CALGARY, ALBERTA -- (Marketwired) -- 07/02/13 -- Mindoro Resources Ltd. (TSX VENTURE: MIO)(ASX: MDO)(FRANKFURT:WKN 906167) is pleased to announce the appointments of Tony Climie to the board of directors, Penny Gould to the position of Executive Vice President and Corporate Secretary, and Edsel Abrasaldo to the position of Vice President Operations, effective July 1, 2013. These appointments reinforce Mindoro's long-term commitment to ensuring not just the preservation, but growth of the company's assets and building maximum value for its shareholders.
"After being re-appointed CEO in December 2012, Tony has reassumed a place on the board of directors where he can better assist with determining the strategic direction of the company", stated Mindoro's Chairman, Rob Garden. "Tony's knowledge of Mindoro's properties and its affairs in the Philippines give him a perspective that that no one else can bring to the board's deliberations. I am also pleased to welcome back to Mindoro former executive Penny Gould. She brings her irrepressible enthusiasm and extensive experience to bear in liaising with shareholders and advancing Mindoro's corporate objectives. Edsel Abrasaldo is one of Mindoro's greatest assets in the Philippines and his appointment recognizes the essential role that he plays in managing the Company's Philippine operations. These officers, along with Clayton Northey, CFO, form a strong core group who are dedicated to leading Mindoro through these difficult economic times and rebuilding the value our shareholders deserve."
Tony Climie, B.Sc., P,Geol. (Hons.), co-founded Mindoro in 1996 and, as CEO, managed the acquisition and advancement of an extensive portfolio of copper-gold, gold, and nickel laterite projects in the Philippines. With a reorganization of the Company in early 2010, and entrance of major Australian shareholders, Tony relinquished the CEO position, and focused on his role as Country Manager for Mindoro in the Philippines. He left the Board in mid-2012 as the Company underwent further reorganization that included the sale of many of its gold and copper-gold projects. At that time Tony worked to put together a joint venture with successful Canadian mining company TVI Pacific to jointly develop the Agata nickel laterite project. Tony was reappointed CEO in December 2012 to lead the Company and reshape future strategy based on development of the Agata direct shipping high iron ore and nickel processing operations, and advancing its remaining copper-gold projects.
Penny Gould, B.Ed., first joined Mindoro in 1996 and served in a variety of executive positions over the next 15 years, with primary responsibility for establishing high standards of corporate governance and shareholder relations. When Mindoro's head office relocated to Melbourne in 2011, Penny left the company, but continued to provide corporate support on a consulting basis. Commenting on her appointment, Penny stated, "I'm excited to be back working for Mindoro as Executive VP. I firmly believe in the future of this company and am dedicated to helping unlock the great value that it holds. I look forward to reconnecting with Mindoro's shareholders and encourage them to contact me with their questions and concerns, or just to chat about Mindoro's operations."
Edsel Abrasaldo, BSc. Geology, joined Mindoro's Philippine subsidiary, MRL Nickel Phils, Inc., as one of its pioneer employees in 1997. As Vice President for Mindoro's Philippine operating subsidiary, Edsel played a major role in managing exploration and sustainability programs. His negotiating and relationship-building skills played a key role in Mindoro's success in acquiring a large portfolio of promising projects and setting Mindoro in the forefront as a successful socially and environmentally conscious explorer in the Philippines., He did that while achieving a high level of integration and cooperation with local communities which will smooth the way to production. Edsel's appointment as VP Operations of parent corporation Mindoro recognizes the important role he will play in the Company's operations as they come to fruition.
The Company relocated its head office earlier this year from Melbourne to Calgary as part of on-going efforts to reduce overhead expenses. However, Tony Climie explained that cost-cutting is only part of the plan: "despite current challenging market conditions, Mindoro has a great future, with a feasibility study, jointly prepared with TVI Pacific, nearing completion for a Phase 1 direct shipping operation of high-iron nickel laterite, expected to commence later this year, as well as completion of a feasibility study on the Phase 2 tank leach processing operation, also expected by year end. The Mindoro-TVI Pacific joint venture is also assessing production potential of limestone and massive pyritic sulphide prospects having possible synergies with the Agata processing operation.
Mindoro also holds 41% of ASX listed Red Mountain Mining, which purchased a package of copper and copper-gold projects from Mindoro in October 2012. With the potential of near-term revenue from the high-iron nickel laterite direct shipping operation, we are currently evaluating Mindoro's entire portfolio to identify the most appropriate strategies to maximize the value of our diverse asset base."
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 75% interest and an option to acquire the remaining 25% in the Agata Nickel Project, Mindanao, and the Pan de Azucar Sulphur-Copper-Gold Project, Iloilo. TVI Pacific Inc. has the option to earn up to a 60% interest in these projects by meeting the earn-in requirements outlined in the June 24, 2013, release. Mindoro also holds a 41% stake in ASX listed Red Mountain Mining (ASX: RMX), which has a 100% direct and indirect interest in the Batangas gold and copper-gold projects.
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 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.
For investor relations inquiries:
Mindoro Resources Ltd.
+61 3 9028 8187
+780 719 8895
CHF Investor Relations
+1 416 868 1079 ext. 238
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