Mindoro is focused on developing major nickel laterite resources in the Surigao District of northern Mindanao. On the Agata Project, Mindoro has a National Instrument (NI) NI 43-101 indicated and measured resource estimate of 26.92 million dry metric tonnes (DMT), at 1.11 percent nickel and 0.06 percent cobalt with an additional 3.79 million DMT in the inferred category at 1.06 percent Ni and 0.05 percent cobalt, at 0.5 percent Ni cutoff for the limonite and 0.8 percent cutoff for the saprolite. On its other Surigao Projects, it has an Exploration Target of 50 - 70 million DMT at 0.9 - 1.2 percent nickel and 28 - 32 percent iron for which resource delineation drilling is planned in the near future.

These strategically located resources have strong competitive advantages; excellent infrastructure, close proximity to the ocean and markets, abundant limestone on site, and have high potential for the establishment of a world class nickel and cobalt processing operation.

A recently completed study by an independent consultant recommended that Mindoro proceed with a scoping study of development alternatives, including a two phase development option:

• Phase 1: selective direct shipping ore operation to provide early cash flow, and
• Phase 2: processing operation using a combination of high pressure acid leach (HPAL) and atmospheric leaching technologies. Mindoro also has several porphyry copper-gold prospects on its Surigao Projects on the same geological trend as the world-class Boyongan and Bayugo porphyry copper-gold deposits.

Mindoro has granted Gold Fields the option to earn up to 75 percent interest in Mindoro's El Paso, Lobo and Talahib porphyry copper-gold projects by funding exploration and feasibility study on each project, subject to certain expenditure limits.

Gold Fields has drilled eight holes at El Paso and plans to drill the Lobo Project in the second quarter of 2010. Drill targets include the Pica porphyry copper-gold system discovered by Mindoro.
Mindoro also has a NI 43-101 gold-silver resource estimate on the Archangel Project (Kay Tanda) with open-pit heap-leach potential:



Many high-grade intercepts were excluded from the resource estimate due to wide spacing of drill holes and lack of information on geological controls. It is expected that much of the high-grade material will move into the resource category with additional drilling. High grade drill results included:

• 64 m of 3.5 g/t gold
• 76 m of 1.2 g/t gold
• 64 m of 5.1 g/t gold, including shallow 1m intercept of 246 g/t gold