On January 11, 2010, Mindoro announced an Exploration Target for other Surigao District tenements it controls north of the Agata Project. The Exploration Target is from 50 to 70 million DMT in a grade range of 0.9 percent to 1.2 percent nickel and 28 percent to 32 percent iron (combined limonite and saprolite). This is in addition to the ANLP.

A program of hand auger drilling was conducted to establish nickel laterite areas at least three meters thick and around 1 percent nickel. The auger is capable of penetrating only part of the upper limonite horizon and, rarely, the higher-grade saprolite horizon below.

A total of 125 hand auger holes were drilled and a total of 438 samples assayed. Thicknesses and nickel grades within an economically relevant range were utilized in deriving the Exploration Target. A conservative doubling of the thickness achieved by hand augering was utilized for thickness estimates. Nickel laterite boundaries were estimated from mapping and hand augering.

The reader is cautioned that the nickel laterite mineralization on the northern Surigao Projects is currently an exploration target only. Detailed drilling will be required to move the Exploration Target into NI 43-101-compliant resources. There is no guarantee that these resources, if delineated, will be economic or sufficient to support a commercial mining operation. Until a feasibility study has been completed there is no certainty that the company's projections will be economically viable. Agata already has a NI 43-101 compliant resource.

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January 11, 2010

Major Nickel Resource Potential for Mindoro in Philippines