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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