Mindoro Announces Proposed IFC Investment
Mindoro Announces Proposed IFC Investment
EDMONTON, Alberta; September 26, 2008 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) is pleased to announce that it has arranged for a potential investment of up to $1,140,000 dollars from IFC (International Finance Corporation), a member of the World Bank Group. Subject to documentation, approval of the board of directors of IFC and regulatory approval, IFC may purchase up to six million units consisting of one common share and one common share purchase warrant at a price of $0.19 each. Warrants are exercisable into one additional common share at a price of $0.28 each for five years. The offering is expected to close on or about October 31, 2008. No commissions are payable in connection with this transaction.
Funds from the proposed IFC investment will be used to advance Mindoro’s exploration programs in the Surigao region of northern Mindanao in the Philippines. The company’s key projects in the Surigao region are the Agata nickel laterite project and the American Tunnels copper-gold project; see “About the Projects”, below, for additional information.
Mindoro has several gold-silver, copper-gold and nickel projects covering over 60,000 hectares in the Surigao, Batangas, and Panay regions of the Philippines. The company recently announcing a Letter of Agreement with Gold Fields and a Memorandum of Understanding with Avocet Mining, covering Mindoro’s Batangas projects in southern Luzon.
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. IFC fosters sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. New IFC investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit www.ifc.org.
ABOUT THE PROJECTS
American Tunnels is one of a string of at least four promising porphyry copper-gold prospects on the Agata Project, reflected by IP chargeability anomalies and porphyry-related features. As reported on May 12, 2008, high-grade copper mineralization is being mined by small scale artisanal miners from more than six, and now 11, underground openings over an area of 150 meters by 50 meters in a small erosional valley. A further eleven workings are being actively mined for epithermal gold (an overprinting shallower event). Skarn ore grading 5 percent to 15 percent copper is sent to China for processing. The IP chargeability anomaly extends over 800 m by 300 m, and is capped by a resistivity anomaly and coincident with a magnetic anomaly. The copper and gold mineralization is associated with multi-phase intrusions exhibiting skarn, potassic and phyllic alteration.
The added significance of American Tunnels is that it is the shallowest of the string of IP anomalies, so the small scale miners have been able to access the mineralization in the local drainage system. The skarn and interpreted porphyry-related mineralization appears to be the cusp of the mineralization system below. Implication is that the deeper IP responses nearby are also porphyry-related mineral systems. Drill targets are being refined and readied for testing.
AGATA NORTH NICKEL LATERITE
On August 12, 2008, Mindoro announced an early-stage NI 43-101 compliant mineral resource estimate for the Agata Nickel Laterite Project. The estimate for combined Measured and Indicated Resources is 4.95 million wet metric tonnes (WMT) grading 1.18 percent nickel, 0.074 percent cobalt and 28 percent iron, at a cut-off grade of 0.80 percent nickel; containing approximately 92.4 million pounds nickel. In addition, the Inferred Resource estimate is 4.37 million WMT grading 1.26 percent nickel, 0.047 percent cobalt and 20 percent iron, also at a cut-off grade of 0.80 percent nickel; containing approximately 92.5 million pounds nickel.
The Exploration Target for Agata North is 30 to 40 million WMT at a grade of 0.9% to 1.5% nickel and 18% to 28% iron. This does not include other areas of laterite mineralization on the Agata Project, nor other Mindoro Projects in the Surigao District.
Mindoro plans to evaluate the potential of Agata North for an integrated mining and processing operation. Processing technologies which may be especially suited to the Agata Laterite Project include atmospheric (tank) leaching, or ferronickel smelting which could potentially utilize power from a “mini-hydro plant” constructed on an adjacent large river.
The reader is cautioned that mineral resources which are not mineral reserves do not have demonstrated economic viability. Further, the potential quantity and grade of the exploration target described above is conceptual in nature. There has been insufficient exploration to define mineral resources other than those disclosed in this release, and it is uncertain if further exploration will result in the targets delineating additional mineral resources or that these resources, if delineated, will be economic or sufficient to support a commercial mining operation. Until a feasibility study has been completed there is no certainty that the company's projections will be economically viable.
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on copper-gold and nickel exploration in the Philippines with a strategy of advancing early stage opportunities to production or joint venture. Mindoro has identified initial NI 43-101 compliant resource estimates on its Agata North nickel-iron-cobalt project, where resource expansion drilling is on-going, and on both its Lobo (SWB) and Archangel (Kay Tanda) gold-silver projects. Mindoro has also identified 22 porphyry copper-gold prospects and recently announced a Memorandum of Understanding with Avocet Mining and a Letter of Agreement with Gold Fields covering Mindoro’s Batangas projects.
For further information, contact:
INVESTOR RELATIONS – CANADA
Mindoro Resources Ltd.
Penny Gould, President: firstname.lastname@example.org
Toll Free: 1.877.413.8187
Renmark Financial Communications Inc.
Barbara Komorowski: email@example.com
Jason Roy: firstname.lastname@example.org
INVESTOR RELATIONS – EUROPE
Richard H. Mayr: email@example.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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 of estimates and projections relating to production). 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
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