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MDO - Mindoro Resources

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Mindoro Resources Limited's objective is to build a successful exploration and mining company in the Philippines with focus on nickel, copper and gold. Mindoro’s primary asset is the 75% interest in the Agata nickel laterite deposit in the Agusan del Norte Region, Northern Mindanao Island.

Mindoro also owns interests in gold, copper, and copper-gold prospects in the Surigao District, Batangas District on Luzon Island, and on Pan de Azucar Island.

http://www.mindoro.com
 
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 @0.8g/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.

Exchange & Symbol TSX-V: MIO, ASX: MDO, FFT: OLM
Shares outstanding 254m
Fully diluted 291m
Share price (June 2012) $0.05
Market capitalisation (May 2012) $13m
Current treasury (June 2012) $1m

Top 20 55.7%

BATANGAS

Red Mountain Mining (RMX) is proposing to acquire the Batangas and Tapian San Francisco (TSF) assets of Mindoro for shares in RMX:
Placement – consideration will be:
•*100,000,000 (10c) full-voting shares in Red Mountain Mining and;
•*50,000,000 performance shares in Red Mountain Mining that convert into full-Voting Shares upon increasing the indicated resource to 600,000 ounces and delivering an “economically viable” scoping study
•The initial 100m voting shares to be distributed to Mindoro shareholders in 12 months (following ASX escrow) with the additional 50m performance shares if granted to be distributed from 12 to 24 months from transaction.
Commercial loan:
•Upon execution of sale agreement, Red Mountain Mining will enter into a secured loan agreement for up to A$1 million on usual commercial terms to Mindoro to commence focussed drilling of Archangel higher grade gold “feeder” resource targets.

Gold spin-out deal with Red Mountain Mining to fund drilling to extend gold resources at Batangas: Indicated Resource of *10,150,000 tonnes @ 1.2g/t for 393,000oz of gold and an Inferred Resource of *3,800,000 tonnes @ 0.88g/t for 108,000oz of gold, with immediate further exploration potential based on high-grade intercepts and ten “drill-ready” copper-gold porphyry targets
*detailed drilling will be required to convert the Exploration Target into NI 43-101-compliant resources

AGATA

Mindoro Announces TVI Pacific Strategic Investment and Proposed Agata Nickel Project Joint Ventures
MELBOURNE, AUSTRALIA July 6, 2012 -
http://www.asx.com.au/asxpdf/20120706/pdf/427928fvr6f7qd.pdf
Mindoro Resources Ltd (TSXV: MIO; ASX: MDO; FFT: OLM) (Mindoro, “the Company”) today announced that it has signed a Heads of Agreement (HOA) with Canadian TSX listed company, and Philippines based mine and processing plant operator, TVI Pacific Inc. (TVI) for a strategic private placement of C$3.155 million in Mindoro as well as proposed joint ventures to fund the Agata Nickel Project to Direct Shipping Ore (DSO) production and complete a nickel processing project Definitive Feasibility Study (DFS). TVI will also have the option to form a joint venture over the Pan de Azucar sulphide project within 12 months.




Nickel strategic partnership planned to fund two stage development plan for the nickel resources at Agata: Measured and Indicated *42.7mt @ 1% Ni, 430,000t Ni; proved and probable reserve of *35.4mt @ 1% Ni. Targeting cash flow within 9 months
*detailed drilling will be required to convert the Exploration Target into NI 43-101-compliant resources

STAGE 1: AGATA DIRECT SHIPPING OPERATION
Ideal Location:
•Ore body is <1km from sheltered, deep ocean
•Wharf facilities located on adjacent property, SR Metals
•No trees or population on reserve Key Permits:
•MPSA – granted for 25 years (1999 – 2024)
•Environmental Compliance Certificate (ECC) – up to 2m DMT pa
•Next step: Declaration of Mining Project Feasibility (DMPF) - 4-8 months targeted
•Basic infrastructure for stage 1 constructed during DMPF Scoping Study (Mar 11), to be upgraded to Feasibility study during permitting:
•$8M Capex, 9m WMT (2.25m WMT pa) / 6m DMT over 4 years (1.5m DMT pa)

STAGE 2: ACID LEACH PROCESSING OPERATION
Pre-Feasibility Study (PFS) Nov 11: HPAL - Atmospheric Leach (AL)
•Outstanding Metallurgy:
- HPAL 95% - 97% Ni <20 minutes
- Atmospheric Leach (AL) 95%-98% Ni in 2-4 hours
- Saprolite Neutralisation: 85% Ni from “spent” acid
•1.8m tpa processed, 17,200t nickel in MHP (40% Ni), 15-20 years
•Capex $940m (Including 14% estimate but no project contingency)
•Opex $2.60/ Ni lb with cobalt and power generation credits
•Cash flow $150m per annum; payback 5.5 years
•NPV(8%) @ $10/lb nickel price: $380M; IRR 14%
Flow sheet being modified to lower Capex Atmospheric Leach
•Lower Capex, 10,000t to 15,000t Ni pa in intermediate product (MHP or MS)
•Similar Opex targeted due to new acid recycling technology
•Next step: partner funded pilot testing - Definitive Feasibility Study (DFS)


PAN DE AZUCAR

Drilling to be financed to define resources at the copper-gold-(sulphur) Exploration Target at Pan de Azucar: 8mt to 12.7mt @ 35-40% sulphur, 0.4-0.6% copper, 0.5-0.7 g/t gold.
 

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On June 30th, 2014, Mindoro Resources Limited (MDO) was removed from the ASX's official list at the request of the Company, in accordance with listing rule 17.11.
 

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