Mindoro Repays Loan
May 05 2014 - 10:46AM
Marketwired
Mindoro Repays Loan
EDMONTON, ALBERTA--(Marketwired - May 5, 2014) - Mindoro
Resources Ltd. (TSX-VENTURE:MIO)(ASX:MDO)(FRANKFURT:WKN 906167)
today advised that it has repaid outstanding principal and interest
in the amount of $399,176 due to TVI Pacific Inc.
(TSX:TVI)(OTCQX:TVIPF), pursuant to the Grid Promissory Note
described in Mindoro's June 24, 2013, press release.
Agata DSO Project
On April 28, 2014, Mindoro announced the Agata Mining Joint
Venture with TVI Resource Development (Phils.), Inc. ("TVIRD"), the
Philippine affiliate of TVI, had received the Declaration of Mining
Project Feasibility ("DMPF") and clearance to develop a port
facility for the proposed direct shipping ore operation of the
high-iron laterite resources at the Agata Project, located in
Agusan del Norte, Mindanao, the Philippines.
Receipt of the DMPF authorizes the project to proceed to
development, including the extraction and sale of iron, nickel and
other associated minerals in the contract area. Construction of the
port facility may commence upon securing the permit to construct
and the permit to operate. Site development is expected to commence
in May 2014 and shipping of the high-iron laterite would then
commence through the third quarter of 2014, subject to receipt of
remaining port approvals and financing.
In addition to the DSO operation, Mindoro also looks forward to
progressing to the Stage Two Atmospheric Leach processing operation
at Agata, where initial results from pilot testing have been most
encouraging, and a bankable feasibility study is expected by year
end.
TVIRD and Mindoro have signed four joint venture agreements,
previously announced on October 1, 2012, relating to the Agata and
Pan de Azucar mining projects located in the Philippines. TVIRD may
earn up to a 60% interest in each of the joint ventures and is
operator of the projects. The joint ventures present TVIRD and
Mindoro with multiple growth opportunities for near and medium-term
cash flow.
On behalf of the Board of Directors,
Tony Climie, CEO
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 has a 16% interest in the Agata
Mining Joint Venture and 30% interest in the Agata Processing Joint
Venture, Mindanao, with an option to acquire an additional 25% in
both projects. Mindoro also holds 75% interest in the Pan de Azucar
Sulphur-Copper-Gold Project, Iloilo. TVIRD has the option to earn
up to a 60% interest in Agata and Pan de Azucar projects by meeting
the earn-in requirements outlined in the June 24, 2013, press
release, which include funding the DSO operation into production
and producing a bankable feasibility study for a nickel processing
facility. Mindoro also holds 75% interest in the Tapian San
Francisco Copper-Gold Project, Mindanao.
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.
Tony Climie P.Geol., is the CEO of Mindoro Resources Ltd and
has sufficient experience which is relevant to the style of
mineralization and type of deposit under consideration and to the
activity which he is undertaking to qualify as a qualified person
as defined by National Instrument 43-101. Tony Climie consents to
the inclusion in the report of the matters based on the information
in the form and context in which it appears.
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.
For investor relations inquiries, please emailir@mindoro.com, or
telephone one of the following:Australia:Clayton Northey+61 3 9028
8187Canada:Penny Gould+780.719.8895CHF Investor Relations:Jeanny
So+1 416 868 1079 ext. 225Website:www.mindoro.com
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