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Aug 18, 2011
Mindoro Issues Incentive Options to Senior Staff and Enters Program to Improve Liquidity on the TSX-V
EDMONTON, ALBERTA, August 18, 2011 - Mindoro Resources Ltd (TSXV: MIO; ASX: MDO; Frankfurt: WKN 906167) announces that pursuant to the recent organizational changes and increases in individual responsibility, senior staff in Australia and the Philippines who are not directors have been issued incentive options to purchase 550,000 common shares at a price of CAD$0.25 for three years, vesting immediately and subject to the approval of TSX Venture Exchange (TSX-V). The price of the options represents a 50% premium to Mindoro's closing weighted average price on the TSX-V for the 5 days following the release of Mindoro's 2nd Quarter results.
"Our stock option plan is a key component of Mindoro's incentive compensation philosophy to align rewards for senior staff with growth in shareholder value." said Mindoro's President and Chief Executive Officer Jon Dugdale.
In addition, the Company has initiated a Market Liquidity Program (more commonly known as market-making) on TSX Venture Exchange in a manner consistent with TSX-V requirements, as part of investor relations' services provided by CHF Investor Relations. Retained by Mindoro in October, 2010, CHF Investor Relations has offered its clients market-making since 2002. Subject to TSX Venture Exchange approval, fees paid to CHF will increase, accordingly, to C$7,500 per month while all other terms of their IR agreement remain unchanged (see news release dated October 4, 2010 available at www.mindoro.com). The directors as well as an officer of the Company are supporting this program through personal loans to CHF, who will purchase and sell Mindoro shares in the name of CHF on TSX-V without the involvement of those lenders.
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 also trades on the 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.
In March 2011 Mindoro released a 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. A resource upgrade is due in early September 2011. The Company is progressing a prefeasibility study into an integrated on site nickel processing project, based on the PEA, that is due for release in October 2011. The Company has also commenced a scoping study into the development of a thermally upgraded (sintered) iron-nickel ore operation to generate early cash flow. The scoping study is due for release in late September 2011.
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 development and 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.
Boyd Willis, an AusIMM Chartered Professional and a qualified person as defined by National Instrument 43-101, and a competent person as defined by the JORC Code, has reviewed and verified the disclosure of a development and metallurgical processing nature contained in this news release. Mr. Willis has more than five years of experience which is relevant to the activity which he has undertaken and he has consented to the release of the pertinent development related 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: Tue Aug 23, 2011, Mindoro to Commence High-Grade Gold Target Drilling at Lobo; Produces Thick Gold-Copper Intercept From Pan de Azucar Metallurgical Hole
You can view the Previous Press Releases item: Fri Jul 29, 2011, Mindoro Makes Organizational Changes to Position Company for Key Growth Phase
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