EDMONTON, ALBERTA, July 29, 2011 – Mindoro Resources Ltd (TSXV: MIO; ASX: MDO; Frankfurt: WKN 906167) is pleased to announce the appointment of Mr. Howard Walker to an executive corporate and financing role with the Company as well as other organizational changes designed to centralize corporate management and efficiently position the Company for its key growth phase.
Howard Walker will remain Vice Chairman of the Company as well as assume the part-time executive role of driving corporate and financing initiatives and market the Company to investors, the financial community and potential partners and product off-takers. Howard brings a wealth of experience including with JB Were as Director Corporate Finance and as a founder of the very successful resource venture capital focused Lion Selection Group – a key shareholder of Mindoro.
Other organizational changes will include centralizing management and administration of the Company, outside of the Philippines, in Melbourne, Australia. Melbourne and the Philippines are in similar time zones which allows for greater efficiency in managing the business. As a result, the Edmonton office will close on August 31, 2011.
Coinciding with the closure of the Edmonton office, Penny Gould, VP Investor Relations & Corporate Secretary and Grant Hagen, Financial Controller, will be leaving the Company to pursue other opportunities in Edmonton. Clayton Northey will relocate to Melbourne in the capacity of Financial Controller.
Rob King, VP Commercial and CFO, will assume the position of Corporate Secretary on an interim basis. Arrangements with service providers are in place to ensure the Company will continue to meet compliance obligations in both Canada and Australia.
Additional investor relations support will continue to be provided by CHF Investor Relations in North America, NWR Communications in Australia and Aprendo Capital in Europe. The Company also retains three directors based in Canada, three in Australia and two in the Philippines and will continue to balance the promotion of the Company across all markets where Mindoro shares are traded.
“We are delighted to have Howard Walker take on a greater role in the Company to provide invaluable support in corporate development and promotion of the Company. Howard’s new appointment, as well as the other organizational changes, creates an efficient nucleus which will position the Company for its key growth phase based on the achievement of important milestones,” said Mindoro’s President and Chief Executive Officer Jon Dugdale.
“We wish to acknowledge and thank Penny Gould for playing an important role in building the Company over the past fourteen years. Penny has developed a very supportive shareholder base and established a strong corporate governance culture in the Company. Together with Tony Climie and Grant Hagen, Penny managed the Company through several difficult periods including the global financial crisis. We wish Penny and Grant best wishes for their future endeavors,” added Jon Dugdale.
On behalf of the Board of Directors,
Jon Dugdale,
President and CEO