Mindoro Resources Ltd.: Appointment of CFO and Corporate Secretary
MELBOURNE, AUSTRALIA--(Marketwire - July 4, 2012) - Mindoro Resources Ltd (TSX VENTURE:MIO.V - News) (ASX:MDO.AX - News) (FRANKFURT:OLM.F - News) (Mindoro, "the Company") is pleased to announce the appointment of Mr. Clayton Northey as Chief Financial Officer and Corporate Secretary following the resignation of Mr. Rob King. Clayton will be awarded incentive stock options to purchase 250,000 common shares at an exercise price of $0.10 per share for a three year term.
Clayton holds a Bachelor of Commerce degree from the University of Alberta, Canada. Clayton joined the Company in 2007 as an Accountant and was promoted to Financial Controller and moved to Melbourne, Australia following the Edmonton office closure in September 2011.
The Board acknowledges and thanks Rob King for his valuable contributions to the Company since joining in 2010.
On behalf of the Board of Directors.
Jon Dugdale, President and CEO
For further information, please contact Mindoro's Melbourne office at +61 3 9614 5055.
About Mindoro Resources
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, gold and copper-gold exploration and development in the Philippines where its 75% interest PFS-stage (Nov 2011) Agata Nickel Project has NI 43-101 Mineral Resources that include Measured and Indicated resource estimates totalling 42.76 million tonnes at 1.01% nickel, for 430,000 tonnes contained nickel, and Inferred resource estimates totalling 2.435 million tonnes at 0.99% nickel (Sep 2011). In addition the Company has NI 43-101 Mineral Resource estimates on its 100% interest Batangas projects of Indicated Resources 393,000 ounces (Archangel, Indicated 9,879,000t @ 1.1 g/t Au and Lobo, Indicated 270,000t @ 6.49 g/t Au) and Inferred Resources 108,000 ounces (Archangel, Inferred 3,741,000t @ 0.8 g/t Au and Lobo, Inferred 61,000t @ 5.35 g/t Au); a drill-defined copper-gold-sulphur Exploration Target on its 75% interest Pan de Azucar project, Iloilo, as well as 10 key porphyry copper-gold prospects at varying stages of advancement.
The Company's development and 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. Mindoro's exploration programs are prepared and/or designed and carried out under the supervision of Tony Climie, P.Geo., who is a qualified person as defined by National Instrument 43-101 and is a competent person as defined by the JORC Code, and who has reviewed and verified the pertinent disclosure of exploration related technical information contained in this news release. Boyd Willis, FAusIMM, a qualified person as defined by National Instrument 43-101, has reviewed and verified the disclosure of a development and metallurgical processing nature contained in this news release. 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. 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.
Contacts
Jon Dugdale
Mindoro Resources Ltd. - Australia:
President and CEO
+61 3 9614 5055
ir@mindoro.com
www.mindoro.com
Jeanny So
Mindoro Resources Ltd. - Canada:
CHF Investor Relations
+1 416 868 1079 ext. 225
Jeremy Hill
Mindoro Resources Ltd. - Canada:
CHF Investor Relations
+1 416 868 1079 ext 238
Robert Sarcher
Mindoro Resources Ltd. - Germany:
Aprendo Capital
+49.821.6089051
