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Jun 14, 2010
IFC Posts Summary of Proposed Investment
Mindoro was pleased to announce on June 8, 2010, that the company has arranged for a potential investment by the IFC, a member of the World Bank Group, as part of a larger $5,200,000 private placement (read the full release here).

The IFC has posted for public viewing a Summary of Proposed Investment (SPI) on its website. To follow is an excerpt from the Development Impact page of the SPI:

IFC's expected development contribution

 
IFC's expected contribution during the pre-development phase of the mine includes:
 
Provider of Capital: IFC's investment will provide much needed capital for further exploration and preparation of studies that will take the Company closer to mine development and enhance the Company's prospects for attracting future investors and potential joint venture partners.
 
Long-term shareholder: IFCs role as a long term, strategic investor provides comfort to the Company and other investors that adequate funding would be available, for a large-scale nickel mine and processing facility. The Company seeks a partner who is willing to play a significant role in the future mobilization of funds.
 
Environmental and Social Expertise: IFC's involvement will help set benchmarks on environmental and social sustainability practices in the Philippines mining sector. IFC will provide guidance to Mindoro and help build its internal environmental and social management systems and ensure implementation for sustainable development.


Click here to view the full text of the SPI.

The potential investment by the IFC is subject to final documentation, approval of the board of directors of IFC following a 30 day disclosure period, and regulatory approval.

For further information, please contact us at one of the numbers provided below.

Regards,
Jon Dugdale
President and CEO

The reader is cautioned that mineral resources which are not mineral reserves do not have demonstrated economic viability. Further, the potential quantity and grade of the exploration target described above is conceptual in nature. 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.

For further information, contact:

Mindoro Head Office
Penny Gould, VP Investor Relations
penny@mindoro.com
Tel: 780.413.8189 or
Toll Free: 1.877.413.8187

Investor Relations -- Canada
Senergy Communications Inc.
Investor Relations
ir@mindoro.com
Tel: 1.778.331.2030

Investor Relations - Europe
Robert Sarcher
robert@mindoro.com
Tel. 49.821.6089051
 
 

You can view the Next Press Releases item: Tue Jun 22, 2010, Results of Mindoro Annual General Meeting

You can view the Previous Press Releases item: Tue Jun 8, 2010, Mindoro Announces Proposed IFC Investment

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