in 1975. He worked for General Mining in South Africa for five years, prior to joining Mount Isa Mines in Queensland as a mine planning engineer in the copper and lead/zinc areas. In 1983, Howard joined stockbroker J B Were & Son as precious metals analyst, specialising in the Australian gold sector. He became an associate director of the firm in 1986, and was appointed Manager of the Resources Research team in 1987.
Howard joined J B Were Corporate Services Limited as a director in 1990 and was closely involved in numerous capital raisings for resource companies such as BHP Gold, Asarco Australia, Plutonic Resources Limited, Acacia Resources Limited, Lihir Gold Limited, North Flinders Mines Limited and Homestake Gold of Australia. Howard was a director of Highlake Resources NL from 1996 to 1997. Howard was a founder and executive director of Lion Manager from 1997 before retiring in 2007 and is Executive Chairman of Altitude Investments, which is a shareholder in Asian Lion.
Lion Selection is a mining investment company with exposure to investments made by the special purpose African Lion investments funds and Asian Lion fund, which are both managed by Lion Manager Pty Ltd. Through these funds, Lion Selection Group invests in junior resource companies providing venture capital to carefully selected mining and exploration companies with outstanding management and development projects.
Lion Selection currently holds 833,350 Mindoro common shares.
ABOUT DR. MICHAEL GRACE, BSC, P.ENG, B.ED, AM AND PHD.
Dr Michael Grace is president of M Grace Consulting and an Adjunct/Clinical Professor, Faculty of Medicine and Dentistry, University of Alberta. He has been an Adjunct, Clinical or Honorary Professor at Universities of Calgary, British Columbia, and Western Ontario.
Dr. Grace has authored/co-authored 300 scientific publications in journals or books.He has served on more than 60 masters and doctoral committees and taught students, residents, medical staff, faculty and corporations in scientific methods, risk management, ethics, research and experimental design, statistics, and evaluative techniques and consulted to a diverse set of corporations and organizations, nationally and internationally.
Dr Grace has served on Boards of private and public companies and ethics committees. He has been Canadian Regional Director of the Harvard Alumni Association, on the Board of the Harvard Alumni Association, a Harvard Schools Committee Chairman and member of the Nominating Committee at Harvard for Overseers and Directors
Dr. Grace previously served on Mindoro's board of directors from 1997 to 2001.
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on 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 three joint venture projects with Gold Fields in the Batangas area, Philippines.
In addition to advancing the Agata North nickel laterite project, drilling funded by Gold Fields is in progress on the El Paso copper-gold project and soon to start on the Lobo project. Drilling has recently been completed on the American Tunnels gold and copper-gold targets. Mindoro is assessing various alternatives to commercialize the Kay Tanda gold resource in the best interests of the shareholders. Other objectives include identifying a joint venture partner to advance Mindoro's copper-gold prospects at Surigao.
For further information, contact:
Mindoro Head Office
Penny Gould, President
Tel: 780.413.8187 or
Toll Free: 1.877.413.8187
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Investor Relations - Europe
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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 and the uncertainty of the availability of capital). 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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