Mindoro Resources Ltd.

Mindoro Resources Ltd.

July 06, 2010 11:40 ET

Mindoro Awarded Commendation by Philippines Government for Coastal Management Program

EDMONTON, ALBERTA--(Marketwire - July 6, 2010) - Mindoro Resources Ltd. (TSX VENTURE:MIO) (FRANKFURT:WKN 906167) is pleased to announce that its wholly owned Philippine subsidiary, MRL Gold Phils., Inc. (MRL), was recently awarded a Certificate of Commendation by the Philippine government's Department of Environment and Natural Resources (DENR) for its role in the implementation of a Coastal Resource Management Program. The Certificate of Commendation was presented to MRL's Senior Environmental Officer, Jesalyn Abonates-Guingguing, at a ceremony held during the 23rd anniversary celebration of the Caraga Regional Executive Office of the DENR.

In 2007, MRL implemented a pilot program for the protection of the Candila Marine Sanctuary at Barangay (village) Lawigan, located in Tubay, Augusan del Norte, Northern Mindanao, within five kilometres of the Agata nickel laterite resource. The program has four components: Seminars and Training, Livelihood Generation, Marine Sanctuary Maintenance and Protection, and Monitoring and Evaluation.

The program has been a collaborative success story between the company, the government and the community. Seminars and Training are conducted in partnership with the Coastal & Marine Management Division of the DENR, and local fishermen now volunteer with the Sanctuary Maintenance program. Monitoring and Evaluation is jointly undertaken by the community, the company and the DENR while the company has provided funding for various community livelihood generation programs.

The company congratulated its dedicated environmental team, whom it recognizes is largely responsible for the success of the Coastal Resource Management Program. Mindoro's President and CEO, Jon Dugdale, commented, "Our company takes great pride in our social and environmental programs. We will continue to strive to maintain the highest levels of responsible exploration and sustainable resource development."


Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on exploration in the Philippines with a strategy of advancing early stage opportunities to production or joint venture. Mindoro controls major nickel laterite resources in the Surigao District, Mindanao, where potential for a direct shipping ore (DSO) operation to generate early cash flow is being advanced as well as large scale potential for an onsite processing plant.

Mindoro has NI 43-101 Mineral Resource estimates on its Agata North nickel-cobalt project (November 2009) totaling Measured and Indicated 26.92 million dry metric tonnes (DMT) at 1.11% Nickel and 0.06% Cobalt and Inferred 3.79 million DMT at 1.06% Nickel, 0.05% Cobalt. The Surigao regional exploration target is 50 million to 70 million DMT at 0.9% to 1.2% Nickel (January 2010).

Mindoro also has NI 43-101 Mineral Resource estimates on both its Lobo and Archangel (Kay Tanda) gold-silver projects. Mindoro has identified 22 porphyry copper-gold prospects and has three projects in the Batangas area of southern Luzon which are the subject of a farm-in arrangement whereby Gold Fields may earn 75% through direct project expenditure. Gold Fields has commenced drilling copper-gold and high-grade gold targets on the Lobo project.

Drilling on the American Tunnels project has confirmed potential for a near-surface, bulk-tonnage gold target and porphyry copper-gold targets. Other objectives include progressing joint venture discussions on Mindoro's porphyry copper-gold prospects at Surigao.

The reader is cautioned that the potential quantity and grade of the regional exploration target is conceptual in nature; it is uncertain if further exploration will result in the exploration target being delineated as a mineral resource and there is no guarantee that these resources, if delineated, will be economic or sufficient to support a commercial mining operation. The company's production objectives are intended to provide an indication of management's current expectations and are still conceptual in nature. It is uncertain that it will be established that these resources will be converted into economically viable mining reserves. Until a feasibility study has been completed, there is no certainty that these objectives will be met.

This release may contain 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 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.

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.

Contact Information

  • Mindoro Resources Ltd.
    Penny Gould
    VP Investor Relations
    (780) 413-8187 or Toll Free: 1-877-413-8187
    Investor Relations - Canada
    Senergy Communications Inc.
    Investor Relations
    (778) 331-2030
    Investor Relations - Europe
    Robert Sarcher
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