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Sep 22, 2010
Mindoro Appoints King VP Commercial and CFO
EDMONTON, ALBERTA, September 22, 2010 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) is pleased to announce the appointment of Rob King to the role of Vice President Commercial and Chief Financial Officer. Rob King has been with Mindoro in a consulting capacity since June 2010. He has 25 years of international experience in the resource sector, including 17 years with Placer Dome in a number of positions based in Canada, Australia, SE Asia, PNG and Africa. Rob was CFO for Placer's African operations at the time Barrick Gold Corp acquired Placer Dome and continued with Barrick in this capacity for 2 years prior to returning to Australia. Rob holds a Bachelor of Commerce from the University of NSW, is a CPA and a Graduate Member of the Australian Institute of Company Directors (GAICD).
The appointment of Rob King to the executive team will provide the necessary financial and commercial expertise to assist Mindoro to move to the next stage of its development strategy. Rob Garden, Mindoro's Chairman, stated: "We are extraordinarily fortunate to have Rob King join our senior leadership team. Major mining corporations would be delighted to employ Rob in a senior financial role but he elected to join Mindoro and we are delighted that he has done so. His abundant commercial and financial skills and energy will be of great assistance to the corporation as we move to next phase of our operations."
To facilitate Rob's appointment, Herrick Lau has resigned as CFO, effective immediately. The board of directors is grateful to Herrick for his assistance in managing the company's transition over the past year. Herrick will continue to play an integral role, on a consulting basis, in assuring Mindoro continues to meet its Canadian financial reporting obligations.
Concurrent with his appointment, and subject to regulatory approval, Rob King will be granted 700,000 incentive stock options at an exercise price of $0.31, a premium to the market price, for a three 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.
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 advanced as well as large scale potential for an onsite processing plant.
Mindoro has NI 43-101 Mineral Resource estimates on its Agata nickel-cobalt project (Setpember 2010) totaling Measured and Indicated 32.59 million dry metric tonnes (DMT) at 1.04% Nickel and 0.05% Cobalt and Inferred 1.68 million DMT at 1.04% Nickel, 0.04% Cobalt. The Surigao regional exploration target is 50 million to 70 million DMT at 0.9% to 1.2% Nickel (January 2010). Drilling of the Surigao nickel laterite exploration targets is in progress.
Mindoro also has NI 43-101 Mineral Resource estimates on both its Lobo and Archangel (Kay Tanda) gold-silver projects. Mindoro has identified 22 porphyry copper-gold prospects and has three projects in the Batangas area of southern Luzon which are the subject of a farm-in arrangement whereby Gold Fields Ltd may earn 75% through direct project expenditure. Goldfields has commenced drilling on the Lobo project.
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 progressing joint venture discussions 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.
You can view the Next Press Releases item: Mon Oct 4, 2010, Mindoro Appoints Christopher De Guingand To Board Of Directors
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