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

Mindoro Resources Ltd.

October 23, 2014 17:00 ET

Mindoro Announces Changes to Board of Directors

EDMONTON, ALBERTA--(Marketwired - Oct. 23, 2014) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) today announced the appointment of Geocel D. Olanday to the board of directors. To accommodate Mr. Olanday's appointment, Penny Gould, CEO of the Company, has resigned as a director.

Mr. Olanday has an extensive business and financial background in the Philippines. As CEO of Amaris Global, he provides financial and business development advisory services to ventures in the real estate, mining and health care industries, among others. Mr. Olanday also serves as the COO of the Philippines' Habitat for Humanity's Housing Project Development Group and is a part-time member of the faculty of the College of St. Benilde.

Mr. Olanday's previous engagements have included Project Consultant for Argosy Partners, Inc., a financial advisory firm active throughout Asia; President of Citibank Securities (a member of the Philippine Stock Exchange), and President and COO of various companies within the M.B. Villar Group of Companies. Mr. Mr. Olanday received his MBA and BSBA from the University of the Philippines; he is a Certified Public Accountant and a Fellow of the Institute of Corporate Directors.

Commenting on Mr. Olanday's appointment, Ms. Gould stated, "We are very fortunate to have attracted such a distinguished candidate for our board. Mr. Olanday's extensive financial and business development experience in the Philippines will serve the Company well as we seek to grow our operations in the Philippines and build value for our shareholders."

On behalf of the Board of Directors,

Penny Gould, CEO

ABOUT MINDORO

Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and Frankfurt Stock Exchange (WKN 906167). Mindoro has a 15% 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 the Agata Processing and Pan de Azucar projects by meeting the earn-in requirements outlined in the June 24, 2013, press release, which include 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. 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.

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