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Sep 22, 2011
Mindoro's CEO Provides Audio Presentation on Boardroom Radio
EDMONTON, Alberta; September 22, 2011 - Mindoro Resources Ltd. (TSXV: MIO; ASX: MDO; Frankfurt: WKN 906167) invites you to visit www.mindoro.com to listen to an audio interview where Jon Dugdale, President and CEO summarizes the Company's recent activities in the Philippines. In the presentation, Mr. Dugdale discusses Mindoro's Agata Nickel project, the Company's 2011 exploration initiatives and the recently announced Mineral Resource estimate increase, as per the news release dated September 16, 2011.
The release announced a total Measured and Indicated resource of 42.76 million tonnes at 1.01% nickel for 430,000 tonnes contained nickel, an increase of 10.1 million tonnes or 31% compared to the September 2010 estimate, with a slight decrease in grade. In addition, the total Inferred resource has increased by 0.75 million tonnes to 2.435 million tonnes at 0.99% nickel. Total mineral resource estimates are tabulated below:
The audio presentation may be accessed on Boardroom Radio by pasting the following details into your web browser: http://www.brr.com.au/event/preview/3rl33eif7d/86805.
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 firstname.lastname@example.org, or telephone one of the following:
Nathan Ryan, NWR Communications
Tel: +61420 582 887
Jennie Guay, CHF Investor Relations
Tel: +1 416 868 1079 ext 242
Robert Sarcher, Aprendo Capital
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 Project, in the Surigao District, Mindanao, that include Measured and Indicated resources totalling 42.76 million tonnes at 1.01% nickel, for 430,000 tonnes contained nickel, and Inferred resource estimates totalling 2.435 million tonnes at 0.99% nickel. In addition the Company has NI 43-101 Mineral Resource estimates on its Lobo (2005) and Archangel (2010) gold-silver projects, as well as 10 key porphyry copper-gold prospects at varying stages of advancement.
In March 2011 Mindoro released a preliminary economic assessment (PEA) on the Agata Nickel Project where the Company controls major nickel laterite resources and is drill testing regional targets. The Company is completing a prefeasibility study (PFS) into an integrated on site nickel processing project, based on the PEA, that is due for release in October 2011. The Company is also close to completing 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 to be completed in late September 2011.
The recently drill tested Pan de Azucar gold-copper massive sulphide remains open with depth to the southeast. A metallurgical testing program has commenced on Pan de Azucar samples examining acid producing capacity for nickel laterite processing as well as copper and gold flotation and leaching. Mindoro has commenced drilling to expand gold resources at Lobo, Batangas, and is evaluating and prioritizing its many high-potential copper-gold porphyry 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.
The mineral resource estimates were produced by Mark Gifford MSc (Hons), who is a Fellow of the Australian Institute of Mining and Metallurgy (FAusIMM) and an independent qualified person as defined by NI 43-101, in conjunction with Quantitative Group Pty Ltd (QG) in Perth, Australia. Mark Gifford FAusIMM has indicated that the density of drilling and continuity of mineralization is sufficient to classify the estimated resource and has verified and authorized the technical information detailed in this release.
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, FAusIMM, 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: Mon Sep 26, 2011, Mindoro Hits High-Grade Gold Intercept at Southwest Breccia, Lobo
You can view the Previous Press Releases item: Fri Sep 16, 2011, Mindoro Significantly Increases Agata Nickel Resources
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