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Feb 19, 2010
Mindoro Arranges Private Placement
EDMONTON, Alberta; February 19, 2010 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) today announced that it has arranged for the sale of up to 25,000,000 units to qualified investors at a price of $0.105 per unit. Each unit will consist of one Common Share and one Common Share Purchase Warrant. Each Purchase Warrant entitles the holder to acquire one additional Common Share at a price of $0.15 per share for one year from the date of issue. The Company may pay finder's fees as allowed by the policies of the TSXV.
Net proceeds of the offering will be used to advance Mindoro's nickel laterite development options, including further drilling definition of high grade Direct Shipping Ore (DSO >1.4% Nickel), conversion of a significant proportion of the previously announced 50 to 70 million Dry Metric Tonnes (DMT) @ 0.9 to 1.2 % Nickel laterite Exploration Target to NI43-101 compliant resource, initiation of a scoping study into the favoured development option(s) from the Stage 1 Development Options Study, due for completion and release by the end of February 2010 and for general working capital. The terms of the private placement are subject to regulatory approval.
In addition to the Exploration Target, announced on January 11, 2010, Mindoro announced a NI 43-101 compliant resource estimate on November 19, 2009, with an indicated and measured resource of 26.92 million DMT at 1.11% nickel and 0.06% cobalt, containing 657 million pounds nickel and 24 million pounds cobalt and an additional 3.79 million DMT in the inferred category, containing 89 million pounds nickel and 2 million pounds cobalt. The NI 43-101 technical report is available on SEDAR and on Mindoro's website at www.mindoro.com.
Mindoro's nickel-cobalt projects are located in an important nickel producing district. In addition to containing major strategic nickel laterite resources, the project has strong competitive advantages, including excellent infrastructure, close proximity to the ocean and markets, abundant limestone on site and potential for the establishment of a world-class nickel and cobalt processing operation.
The reader is cautioned that mineral resources which are not mineral reserves do not have demonstrated economic viability. The potential quantity and grade of the exploration target described above is conceptual in nature. There has been insufficient exploration to define mineral resources other than those disclosed in this release and it is uncertain if further exploration will result in the targets delineating additional mineral resources or that these resources, if delineated, will be economic or sufficient to support a commercial mining operation. Until a feasibility study has been completed there is no certainty that the company's projections will be economically viable.
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 Agreement with Gold Fields covering its Batangas projects.
Mindoro is well positioned to capitalize on the global demand for nickel, cobalt, copper and gold with plans to advance nickel-cobalt development options at Surigao, drilling of the Lobo and El Paso copper-gold projects, funded by Gold Fields, and maximizing value from the American Tunnels gold /copper-gold project and the Kay Tanda gold resource, due for resource estimate upgrade following drilling funded by Avocet.
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
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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