Results of Mindoro Annual General Meeting
EDMONTON, ALBERTA -- (Marketwire) -- 06/22/10 -- Mindoro Resources Ltd. (TSX VENTURE: MIO)(FRANKFURT:WKN 906167) held its annual general meeting on June 17, 2010, at which time Tony Climie, Jon Dugdale, Doug Frondall, Rob Garden, Oscar Reyes, Robert Sarcher, John Tosney and Howard Walker were elected to the company's board of directors. Renewal of the company's stock option plan received the approval of eighty-three percent of the voted shares. Amending the company's by-laws received the approval of ninety-one percent of the voted shares and amending the company's Articles to permit a meeting of shareholders to be held outside of Canada received the approval of eighty-five percent of the voted shares. D+H Group LLP was appointed as auditor for the ensuing year.
Immediately following the business portion of the meeting, Jon Dugdale reviewed the company's progress in the Philippines and discussed the company's plans for commercializing the Agata nickel laterite project in the coming year as well as advancing several of the company's gold and copper-gold targets. A copy of the presentation is available on Mindoro's website at www.mindoro.com.
At the company's subsequent board meeting, Rob Garden and Howard Walker were appointed Chairman and Vice Chairman, respectively, of the board for the ensuing year. Doug Frondall, Rob Garden, and John Tosney were appointed to the company's audit committee; Doug Frondall, Rob Garden, John Tosney and Howard Walker were appointed to the compensation committee; Jon Dugdale, Rob Garden and Howard Walker were appointed to the governance committee; Jon Dugdale, Tony Climie and Robert Sarcher were appointed to the disclosure committee; and Jon Dugdale, John Tosney and Tony Climie were appointed to the environmental, health and safety committee.
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 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 North nickel-cobalt project (November 2009) totalling Measured and Indicated 26.92 million dry metric tonnes (DMT) at 1.11% Nickel and 0.06% Cobalt and Inferred 3.79 million DMT at 1.06% Nickel, 0.05% Cobalt. The Surigao regional exploration target is 50 million to 70 million DMT at 0.9% to 1.2% Nickel (January 2010).
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. Goldfields has commenced drilling on the Lobo project.
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 Mindoro's porphyry copper-gold prospects at Surigao.
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 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.
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:
Mindoro Resources Ltd. - Head Office
Penny Gould
VP Investor Relations
780.413.8189 or Toll Free: 1.877.413.8187
penny@mindoro.com
Investor Relations - Canada
Senergy Communications Inc.
Investor Relations
1.778.331.2030
ir@mindoro.com
Investor Relations - Europe
Robert Sarcher
49.821.6089051
robert@mindoro.com