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Mar 16, 2010
Mindoro Issues Incentive Stock Options
EDMONTON, Alberta: March 16, 2010 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) today announced that incentive stock options have been granted to directors and officers of the Company to purchase 1,450,000 common shares at an exercise price of $0.19 per share for a five year term. The grant of 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. 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 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 large scale 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.
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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.
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