Mindoro has been exploring in the Surigao District since 1997 and, with one of the largest land-holdings in the District, has many promising nickel, gold and porphyry copper-gold prospects at varying stages of evaluation.



Nickel Laterite in the Surigao District

There are two main nickel laterite belts in the Surigao Region: a western coastal belt, largely controlled by Mindoro with over 26,000 hectares (ha) and an eastern coastal belt that is held by a variety of companies. The Surigao region is a major nickel producing district with at least ten direct shipping ore (DSO) nickel laterite mines in production or being developed, and providing ore to processing plants in Australia, China and Japan.

The recent commencement of construction by Sumitomo / Nickel Asia of a high pressure acid leach (HPAL) processing operation at Taganito in the Surigao District, which will produce 30,000 tonnes of nickel product per annum at a capital cost of 1.3 billion USD, is of major significance. This will launch the region into the ranks of globally important nickel laterite processing camps.

Mindoro's Agata Project contains significant NI 43-101 compliant nickel laterite resources (Agata Laterite Project), announced on Nov 19, 2009, containing 657 million lbs nickel and 24 million lbs cobalt in the measured and indicated category and an additional 89 million lbs nickel and 2 million lbs cobalt inferred.




Mindoro has also located substantial areas of nickel laterite on its northern Surigao Projects; announcing on January 11, 2010 an Exploration Target of from 50 to 70 million dry metric tonnes (DMT) in a grade range of 0.9 percent to 1.2 percent nickel and 28 to 32 percent iron (combined limonite and saprolite).

Gold and Porphyry Copper Gold in the Surigao District

The Surigao Gold District is also an historic gold mining camp with literally thousands of epithermal/mesothermal gold showings, prospects and small scale artisanal mines. Based on the well-established Philippine copper-gold model, associated porphyry copper-gold systems would be expected as well.

This was further confirmed by the discoveries of the Boyongan and Bayugo porphyry copper-gold deposits which Philex Gold is currently drilling out and has announced plans to proceed with their development. Mindoro believes this will launch the Surigao District as a major copper-gold camp and attract global attention to the District and its projects.

TECHNICAL REPORTS

December 22, 2009	Independent Report on the Nickel Laterite Resource Estimate Upgrade at Agata North
April 25, 2005	Independent Geological Report on the Surigao Property Group