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Jul 29, 2011
Mindoro Makes Organizational Changes to Position Company for Key Growth Phase
EDMONTON, ALBERTA, July 29, 2011 - Mindoro Resources Ltd (TSXV: MIO; ASX: MDO; Frankfurt: WKN 906167) is pleased to announce the appointment of Mr. Howard Walker to an executive corporate and financing role with the Company as well as other organizational changes designed to centralize corporate management and efficiently position the Company for its key growth phase.
Howard Walker will remain Vice Chairman of the Company as well as assume the part-time executive role of driving corporate and financing initiatives and market the Company to investors, the financial community and potential partners and product off-takers. Howard brings a wealth of experience including with JB Were as Director Corporate Finance and as a founder of the very successful resource venture capital focused Lion Selection Group -- a key shareholder of Mindoro.
Other organizational changes will include centralizing management and administration of the Company, outside of the Philippines, in Melbourne, Australia. Melbourne and the Philippines are in similar time zones which allows for greater efficiency in managing the business. As a result, the Edmonton office will close on August 31, 2011.
Coinciding with the closure of the Edmonton office, Penny Gould, VP Investor Relations & Corporate Secretary and Grant Hagen, Financial Controller, will be leaving the Company to pursue other opportunities in Edmonton. Clayton Northey will relocate to Melbourne in the capacity of Financial Controller.
Rob King, VP Commercial and CFO, will assume the position of Corporate Secretary on an interim basis. Arrangements with service providers are in place to ensure the Company will continue to meet compliance obligations in both Canada and Australia.
Additional investor relations support will continue to be provided by CHF Investor Relations in North America, NWR Communications in Australia and Aprendo Capital in Europe. The Company also retains three directors based in Canada, three in Australia and two in the Philippines and will continue to balance the promotion of the Company across all markets where Mindoro shares are traded.
"We are delighted to have Howard Walker take on a greater role in the Company to provide invaluable support in corporate development and promotion of the Company. Howard's new appointment, as well as the other organizational changes, creates an efficient nucleus which will position the Company for its key growth phase based on the achievement of important milestones," said Mindoro's President and Chief Executive Officer Jon Dugdale.
"We wish to acknowledge and thank Penny Gould for playing an important role in building the Company over the past fourteen years. Penny has developed a very supportive shareholder base and established a strong corporate governance culture in the Company. Together with Tony Climie and Grant Hagen, Penny managed the Company through several difficult periods including the global financial crisis. We wish Penny and Grant best wishes for their future endeavors," added Jon Dugdale.
On behalf of the Board of Directors,
President and CEO
For further information, please contact Mindoro's Melbourne office at +61 3 9614 5055.
For investor relations inquiries, please email email@example.com, or telephone one of the following:
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO), Australian Securities Exchange (MDO) and Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on nickel exploration and development and copper and gold exploration in the Philippines with a strategy of advancing early-stage opportunities to production or joint venture.
Mindoro has NI 43-101 Mineral Resource estimates on its Agata nickel-cobalt project, that include a Measured and Indicated resource of 32.6 million tonnes at 1.04% nickel for 340,000 tonnes contained nickel, and NI 43-101 Mineral Resource estimates on its Lobo and Archangel (Kay Tanda) gold-silver projects, as well as 10 key porphyry copper-gold prospects.
Mindoro recently released an integrated preliminary economic assessment (PEA) on the Agata Nickel Project in the Surigao District, Mindanao, where the Company controls major nickel laterite resources and is drill testing regional targets. The Company has commenced a prefeasibility study into an integrated on site nickel processing project based on the PEA. The Company is also assessing the potential to develop a thermally processed (upgraded) nickel ore operation to generate early cash flow.
Drilling is in progress testing the Pan de Azucar gold-copper massive sulphide where extensions at shallow depth are being tested. Mindoro is planning a drilling program to expand gold resources and test high-grade targets at Batangas and is evaluating and prioritizing its many high-potential copper-gold targets prior to further drill targeting.
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 thermal processing 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.
Mindoro's exploration programs are prepared and/or designed and carried out under the supervision of Tony Climie, P.Geo., who is a qualified person as defined by National Instrument 43-101 and is a competent person as defined by the JORC Code, and who has reviewed and verified the pertinent disclosure of exploration related technical information contained in this news release. Mr. Climie is an executive and a director of Mindoro and is a member 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 the pertinent exploration related technical information in the form and context in which it appears.
The Company's resource estimates were originally prepared in accordance 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: Thu Aug 18, 2011, Mindoro Issues Incentive Options to Senior Staff and Enters Program to Improve Liquidity on the TSX-V
You can view the Previous Press Releases item: Thu Jul 28, 2011, Mindoro Receives Positive Thermal Upgrade Test Results from Agata, Commences Stage 1 Iron-Nickel Production Scoping Study and Provides General Progress Update
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