Mindoro Resources Ltd.

Mindoro Resources Ltd.

November 29, 2010 13:24 ET

Mindoro Receives Multiple Awards for its Safety, Environment, and Community Relations Programs

EDMONTON, ALBERTA--(Marketwire - Nov. 29, 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) received several awards from the Philippine Mine Safety and Environment Association (PMSEA) during the Annual National Mine Safety and Environment Conference held recently in Baguio City.

MRL received the following awards:

  • 2010 Platinum Achievement Award : Presidential Mineral Industry Environmental Award- Mineral Exploration Category – For environment, safety and health management/ community development for the Agata Project
  • 2010 Safest Exploration Award – Category A- For the Agata Project
  • Second Runner-up: 2010 Best Mining Forest Contest – Agata Project
  • Plaque of Appreciation – MRL/ Gold Fields Joint Venture, Batangas Project, for incurring Zero Lost Time Accident for 2009-2010.

The PMSEA Selection Committee consists of representatives from the Department of Environment and Natural Resources (DENR), Philippine Mine Safety and Environment Association (PMSEA) and industry peers belonging to the Philippine Chamber of Mines.

Jon Dugdale, CEO of Mindoro, said "The awards reflect Mindoro's continuing commitment to excellence in its environmental, safety and community relations programs, and we especially endorse the strenuous efforts of the PMSEA and the various departments of the DENR in working closely with industry to achieve the highest possible standards for the Philippine mining industry in the areas of environment, safety and community relations". 


Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on nickel, copper and gold 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 the company is assessing the potential to develop a value-added direct shipping ore (DSO) operation to generate early cash flow as well as large scale potential for an onsite processing plant.

Mindoro has NI 43-101 Mineral Resource estimates on its Agata nickel-cobalt project totaling Measured and Indicated 32.6 million dry metric tonnes (DMT) at 1.04% Nickel and 0.05% Cobalt and Inferred 1.68 million DMT at 1.04% Nickel, 0.04% Cobalt. The Surigao regional Exploration Target is 50 million to 70 million DMT at 0.9% to 1.2% Nickel (see press releases dated January 11 and September 8, 2010). Drilling of the Surigao nickel laterite exploration target is in progress.

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 Ltd may earn 75 percent interest through direct project expenditure. 

Drilling on the American Tunnels project at Agata has confirmed potential for a near-surface, bulk-tonnage gold target and deeper porphyry copper-gold targets and at Pan de Azucar the company has commenced drilling of copper-gold and massive pyritic sulphide targets. Other gold and copper-gold targets in the Surigao region will be reviewed prior to developing proposals for further drilling or joint venture.

The company's DSO and large scale production objectives are intended to provide an indication of management's current expectations and are still conceptual in nature. It is uncertain that sufficient resources will be established and if 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. The potential quantity and grade of the Exploration Target is also 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.

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 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.

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 Head Office - Canada
    Penny Gould
    VP Investor Relations
    780.413.8189 or Toll Free: 1.877.413.8187
    Mindoro Melbourne Office - Australia
    Jon Dugdale
    President and CEO
    +613 9614 5055
    Investor Relations - Canada
    CHF Investor Relations
    Jeanny So
    Director of Operations
    jeanny@chfir.com or ir@mindoro.com
    Investor Relations - Europe
    Robert Sarcher