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Feb 22, 2010
Jon Dugdale Appointed President And CEO
Institutional Investors to Subscribe for 80 Percent of Private Placement
EDMONTON, ALBERTA, Feb 22, 2010 - Mindoro Resources Ltd. (MIO) (FRANKFURT:WKN 906167) today announced that Institutional Investors, including existing shareholders Asian Lion Ltd (Asian Lion) and Lion Selection Group Ltd (Lion Selection), have agreed to subscribe for up to 80 percent of the 25 million units to be issued in the private placement to advance Mindoro's nickel laterite development options, announced on February 19, 2010.
As a condition of investment by the Institutional Investors, Mindoro is pleased to announce that the Board has approved the appointment of former Asian Lion President and current Mindoro Director, Jon Dugdale, to the position of President and Chief Executive Officer (CEO). Tony Climie has resigned as CEO of Mindoro and the Board has approved his appointment to the position of Director of Exploration. Tony retains the position of COO for Mindoro and CEO of MRL Gold Phils. Inc. Penny Gould has resigned as President of Mindoro and the Board has approved her appointment to the position of Vice President Investor Relations. Penny retains the position of Corporate Secretary.
The Board has also approved a further condition of Investment of the Institutional Investors and undertaken to make all reasonable efforts to obtain a dual listing on the Australian Securities Exchange by March 1, 2011.
The Chairman of Mindoro, Rob Garden, stated, "The Board welcomes the strong support of the Australian Institutional Investors and is backing the appointment of Jon Dugdale as President and CEO. The Board and our senior management know Jon Dugdale very well and unanimously agreed that his appointment was key to moving the corporation from the exploration phase toward production. He has exactly the skill set we need at this time in our development. The Board thanks Tony Climie and Penny Gould for their hard work and dedication to the corporation. They continue to be important members of our senior management team."
The former CEO of Mindoro, Tony Cimie, stated; "as the Company transitions from explorer to developer, additional skills and expertise are required to grow the Company. I am delighted we have been able to attract a person of Jon Dugdale's calibre to assume the role of President and CEO of Mindoro. This will allow me to focus on managing the primary subsidiary MRL Gold based in the Philippines, advancing our exploration program based on a strong project portfolio and strengthening our considerable asset base."
ABOUT JON DUGDALE BSC (HONS), MAUSIMM
Jon Dugdale was the President of Asian Lion Limited and a member of the management team of Lion Manager Pty Ltd. ("the Lion Manager"). Graduating as a geologist with first class honours from the University of Melbourne in 1986 Jon has 23 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 4 years with Asian Lion.
With MPI from 1993 to 2004 Jon was involved with the exploration and development of several discoveries made by the MPI exploration team, including Silver Swan nickel deposit in Western Australia and Golden Gift gold deposit in Stawell, Victoria, Australia. 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 where he obtained financial and investment skills as well as exposure to the valuation and development of mining projects in the Asian region as an active investment manager.
ABOUT ASIAN LION LTD
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. Asian Lion's shareholders include Lion Selection, the IFC (the World Bank's investment arm), PROPARCO (French Development Bank), ABN AMRO (Royal Bank of Scotland) and Altitude Investment Company.
ABOUT LION SELECTION GROUP
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.
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 controls major nickel laterite resources in the Surigao District, Mindanao, where potential for a direct shipping ore (DSO) operation to generate early cash flow is being investigated as well as long term potential for an onsite processing plant.
Mindoro has NI 43-101 resource estimates on its Agata North nickel-cobalt project and on both its Lobo 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 of southern Luzon, where drilling is also in progress, funded by Gold Fields. Drilling on the American Tunnels project has confirmed potential for a near-surface, bulk-tonnage gold target and porphyry copper-gold targets. Other objectives include finalizing joint venture arrangements on Mindoro's porphyry copper-gold prospects at Surigao.
For further information, contact:
Mindoro Head Office
Tel: 780.413.8187 or
Toll Free: 1.877.413.8187
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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.
You can view the Next Press Releases item: Wed Mar 3, 2010, Mindoro Closes Private Placement To Advance Nickel Laterite Development Options And Appoints Howard Walker Director
You can view the Previous Press Releases item: Fri Feb 19, 2010, Mindoro Arranges Private Placement
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