EDMONTON, Alberta; November 29, 2010 - Mindoro Resources Ltd. (TSXV:
MIO; Frankfurt: WKN 906167) is pleased to announce that its wholly owned
Philippine subsidiary, MRL Gold Phils., Inc.
(MRL) received several awards from the Philippine Mine Safety and Environment
Association (PMSEA) during the Annual National Mine Safety and Environment
Conference held recently in Baguio City.
MRL received the following awards:
- 2010 Platinum Achievement Award : Presidential Mineral Industry Environmental
Award- Mineral Exploration Category � For environment, safety and
health management/ community development for the Agata
Project.
- 2010 Safest Exploration
Award � Category A- For the Agata Project
- Second Runner-up: 2010
Best Mining Forest Contest � Agata
Project
- Plaque of Appreciation �
MRL/ Gold Fields Joint Venture, Batangas
Project, for incurring Zero Lost Time Accident for 2009-2010.
The PMSEA Selection Committee consists of representatives from the
Department of Environment and Natural Resources (DENR),
Philippine Mine Safety and Environment Association (PMSEA) and
industry peers belonging to the Philippine Chamber of Mines.
Jon Dugdale, CEO of Mindoro, said �The
awards reflect Mindoro�s continuing commitment to excellence in its
environmental, safety and community relations programs, and we especially
endorse the strenuous efforts of the PMSEA and the various departments of
the DENR in working closely with industry to achieve the highest possible
standards for the Philippine mining industry in the areas of environment,
safety and community relations�.
ABOUT MINDORO
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO)
and the Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on
nickel, copper and gold exploration in the Philippines with a strategy of
advancing early-stage opportunities to production or joint venture.
Mindoro controls major nickel laterite
resources in the Surigao District, Mindanao,
where the company is assessing the potential to develop a value added
direct shipping ore (DSO) operation to generate early cash flow as well as
large scale potential for an onsite processing plant.
Mindoro has NI 43-101 Mineral Resource estimates
on its Agata nickel-cobalt project totaling
Measured and Indicated 32.6 million dry metric tonnes
(DMT) at 1.04% Nickel and 0.05% Cobalt and Inferred 1.68 million DMT at
1.04% Nickel, 0.04% Cobalt. The Surigao regional
Exploration Target is 50 million to 70 million DMT at 0.9% to 1.2% Nickel
(see press releases dated January 11 and September 8, 2010). Drilling of
the Surigao nickel laterite
exploration target is in progress.
Mindoro also has NI 43-101 Mineral Resource
estimates on both its Lobo and Archangel (Kay Tanda)
gold-silver projects. Mindoro has identified 22 porphyry copper-gold
prospects and has three projects in the Batangas
area of southern Luzon which are the subject of a farm-in arrangement
whereby Gold Fields Ltd may earn 75 percent interest through direct project
expenditure.
Drilling on the American Tunnels project at Agata has confirmed potential for a near-surface,
bulk-tonnage gold target and deeper porphyry copper-gold targets and at Pan
de Azucar the company has commenced drilling of
copper-gold and massive pyritic sulphide
targets. Other gold and copper-gold targets in the Surigao region will be reviewed prior to developing
proposals for further drilling or joint venture.
For further information, contact:
Mindoro Head Office -
Canada Mindoro
Melbourn Office - Australia
Penny
Gould, VP Investor
Relations Jon
Dugdale, President and CEO
Investor Relations --
Canada
Investor Relations - Europe
CHF Investor Relatons
Robert Sarcher, Director
Tel: 1.416.868.1079
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.
The company�s DSO and large scale production
objectives are intended to provide an indication of management�s current
expectations and are still conceptual in nature. It is uncertain that
sufficient resources will be established and if established that these
resources will be converted into economically viable mining reserves. Until
a feasibility study has been completed, there is no certainty that these
objectives will be met. The potential quantity and grade of the
Exploration Target is also conceptual in nature; it is uncertain if further
exploration will result in the Exploration Target being delineated as a
mineral resource and there is no guarantee that these resources, if
delineated, will be economic or sufficient to support a commercial mining
operation.
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.
|