🕐05.10.10 - 02:27 Uhr
MINDORO ENGAGES CHF INVESTOR RELATIONS
A Successful Explorer with License to Operate in the Philippines
News Release
October 4, 2010
TSX-V:MIO
Frankfurt: OLM
[1]www.mindoro.com
MINDORO ENGAGES CHF INVESTOR RELATIONS
EDMONTON, ALBERTA, October 4, 2010 - Mindoro Resources Ltd.
(TSXV: MIO;
Frankfurt: WKN 906167) today announced it has engaged CHF Investor Relations
(Cavalcanti Hume Funfer Inc., CHF) to act as the Companys North American
investor relations agent.
CHF is a well-regarded Canadian Investor Relations
firm headquartered in Toronto and operating under the same management for the
past seventeen years.
Rob Garden, Mindoros Chairman, explained, The ongoing recovery of the
commodity markets, led by gold and including nickel, combined with Mindoros
growth and production plans in the Philippines, suggest that our investor
relations communications will become more demanding.
Well recognized in
Canadas mining and financial sectors, CHF will provide us full service
administrative support while executing a comprehensive IR campaign to increase
awareness of the investment opportunity Mindoro represents.
Effective immediately, the investor relations services agreement is for a term
of twelve months until September 30, 2011, subject to a mutually satisfactory
review after six months.
Under the terms of the services agreement, which is
subject to TSX Venture Exchange approval, CHF will receive $6,000 per month in
fees and reimbursement of allowable expenses.
In the absence of written
termination notice tendered effective September 30, 2011, the agreement will
renew for up to twelve months at the same rate of fees but subject to
cancellation by either party upon three (3) months notice in writing.
Thereafter a new agreement may be negotiated.
As part of this agreement, the
Company has granted, subject to TSX Venture Exchange approval, 500,000 share
purchase options at an exercise price of $0.30, valid for three years, with one
quarter of the options vesting every three months.
All options granted are
subject to the vesting rules of the TSX Venture Exchange and cancellation terms
as dictated by the Companys Stock Option Plan.
Prior to the grant of options outlined above, CHF had no direct or indirect
interest in the Company or its securities.
STOCK OPTIONS CANCELLED
To facilitate the grant of options to CHF, the Company has cancelled 750,000
share purchase options previously issued to directors and executives.
Of these,
150,000 options were priced at $0.48 and scheduled to expire on October 5,
2010, and 600,000 options were priced at $0.96 and scheduled to expire on
November 2, 2010.
ABOUT CHF INVESTOR RELATIONS
CHFs effective role is acting as the public companys outsourced, low-cost
equivalent to an internal investor relations department.
CHF serves an
international portfolio of TSX and TSX Venture listed companies, and others
that may seek to list on North American Exchanges, that operate in a broad
range of industries including mining exploration and producers, oil & gas,
high-tech, industrial and business solutions and products, and "green"
companies.
The depth of capital market experience at CHF is formidable dating
back to the late 1970s.
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 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 potential for a value-added direct
shipping ore (DSO) operation to generate early cash flow is being advanced 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 dataed January 11, and
September 8, 2010).
Drilling of the Surigao nickel laterite exploration targets
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% through direct project expenditure.
Drilling on the American Tunnels project has confirmed potential for a
near-surface, bulk-tonnage gold target and porphyry copper-gold targets.
Other
objectives include progressing joint venture discussions on Mindoros porphyry
copper-gold prospects at Surigao.
For further information, contact:
Mindoro Head Office
Penny Gould
VP Investor Relations
[2]
Tel: 780.413.8187 or
Toll Free: 1.877.413.8187
Investor Relations - Canada
CHF Investor Relations
Alison Tullis
Sr.
Account Manager
[3] or [4]
Tel: 1.416.868.1079 x233
Investor Relations - Europe
Robert Sarcher , Director
[5]
Tel.
49.821.6089051
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 potential quantity and grade of the Exploration Target is 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.
The companys production objectives are intended
to provide an indication of managements current expectations and are still
conceptual in nature.
It is uncertain that it will be 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.
This release may contain forward-looking statements including managements
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 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.
References
1.
http://www.mindoro.com/
2.
mailto:
3.
mailto:
4.
mailto:
5.
mailto:
This message was sent by: Mindoro Resources Ltd., Suite 104, 17707 - 105 AVE, Edmonton, AB T5S 1T1, Canada
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