Mindoro Resources Ltd. (TSX VENTURE:MIO - News; ASX:MDO - News; FRANKFURT:WKN
906167) today advised that Robert Sarcher through his consulting company
Aprendo Capital GmbH has entered into a contract to provide investor
relations services to the German market and has resigned as a director of the
Company. The agreement, effective January 1st, 2011, will continue for a
twelve month term during which time Mindoro will pay Aprendo Capital C$2,000
per month. The agreement may be terminated by either party with 30 days
notice. Robert Sarcher currently owns 353,500 Mindoro common shares and has
options to purchase common shares as follows:
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Number of Shares Option Exercise Price Expiration date
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150,000 $0.60 August 23, 2011
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150,000 $0.84 June 7, 2012
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150,000 $0.29 July 3, 2013
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200,000 $0.13 August 4, 2014
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200,000 $0.208 July 28, 2013
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Mindoro also announced it has retained
Nathan Ryan of NWR Communications Pty Ltd for investor relations services in
Australia. The agreement, effective January 1, 2011, is for a term of 12
months and may be terminated by either party with 90 days notice. NWR
Communications will receive a monthly retainer of A$1,300. Nathan Ryan and
NWR Communications have no direct or indirect interest in the Company or its
securities.
"I would like to personally thank
Robert for his years of service as a director and commitment to continuing on
in an investor relations role, which will further strengthen the European
market base that he played a key role in establishing." stated Jon
Dugdale, Mindoro's President and CEO. "We are also pleased to welcome
Nathan Ryan to the Mindoro team to assist in establishing and growing our
investor base in Australia following Mindoro's recent listing on the
ASX."
On behalf of the board of directors,
Jon Dugdale, President and CEO
ABOUT APRENDO CAPITAL
Aprendo Capital GmbH, owned and managed
by Robert Sarcher, is a provider of investor relations services to public
resources companies based in Canada or Australia. Focused on companies with
projects located in developing countries, the IR program is based on ethical
standards and built for companies who support Aprendo Capital's vision in an
extraordinary way. The strength of Aprendo Capital is its disciplined
approach to the development and execution of customized investor relations
services in the German speaking area of Europe. The depth of capital market
knowledge at Aprendo Capital dates back to the 1980's.
ABOUT NWR COMMUNICATIONS
NWR Communications is a specialist
investor relations and media company based in Melbourne, Australia. NWR
focuses on investor communications for micro to mid cap resource and
industrial companies, predominately listed on the Australian Securities
Exchange (ASX). NWR develops and carries out communication strategies to
create a positive profile of its clients.
ABOUT MINDORO
Mindoro is a Tier 1 Issuer trading on
the TSX Venture Exchange (MIO), Australian Securities Exchange (MDO) and
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 is assessing the potential to
develop a value-added direct shipping ore (DSO) nickel operation to generate
early cash flow as well as large scale potential for an onsite processing
plant in the Surigao District, Mindanao, where the company controls major
nickel laterite resources.
Mindoro has NI 43-101 Mineral Resource
estimates on its Agata nickel-cobalt project and NI 43-101 Mineral Resource
estimates on its Lobo and Archangel (Kay Tanda) gold-silver projects, as well
as an additional 22 porphyry copper-gold prospects. Senior gold producer,
Gold Fields, may earn 75 percent interest in three of Mindoro's projects
through direct project expenditure.
Three drill programs are currently
underway on the Company's projects and an integrated scoping study on the
Agata nickel laterite project is expected to be completed early in the first
quarter of 2011.
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.
Tony Climie, P.Geol, is Mindoro's
Qualified Person as defined by National Instrument 43-101 and is a competent
person as defined by the JORC Code, who is responsible for monitoring the
supervision and quality control of Mindoro's exploration programs and who has
reviewed and verified the technical information contained in this news
release. Mr. Climie is an executive and a director of Mindoro and is a member
of the of the Alberta Professional Engineers, Geologists and Geophysicists
Association. Mr. Climie has more than five years of experience which is
relevant to the style of mineralization and type of deposit under
consideration and to the activity which he has undertaken. Mr. Climie has
consented to the release of the technical information in the form and context
in which it appears.
The Company's resource estimates were
originally prepared in accordance with Canadian National Instrument 43-101
Standards of Disclosure for Mineral Projects of the Canadian Securities
Administrators ("NI 43-101") and the Canadian Institute of Mining,
Metallurgy and Petroleum classification system. NI 43-101 is a rule developed
by the Canadian Securities Administrators that governs how Canadian issuers
disclose scientific and technical information about mineral projects and
which is broadly equivalent to the JORC Code in Australia. All resource
information is also expressed in terms of the JORC Code.
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.
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.
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