🕐11.06.11 - 21:27 Uhr
MINDORO ADVISES ON VOTING PROCEDURES AND EXTENDS INVITATION TO AGM
Dear Shareholder,
Todays release discusses the Agata nickel laterite projects progress towards
pre-feasibility.
Based on exceptional metallurgical results achieved late last
year, drilling is underway to advance bench-scale metallurgical studies and
further evaluate the high-grade Direct Shipping Ore potential.
Regards,
Jon Dugdale,
President and CEO
A Successful Explorer with License to Operate in the Philippines
NEWS RELEASE
January 19, 2011
TSXV: MIO
ASX: MDO
Frankfurt: OLM
[1]www.mindoro.com
MINDORO MOVES TOWARDS PRE-FEASIBILITY WITH ADVANCED METALLURGY TESTS
* Sampling to follow up exceptional hydro-metallurgical results with further
testing.
* Definition drilling to define high-grade material for direct shipping.
EDMONTON, Alberta; January 19, 2011 - Mindoro Resources Ltd.
(TSXV: MIO; ASX:
MDO; Frankfurt: WKN 906167) has commenced a large-diameter drillcore sampling
program.
to produce material for a second stage of hydro-metallurgical testing
on the Agata nickel laterite resource, located in the Surigao Nickel District
of northern Mindanao, the Philippines.
This is based on the exceptional nickel
and cobalt metallurgical results released on December 13, 2010.
In addition,
detailed grade-control drilling will examine variability and potential to
upgrade high-grade material for direct shipping.
The company is moving rapidly to a second stage of metallurgical testing to
build on the exceptional results achieved in the first round, said Mindoros
President and Chief Executive Officer Jon Dugdale.
The results of this work
will form the basis of a pre-feasibility study into what is potentially a very
low operating cost project.
The metallurgical sample drilling will comprise 300 metres of larger, HQ,
diameter drill core to generate approximately 1,400 kilograms of samples for a
second stage of bench scale metallurgical testing.
This will include further
testing of acid leach processing as well as thermal upgrading
(pyrometallurgical) to produce a value-added shipping product.
The high-grade definition drilling will comprise 735 metres of standard
diameter drill core, in three areas, to define variability and determine the
extent of low-grade boulders" in high-grade saprolite material.
This will
allow the company to determine the feasibility of selectively extracting
higher-grade, >1.8% Nickel, material suitable for electric arc furnace nickel
pig iron production, for which the market remains particularly strong in China.
It is expected that the testing program will commence in late February.
The
results of these testing programs will form the basis of a pre-feasibility
study into a staged and integrated on-site nickel processing project.
Any
additional resource defined during the regional drilling program will be added
to the pre-feasibility study development plan.
On behalf of the board of directors,
Jon Dugdale,
President and CEO
For further information about Mindoro, please contact:
Australia: Jon Dugdale, President and CEO, Tel +61 3 9615 5055
Email: [2]
Nathan Ryan, NWR Communications, Tel: +0420 582 8877
Email: [3]
Canada: Penny Gould, VP Investor Relations, Tel +780 413 8187 or 1 877 413
8187
Email: [4]
Germany: Robert Sarcher, Aprendo Capital, Tel: +49 821 6089051
Email: [5]
Website: [6]www.mindoro.com
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 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% interest in three
of Mindoros projects at Batangas through direct project expenditure.
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 and is drill testing
regional targets.
An integrated preliminary economic assessment on the Agata
nickel laterite project is expected to be completed in the first quarter of
2011, leading to commencement of a prefeasibility study into an integrated on
site nickel processing project.
Three drill programs are currently in-progress on the Companys projects
including regional nickel drilling at Surigao; copper-gold drilling at Pan de
Azucar and gold and copper-gold drilling by Gold Fields at Lobo (Batangas).
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 Companys DSO and large scale production objectives are intended to provide
an indication of managements 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 Mindoros 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 Mindoros
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 Companys 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 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 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.
References
1.
http://www.mindoro.com/
2.
mailto:
3.
mailto:
4.
mailto:
5.
mailto:
6.
http://www.mindoro.com/
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