Mindoro Resources Ltd.
TSX VENTURE : MIO
FRANKFURT : WKN 906167

Mindoro Resources Ltd.

August 29, 2014 11:15 ET

Mindoro Announces Board and Management Changes

EDMONTON, ALBERTA--(Marketwired - Aug. 29, 2014) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) today announced the retirement and resignation of Director and Chief Executive Officer, Tony Climie, effective September 1, 2014. The board has appointed Mindoro Director and Executive Vice President, Penny Gould to succeed Mr. Climie as CEO.

Mr. Climie is stepping down from his leadership role with Mindoro having successfully concluded the recent acquisition of an option agreement for an additional 25% interest in the Agata nickel laterite project, which, upon exercise, will bring Mindoro's interest to 40%. He also led the Company through to the commencement of the high-iron nickel laterite direct shipping ore (DSO) operations, with the first shipment expected in the coming month.

During his tenure, in addition to the Agata nickel laterite project, Mr. Climie asassembled and managed a large portfolio of gold and gold-copper prospects in the Philippines, leading to the definition of two gold resources in Batangas Province. His early commitment to strong social and environmental programs, well before these were mandated by the government, established Mindoro as an industry leader and award-winner in these fields.

Mr. Climie will continue to provide advisory services to the Company as a consultant.

Chairman Rob Garden expressed his gratitude to Tony for his dedication and leadership over the past 18 years: "As one of the Company's founders in 1996, Tony has played a pivotal role in ensuring the Company's survival through many challenging years and ultimately leading Mindoro to its current transition, as it is poised to commence DSO operations on the high-iron nickel laterite resource that he discovered almost a decade ago. We are grateful for Tony's extensive contributions over the years and pleased that the Company will continue to have access to his expertise in his advisory position. The board also welcomes Penny Gould as she moves from her current executive position into the role of CEO to oversee the completion of Mindoro's transition into a revenue generating company."

Penny joined Mindoro in 1996 and served in a variety of executive positions over the next 16 years, including CFO and President, with primary responsibility for establishing high standards of corporate governance, shareholder relations and financing. When Mindoro's head office relocated to Melbourne in 2011, Penny left the Company, but continued to provide corporate support on a consulting basis. With the return of the head office to Canada in 2013, Penny rejoined Mindoro as a Director and Executive Vice President.

About Mindoro

Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and Frankfurt Stock Exchange (WKN 906167). Mindoro has a 75% interest in the Agata Mining Joint Venture and 75% interest in the Agata Processing Joint Venture with options to acquire an additional 25% interest in both the Agata Mining and Processing Joint Ventures. Mindoro also holds 75% interest in the Pan de Azucar Sulphur-Copper-Gold Project, Iloilo. TVI Resource Development (Phils.), Inc. ("TVIRD") has the option to earn up to a 60% interest in Agata and Pan de Azucar projects by meeting the earn-in requirements outlined in the June 24, 2013, press release, which include funding the DSO operation into production and producing a definitive feasibility study for a nickel processing facility. Mindoro also holds 75% interest and an option to acquire an additional 25% in the Tapian San Francisco Copper-Gold Project, Mindanao.

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.

This release contains forward-looking statements including management's assessments of future plans and operations, and expectations of future production, including the statements with respect to when Mindoro expects production and the direct shipping of high-iron laterite resources at the Agata project to commence. 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.

Contact Information

  • For investor relations inquiries, please email
    ir@mindoro.com
    or telephone one of the following:
    Canada: Penny Gould or Clayton Northey:
    +1 780 413 8187
    www.mindoro.com

    CHF Investor Relations:
    Jeanny So
    +1 416 868 1079 ext. 225