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Dec 06, 2010
Mindoro to Commence Trading on ASX
EDMONTON, Alberta; December 6, 2010 - Mindoro Resources Ltd. (TSXV: MIO; ASX: MDO; Frankfurt: WKN 906167) today announced that it will commence trading on the Australian Securities Exchange (ASX) on December 7, 2010, under the symbol MDO.
The Company reported on November 26, 2010, that it had raised A$8,000,000 in Australia from the sale of 40 million CHESS Depository Interests (CDIs) at a price of A$0.20 each (approximately C$0.20). The Company has received final approval from the ASX to list the CDIs, which are equivalent to and exchangeable for common shares on a one to one basis.
"Mindoro's entrance into the Australian market is a positive step forward in the Company's plans to transition from explorer to producer. Australia's proximity to the Philippines and appetite for resource-based investments will compliment Mindoro's well-established shareholder bases in Canada and Europe," said Mindoro's President and Chief Executive Officer Jon Dugdale.
In addition to the A$8,000,000, the Company also raised C$2,000,000 through the sale of 10 million shares to the IFC, a member of the World Bank Group.
The Company will use the funds to advance pre-feasibility and feasibility studies into a staged and integrated nickel processing operation at its Agata Project and continue regional drilling in an effort to increase its nickel laterite resource. The Company also plans to advance its outstanding portfolio of gold and copper-gold projects in the Philippines.
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO), Australian Securities Exchange (MDO) and the Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on nickel, copper and gold 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 the company is assessing the potential to develop a value-added direct shipping ore (DSO) operation to generate early cash flow 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 totaling Measured and Indicated 32.6 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 (see press releases dated January 11 and September 8, 2010). Drilling of the Surigao nickel laterite exploration target 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 percent interest through direct project expenditure.
Drilling on the American Tunnels project at Agata has confirmed potential for a near-surface, bulk-tonnage gold target and deeper porphyry copper-gold targets and at Pan de Azucar the company has commenced drilling of copper-gold and massive pyritic sulphide targets. Other gold and copper-gold targets in the Surigao region will be reviewed prior to developing proposals for further drilling or joint venture.
For further information, contact:
Mindoro Head Office - Canada
Penny Gould, VP Investor Relations
Tel: 780.413.8189 or
Toll Free: 1.877.413.8187
Investor Relations -- Canada
CHF Investor Relations
Jeanny So, Director of Operations
email@example.com or firstname.lastname@example.org
Mindoro Melbourne Office - Australia
Jon Dugdale, President and CEO
Tel: +613 9614 5055
Investor Relations - Europe
Robert Sarcher, Director
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.
The Company's DSO and large scale production objectives are intended to provide an indication of management's current expectations and are still conceptual in nature. It is uncertain that sufficient resources will be established and if established that these resources will be converted into economically viable mining reserves. Until a feasibility study has been completed, there is no certainty that these objectives will be met. The potential quantity and grade of the Exploration Target is also conceptual in nature; it is uncertain if further exploration will result in the Exploration Target being delineated as a mineral resource and there is no guarantee that these resources, if delineated, will be economic or sufficient to support a commercial mining operation.
Tony Climie, P.Geol, is Mindoro's Qualified Person as defined by National Instrument 43-101 and is a competent person as defined by the JORC Code, who is responsible for monitoring the supervision and quality control of Mindoro's regional exploration programs and who has reviewed and verified the technical information contained in this news release. Mr Climie is an executive and a director of Mindoro and is a member of the of the Alberta Professional Engineers, Geologists and Geophysicists Association. Mr Climie has more than five years of experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he has undertaken. Mr Climie has consented to the release of his report in the form and context in which it appears.
All Resource estimates in this release were originally prepared in accordance with and comply with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum classification system. Ni 43-101 is a rule developed by the Canadian Securities Administrators that governs how Canadian issuers disclose scientific and technical information about mineral projects and which is broadly equivalent to the JORC Code in Australia. All resource information is also expressed in terms of the JORC Code.
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 with respect to results of exploration, 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. The Company does not undertake to update forward looking statements except where required to do so by law.
You can view the Next Press Releases item: Mon Dec 13, 2010, Mindoro Releases Exceptional Nickel Metallurgical Results
You can view the Previous Press Releases item: Fri Dec 3, 2010, Gold Fields Commences Drilling On Mindoro'S Lobo High Grade Gold Target
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