Mindoro announces further update on the planned TVI transaction
MELBOURNE, AUSTRALIA, September 11, 2012 - Mindoro Resources Ltd. (TSXV: MIO; ASX: MDO; FFT: OLM) ("Mindoro", "the Company") yesterday announced the extraordinary shareholders' meeting to be held in Calgary, Alberta on October 9, 2012 at 16:6 p.m. Corresponding information letter from company management and the power of attorney published. The announcement was filed on SEDAR and communicated to ASX on September 2012, 6. Key resolutions include shareholder approval of the second tranche of the private placement involving TVI Pacific Inc. (“TVI”) (see Mindoro news release dated July 2012, XNUMX for pricing and terms).
In addition, Mindoro, TVI and TVI Resource Development Phils., Inc. ("TVIRD") have agreed to change the main points of the agreement (see Mindoro press release from 6 July 2012) to reflect the following:
(i) The further extension of the closing date for the first tranche of the private placement to 21. September 2012. It is a prerequisite for the completion of the first tranche of the Private Placement that the joint venture agreements for Agata and Pan De Azucar, which are considered in the main points of the Agreement (as amended), be finalized and completed. Good progress is being made in negotiating and finalizing these joint venture agreements.
(ii) An amendment to the exclusive right of TVIRD to form a joint venture with regard to the Pan De Azucar project in order to safeguard the right to operate a Direct Shipping Ore ("DSO") joint venture ("PDADJV"); to form part of Pan-Azucar's ("PDAPJV") preparation joint venture, which effectively reflects the exercise by TVIRD of the option extended to TVIRD in the main points of the agreement.
(iii) Under the terms specified in the main terms of the Agreement (as amended), TVIRD would commit to raising 100% of the necessary expenses to operate a DSO project at Pan de Azucar with the intent to enable early cash flow for the PDADJV to generate. After commencing DSO operation, TVIRD would acquire 60% participation in PDADJV; this is subject to the following: Expenses of at least 2 million C $ within 12 months following the conclusion of a final option and joint venture agreement for PDADJV by TVIRD and the commencement of DSO operating activities within 3 years following the conclusion of a final option and joint venture agreement for the PDADJV.
(iv) As regards the PDAPJV (Reclamation), TVIRD would acquire 51% of the PDAPJV after spending $ 2 million in the Pan De Azucar project, of which 1 spent $ C million over 12 months and the full amount of 2 million US $ must be expended within 24 months after completion of the final options and joint venture agreement for the PDAPJV. TVIRD will have the option to increase the participation of another 3% by issuing an additional 24 million US $ on the project over a period not exceeding 24 months following the end of the first period of 9 months referred to above. acquisition of the PDAPJV, which would result in 60% in case of exercising the option to increase the participation of TVIRD in the PDAPJV.
On the 8. February 2012 announced to Mindoro that a drill-grade exploration target for the Valderama pyritic massive sulphide deposit on the Pan de Azucar project (Iloilo, Philippines), in which the Company holds an interest of 75%, 8 to 12,7 million tonnes (dry weight) with 35% to 40% sulfur (70% to 90% pyrite), 0,4% to 0,6% copper, and 0,5 g / t to 0,7 g / t gold.
Readers are cautioned that the massive sulphide mineralization Valderama, which is present in the Pan de Azucar project, which is subject to a Mineral Production Sharing Agreement ("MPSA"), is currently only an exploration target. In order to convert the exploration target to NI 43 101 compliant resources, further inbound drilling is needed. There can be no assurance that these resources, if deferred, will be economic or sufficient to support a commercial mine operation. Until a feasibility study has been prepared, it is uncertain whether the company's forecasts can be realized from an economic point of view.
For the Board of Directors:
Jon Dugdale,
President and CEO
For more information call the Mindoro office in Melbourne: + 61 3 9614 5055.
Information for investors is available by email at [email protected] or by telephone via the following contact persons:
Australia: Jon Dugdale, Tel: + 61 3 9614 5055
Canada: Jeanny So, CHF Investor Relations, Tel: + 1 416 868 1079 DW 225
Jeremy Hill, CHF Investor Relations, Tel: + 1 416 868 1079 DW 238
Germany: Robert Sarcher, Aprendo Capital, Tel: + 49 821 6089051
Website: www.mindoro.com
About Mindoro Resources
Mindoro is a Tier 906167 company listed on the TSX Venture Exchange (MIO), the Australian Securities Exchange (MDO) and the Frankfurt Stock Exchange (WKN 1). Mindoro is primarily focused on the exploration and development of nickel, gold and copper-gold projects in the Philippines. Here the company holds a 75% interest in the Agata nickel project, which is currently in the pre-feasibility stage (November 2011). This project has NI 43-101 compliant mineral resources comprised of 42,76 million tonnes of Measured and Indicated resources grading 1,01% nickel, corresponding to 430.000 tons of nickel, and 2,435 million tons of inferred resources grading 0,99 nickel , 2011% split (September 43). In addition, the company has NI 101-100 compliant mineral resources on its 393.000% owned projects in Batangas Province (comprising 9.879.000 ounces of gold in indicated resources - Archangel: 1,1 tonnes grading 270.000 g / t Au; Lobo: 6,49 tons grading 108.000 g / t Au - and 3.741.000 ounces gold in Inferred Resources - Archangel: 0,8 tons grading 61.000 g / t Au; Lobo: 5,35 tons grading 2005 g / t Au), (2010 ) and Archangel (75), a copper-gold-sulfur exploration target in the Pan de Azucar project in Iloilo (10% interest) or XNUMX major porphyry copper-gold projects in various stages of development.
The TSX Venture Exchange and its regulators (referred to in the Articles of Association of the TSX Venture Exchange as Regulation Services Providers) accept no responsibility for the adequacy or accuracy of this announcement.
The company's objectives in terms of development and production are intended to convey an impression of the current expectations of the management and have a purely conceptual character. It is uncertain whether sufficient resources can be proven or whether these resources can actually be turned into economically viable production reserves. Until the completion of a feasibility study, it is not clear whether these goals can actually be achieved. Mindoro's exploration programs are under the supervision of Tony Climie, P.Geo. prepared and / or planned and carried out. Mr. Climie, as a Qualified Person as defined by National Instrument 43-101 and in accordance with the JORC Code, has reviewed and approved the exploration-related Disclosure Information disclosed in this news release. All of the Company's resource estimates have been prepared in accordance with the Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators / NI 43-101 and the classification system of the Canadian Institute of Mining, Metallurgy and Petroleum created. NI 43-101 is a regulation developed by the Canadian Securities and Exchange Commission which regulates the publication of scientific and technical information on commodity projects. All resource information will also be published in accordance with the provisions of the JORC Code. The information in this report, which relates to exploration results or mineral resources, is based on data compiled by Jon Dugdale. Jon Dugdale is a member of the Australasian Institute of Mining and Metallurgy and Jon Dugdale has sufficient experience that is essential to the nature of the mineralization or deposit as well as its activities. He will thus have the appropriate qualifications to qualify him / her as an expert in accordance with the relevant Australian Reporting Standards ("Australasian Code for Reporting Mineral Resources and Ore Reserves", edition 2004). Jon Dugdale agrees that the information based on the relevant information will be included in the report in a manner that is form and coherent.
This press release may contain forward-looking statements; this also includes future planning and operating activities as assessed by management, as well as expectations with regard to future production. These statements are based on current expectations and therefore involve a number of risks and uncertainties that could cause actual results or events to differ materially from those currently anticipated. These risks and uncertainties also include - without limitation - risks in connection with mine operation and exploration (e.g. operational risk with regard to development, exploration and production; delays or changes in planning in connection with exploration or development of projects or Investment costs; uncertainties related to reserve estimates; uncertainties related to exploration results; uncertainties related to estimates and forecasts related to production and uncertainties related to available capital). Assumptions on which such information is based could potentially prove to be inaccurate, even though they were believed to be reasonable at the time of preparation. Forward-looking statements can therefore not be considered reliable. The company undertakes no obligation to update any forward-looking statements unless required by applicable law.
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