EDMONTON, ALBERTA--(Marketwired - June 17, 2014) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(ASX:MDO)(FRANKFURT:WKN 906167) ("Mindoro", or "the Company") today provided notice that an annual and special meeting of shareholders of the Company (the "Meeting") will be held in Edmonton, Alberta, on November 28, 2014. The close of business on October 9, 2014, has been fixed as the record date for determination of shareholders entitled to notice of and to vote at the Meeting or any adjournment. Further details, including location and agenda, will be provided after the October 9, 2014, record date.
Mindoro's CEO, Tony Climie, stated, "We expect the direct shipping ore operation of high-iron laterite resources at the Agata project to be fully operational by the Meeting date and we look forward to celebrating this significant transition with our shareholders."
Mindoro and TVIRD Joint Ventures
Mindoro and TVI Resource Development (Phils.), Inc. ("TVIRD"), an affiliate of TVI Pacific Inc. (TSX:TVI)(OTCQX:TVIPF), have signed four joint venture agreements relating to the Agata and Pan de Azucar exploration and mining projects located in the Philippines, as previously announced on October 1, 2012. The joint ventures present Mindoro and TVIRD with multiple growth opportunities for near and medium-term cash flow, including:
- near-term high-iron laterite direct shipping ore ("DSO");
- near-term limestone DSO;
- medium-term lime production facility;
- medium-term nickel-processing plant.
On April 28, 2014, Mindoro announced that the Agata project had received a Declaration of Mining Project Feasibility ("DMPF") and clearance to develop a port facility. Receipt of the DMPF authorizes the DSO project to proceed to development, including the extraction and sale of iron, nickel and other associated minerals. Site development is expected to commence shortly followed by shipping of the high-iron laterite in the third quarter of 2014, subject to receipt of remaining port approvals and financing.
TVIRD may earn up to a 60% interest in each of the joint ventures and is operator of the projects. As at March 31, 2014, TVIRD had earned a 59% interest in the Agata Mining Joint Venture and a 45% interest the Agata Processing Joint Venture. To complete earning its interest, TVIRD must, in the case of the Agata Mining Joint Venture, achieve DSO operation within three years of entering into the joint venture agreement, and, in the case of the Agata Processing Joint Venture, complete the bankable feasibility study for a Nickel Processing Facility within four years of entering into the joint venture agreement.
On behalf of the Board of Directors,
Tony Climie, CEO
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO), Australian Securities Exchange (MDO) and Frankfurt Stock Exchange (WKN 906167). Mindoro has a 16% interest in the Agata Mining Joint Venture and 30% interest in the Agata Processing Joint Venture, Mindanao, with an option to acquire an additional 25% in both projects. 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 bankable feasibility study for a nickel processing facility. Mindoro also holds 75% interest 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.
Tony Climie, P.Geol., is the CEO of Mindoro Resources Ltd and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a qualified person as defined by National Instrument 43-101. Tony Climie consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.
This release contains forward-looking statements including management's assessments of future plans and operations, and expectations of future production, including the statement with respect to when Mindoro expects 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.