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Gold spin-out to Red Mountain to fund
advancing gold resource project at
Batangas
Nickel development to be funded through
planned strategic project level investment
to generate DSO cash flow and DFS
May 2012
Forward Looking Statements:
This presentation may contain forward-looking statements including management's assessments of future plans and
operations, expectations of future production, cash flow and earnings. 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).
Qualified / Competent Persons:
Jon Dugdale (BSc (H1), MAusIMM, MAICD), the CEO and a director of Mindoro Resources is a Competent Person as defined
by the JORC Code, has more than ten years of experience which is relevant to the style of mineralisation and type of deposit
under consideration and to the activity which he has undertaken, and has reviewed and verified the Mineral Resource
statements contained in this news release.
Mindoro’s exploration programs are prepared and/or designed and carried out under the supervision of Tony Climie, P.Geo.,
who is a Qualified Person as defined by National Instrument 43-101 and is a Competent Person as defined by the JORC Code,
and who has reviewed and verified the pertinent disclosure of exploration related technical information contained in this news
release. Mr Climie is an executive and a director of Mindoro and is a member of the Alberta Professional Engineers, Geologists
and Geophysicists Association. Mr Climie has more than ten years of experience which is relevant to the style of mineralisation
and type of deposit under consideration and to the activity which he has undertaken. Mr Climie has consented to the release of
the pertinent exploration related technical information in the form and context in which it appears.
Dallas Cox, BE (Min), AusIMM Chartered Professional (Mining), an independent qualified person as defined by NI 43-101 and a
Competent Person as defined by the JORC Code, has reviewed and verified the Mineral Resource and Reserve statements
and statements of a development nature contained in this news release. Mr Dallas Cox has more than ten (27) years of
experience in mineral resource and reserve calculation, open pit mine technical services, mine operations and management in
Australia, China, Indonesia and the Philippines.
Boyd Willis, FAUSIMM, who is a Qualified Person as defined by National Instrument 43-101, and a Competent Person as
defined by the JORC Code, has reviewed and verified the disclosure of a nickel processing nature contained in this news
release. Mr. Willis has more than ten years of experience which is relevant to the activity which he has undertaken and he has
consented to the release of the pertinent development related information in the form and context in which it appears.
2
DISCLAIMER AND QUALIFIED PERSONS
Mindoro Resources: Philippines focussed, three key discoveries to be advanced towards development:
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
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
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.
Caution, detailed drilling will be required to convert the Exploration Target into NI 43-101-compliant resources. There is no guarantee that these resources, if delineated, will be economic or sufficient to support a commercial mining operation. Until a feasibility study has been completed there is no certainty that the company's projections will be economically viable.
MINDORO RESOURCES: A VALUE INVESTMENT
3
*Refer to qualified person statement on slide 2
Exchange & Symbol TSX-V: MIO, ASX: MDO, FFT: OLM
Shares outstanding 254m
Fully diluted 291m
Share price (May 2012) $0.07
Market capitalisation (May 2012) $18m
Current treasury (April) $1.8m
CAPITALISATION ($CDN)
SHAREHOLDERS
4
Acorn Capital 15.8%
IFC (World Bank) 9.1% (10.6% incl. Asian Lion interest)
Asian Lion Ltd 7.9%
Lion Selection 6.9% (10.0% incl. Asian Lion interest)
US Global 1.3%
Directors 3.1%
Top 20 55.7%
MINDORO CORPORATE PROFILE
5
GOLD
Batangas Projects
(100% economic interest)
• Archangel (Gold) Resources
• Lobo (Gold) Resources
• El Paso, Calo, Talahib Cu-Au targets
NICKEL
MAP KEY
Mindoro project
Major Deposit
Recent major discovery (within last 15 years)
Producing Major Mine
Fault
Pan de Azucar Project
(75% economic interest)
• Cu-Au-S Exploration Target
Agata - Surigao Projects
(75% interest, options for 100%)
• Agata Nickel Resources
• Cu-Au Porphyry targets eg:
American Tunnels, Tapian-SF
PORTFOLIO OF PROJECTS IN KEY MINING DISTRICTS
Coral Bay Nickel 21,000 Ni tpa
(Sumitomo/Nickel Asia)
Taganito Nickel Project (Const.)
(Sumitomo/Nickel Asia)
Masbate Gold 200,000oz pa (CGA Mining)
Co-O Gold 100,000oz pa
(Medusa Mining)
COPPER-GOLD
Tampakan, Cu-Au, BFS
(Xtrata/Indophil)
Didipio Cu-Au
(Oceana Const.)
Sianna Gold 85,000oz pa
(Red 5)
Established resources with exploration upside to be progressed towards development
GOLD AND COPPER-GOLD SPIN-OUT TO RED MOUNTAIN
6
THE RED MOUNTAIN MINING TRANSACTION
7
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) non-voting shares in Red Mountain Mining and;
*50,000,000 performance shares in Red Mountain Mining that convert into Non-Voting Shares upon increasing the indicated resource to 600,000 ounces and delivering an “economically viable” scoping study
Non-voting shares convert to voting shares once distributed to Mindoro shareholders by 12 months. Number of shares issued based on a no-consolidation basis
Commercial loan:
Upon execution of sale agreement, Red Mountain Mining will enter into a secured loan agreement up to A$1 million on usual commercial terms to Mindoro to commence focussed drilling of Archangel higher grade gold “feeder” resource targets.
STRUCTURE POST RMX TRANSACTION
Red Mountain
Mining
Mindoro
Resources
MRL Gold
(Australia) 100%
Philippines
Subsidiary 100%
Tapian SF (75%) Batangas Gold
Projects (100%)
75%
100%
100%
75% 100%
Current RMX
shareholders
35-44% 56-65%
Current MDO
shareholders
75%
Options for
100%
MDO Nickel
Assets
100%
8
Pan de Azucar
(75%)
Minimax,
Philippines
Partner
25%
25% 25%
MRL Phils. Inc.
100%
100%
Sea
LOBO
LOBO PROJECT - SW BRECCIA,
High grade epithermal gold veins; 5km to test
*NI 43-101/JORC Resource Estimate
Indicated: 270,000 t @ 6.49 g/t (56,380 oz)
Inferred: 61,000 t @ 5.35 g/t (10,540 oz)
Tenements / applications
Porphyry copper-gold prospects
Resource area
Epithermal vein trends
Copper showing
Historical mine / workings
Other prospects
MAP KEY
4km 0 N
Manila
Luzon
Mindanao
ARCHANGEL PROJECT - KAY TANDA,
*NI 43-101/JORC Resource Estimate
Indicated: 9,879,000 t @ 1.1 g/t (337,500 oz)
Inferred: 3,741,000 t @ 0.8 g/t (97,200 oz)
High-grade Intercepts at depth: eg 61m @ 5.1 g/t Au
Talahib
Calo
El Paso
Marita
BATANGAS GOLD PROJECT & COPPER-GOLD TARGETS, 100%
9
TAYSAN COPPER-GOLD RESOURCE
(TSXV Crazy Horse Resources)
*Refer to qualified person statement on slide 2
Sea
Biga
Marita
Bootin
N 1 Km 0
Archangel MPSA boundary
Younger cover rocks
Extensively altered volcanics intruded
by diorite and dacite
Advanced argillic zones
Resource area
Epithermal gold-silver zones
Porphyry-related stockworks
Vein breccia
Boulder field of mineralized massive
silicified rocks
Old mine working
Copper showing
Porphyry related IP anomalies
BATANGAS, ARCHANGEL PROJECT
MAP KEY
Kay Tanda *NI 43-101/JORC Resource Estimate
Indicated: 9,879,000 t @ 1.1 g/t (337,500 oz)
Inferred: 3,741,000 t @ 0.8 g/t (97,200 oz)
High-grade Intercepts at depth: eg
61m @ 5.1 g/t Au, 64m @ 3.5 g/t Au, 26m @ 4.03 g/t Au
XS 9350N
• 6km gold zone with porphyry at depth • Drilling high-grade “feeders” to build resource • Resources low-strip and excellent metallurgy
EL PASO PROJECT
TALAHIB PROJECT
BATANGAS PROJECTS
Crazy Horse Taysan Project
KAY TANDA GOLD RESOURCE
ARCHANGEL PROJECT
LOBO GOLD PROJECT
10
*Refer to qualified person statement on slide 2
Drill hole KT-07
Mineralized intercept
(spiky/high grade)
Interpreted mineralization
boundaries
End of hole 75m
Mineralized intercept
60m
PLDH-01 PL-30
105.2m
82m
28m @ 1.47 g/t Au
PL-22
9600E
9800E
9700E
9500E
9400E
PL-16
PL-17
50m
51m 70m
70m
60m 75m
PL-23 PL-31 PL-24
PL-37
24m @ 0.75 g/t Au
20m @ 1.09 g/t Au
26m @ 4.03 g/t Au, 179.16 g/t Ag
2m @ 12.24 g/t Au
60m @ 1.46 g/t Au, 25.10 g/t Ag
10m @ 6.84 g/t Au
BATANGAS, KAY TANDA PROJECT
KAY TAND CROSS SECTION 9350N: Shallow Resource and “Feeder” Target
Batangas Projects
MAP KEY
50m
Quartz - gold breccia vein
58m @ 1.53 g/t Au
11
Porphyry Target at Depth
BATANGAS, LOBO GOLD PROJECT
?
?
?
?
?
?
Balisong
Nagtoctoc
Camo
Pica
Old Lobo Copper Mine
?
N
500m 0
Alluvium
Limestone
Mineralized and altered volcanics
Mineralization shoot
Epithermal vein breccia trend
Silica cap
Old Mine
High-Grade shoot target
EL PASO PROJECT
TALAHIB PROJECT
BATANGAS PROJECTS
Crazy Horse Taysan Project
KAY TANDA GOLD RESOURCE
ARCHANGEL PROJECT
MAP KEY
SW Breccia *Mineral Resource: High Grade Shoot
• Indicated - 270,000 t @ 6.49 g/t Au; 56,380 oz Au
• Inferred - 61,000 t @ 5.35 g/t Au; 10,540 oz Au
• open to SW and depth
Lobo shoot?
12m @ 7.42 g/t Au
Camo, at surface,
• 4.5m @ 488 g/t Ag, 1.8% Cu
• 3.5m @ 114 g/t Ag, 0.36% Cu
Southwest Breccia
Recent results eg LB-62:
• 8.0m @ 8.8 g/t Au and
• 7.45m @ 12.4 g/t Au
Line 10170N
• High-grade gold shoots targeted • 5km mapped epithermal lode structures • Drilling planned to build resource LOBO GOLD
PROJECT
Pica: Epithermal veins:
• 13.65m @ 2.49 g/t Au in
• 213m @ 0.18% Cu, 0.30 g/t Au
12
*Refer to qualified person statement on slide 2
Trench
Outcrop
Drill hole number
Gold grade g/t x true
vein width in meter
> 50
20 – 49
10 – 19
TR
OC
LB-20
79.5
10,1
55N
10,1
72N
10,1
85N
10,2
00N
10,2
15N
10,1
25N
10,1
00N
10,1
40N
20m
TR-1 358.2
OC channel 159.2
100
50
170m
ASL
150
B B’
TR-2 210.1
LB59-11 13.8
LB58-11 59.4
LB60-11 19.3
LB61-11 Drill hole (2011)
BATANGAS, LOBO PROJECT, SWB SHOOT
SOUTHWEST BRECCIA LONGITUDINAL PROJECTION, G/T x Thickness Contour
Batangas Projects
MAP KEY
?
?
LB61-11 67.5
LB62-11 92.23
LB63-11 27.89
LB65-11 36.2
LB64-11 54.59
Open at Depth
13
?
10,000E
85.00m
104.50m
129.10m
57.30m
Trench: 11m @ 19.1 g/t Au
52.25m 69.40m
LB61-11
Batangas Projects
MAP KEY
SOUTHWEST BRECCIA CROSS SECTION 10172N
20m
Drill hole
Mineralized intercept
LB-07
End of hole 75m
17.4m @ 9.60 g/t Au
8.3m @ 6.30 g/t Au
32.2m @ 9.50 g/t Au
14.0m @ 1.67 g/t Au
13.3m @8.30 g/t Au
180m
ASL
160
140
120
100
80
60
40
LB62-11
6.7m @ 10.7 g/t Au inc. 3.7m @ 18.0 g/t Au
LB65-11
Quaternary agglomerate
Quartz - barite - pyrite vein breccia
Quartz - pyrite
clay alteration
Clay - pyrite - quartz
chlorite
magnetite alteration
Quartz - clay - pyrite alteration
Propylitized andesite wallrock
(chlorite - clay - pyrite
quartz
calcite
magnetite)
Fault gouge
11.90m
7.45m @ 12.4 g/t Au inc. 5.30m @ 15.6 g/t Au
9,950E
30.25m
57.60m
7.75m @ 4.67 g/t Au inc. 1.95m @ 11.8 g/t Au
8.0m @ 8.82 g/t Au inc. 3.0m @ 15.4 g/t Au
14
BATANGAS, LOBO PROJECT, SWB SHOOT
PHILIPPINE FAULT ZONE
Mindanao Sea
Lake Mainit
SURIGAO CITY
Tenements
TSF alteration (hi-temp propylitic,
argillic, phyllic, potassic)
Major porphyry copper-gold
discovery
Porphyry copper-gold prospects
Copper-gold / gold mine or
significant prospect
Other copper-gold or gold
prospect
Fault
MAP KEY
10 km 0
N
Manila
Luzon
Mindanao
PAN DE AZUCAR
BATANGAS
SURIGAO PROJECTS
SILANGAN (Boyongan-Bayugo) Philex Mining, in feasibility Resource contains 5b lbs Cu, 9moz Au
TAPIAN SAN FRANCISCO (TSF) PROJECT Extensive Porphyry-related alteration, copper-gold showings, IP geophysics
Epithermal gold and porphyry copper-gold mines of MMC
SIANA PROJECT – Red 5 (ASX)
In production for 85k oz pa
Masapelid
PORPHYRY COPPER-GOLD: TAPIAN-SAN FRANCISCO
15
INDICATIVE RMX TRANSACTION TIMETABLE
Timetable Date
Completion of due diligence by Mindoro and Red Mountain Mining 12 June 2012
Execute Agreements (binding) 14 June 2012
Mindoro AGM 28 June 2012
Mindoro gold “feeder” drilling commences, funded by loan from RMX July 2012
Red Mountain Mining Shareholder Meeting 31 July 2012
Completion of Sale under Agreements, Satisfaction of Conditions
Precedent and issue of 100m Consideration Securities to Mindoro 8 August 2012
Resource Upgrade and Scoping Study Batangas gold projects Q1 2013
If performance share milestones met, RMX issues additional 50m shares to
Mindoro. Commence gold project permitting and feasibility study Q2 2013
In specie distribution of RMX shares to Mindoro shareholders *August 2013
(subject to ASX escrow
release)
16
17
Two stage development strategy for early cash flow then processing project
MINDORO’S AGATA NICKEL LATERITE PROJECT
Lake
Mainit
SURIGAO CITY
Philippine Sea
Butuan Bay
AGATA *MINERAL RESOURCE Combined Limonite & Saprolite
Measured & Indicated 42.7M DMT @ 1.01% Ni
Inferred 2.4M DMT @ 0.99% Ni
10 defined regional targets
5 drilled to date
BOYONGAN-BAYUGO
Copper-Gold Project
Philex
SRMI
DSO
18
Manila
Luzon
Mindanao
TAGANITO
Nickel Asia – Sumitomo
HPAL, in construction
SURIGAO MINING DISTRICT: KEY PROJECTS
Mindoro tenements / applications
Nickel laterite mineralization
Nickel laterite mine
Recent porphyry copper-gold discovery
Porphyry copper-gold prospects
Gold mine or prospect
Fault
Drilled area
N
10km 0km
MAP KEY
TAPIAN
AGATA SOUTH
CANAGA
TAPIAN
KARIHATAG
BOLOBOLO
AGATA NORTH
AGATA NICKEL (75%, Option 100%)
*Refer to qualified person statement on slide 2
AGATA NICKEL PROJECT MINERAL RESERVE, RESOURCE
19
*Inventory / Reserves M WMT M tonnes Ni % Co % Fe %
Direct Shipping (8.9) (5.9) (1.05%)
Hi Fe Limonite 1.7 1.1 0.8% 0.10% 49%
Nickel Pig-Iron Limonite 5.9 3.8 0.95% 0.10% 48%
High Grade Saproilite 1.4 1.0 1.8% 0.03% 13%
Limonite to Upgrade / AL 7.1 0.9% 0.10% 43%
Saprolite to Hydromet AL 22.4 1.1% 0.03% 12%
Total Reserve 35.4 1.03% 0.05% 24%
Limonite Resource Remaining 1 0.8% 0.10% 43%
Saprolite Resource Remaining 9 0.9% 0.02% 9%
Total Resource 45 1.0% 0.05 22%
*Refer to qualified person statement on slide 2
The company’s production objectives are intended to provide an indication of management’s 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.
SRMI Mine
Mindanao
Sea
Agata Nickel Laterite Project
Agata South Nickel Laterite
Project
Mindoro Tenements: MPSA & Application
Nickel laterite resource
Completed drill holes to date
Trench
River / creek
Road
Trail
N 0 200m
Aug 19, 2010
10000E
9000E
10000N
11000N
9000N
8000N
11000E
Min
danao S
ea
XS 9550N
AGATA NICKEL LATERITE PROJECT
MAP KEY
AGATA NICKEL PLAN (GRADE X THICKNESS)
20
< 2
LEGEND
10 - 20
2 - 10
Ni % X meter
> 30
20 - 30
LEGEND
AGATA NICKEL LATERITE CROSS SECTION
21
A
Thickness of intercept (m)
Fe%
Ni%
46m
Drillhole number
Ferruginous Laterite
Limonite
Boulder
Saprolite
Saprolitic rock
Bedrock
End of hole
AGL-362
AGATA NICKEL
LATERITE PROJECT
Cross Section Line 9550N
9300E 8900E
0
50m
50m
9100E 9200E 9000E
250m
150m
AGL-140
AGL-146 AGL-500
22.15m
26.8m 19.4m
25.3m 15.1m
20m
AGL-499 AGL-142
AGL-341
16m
AGL-498
200m
300m ASL
100m
LIMONITE
FERRUGINOUS LATERITE
SAPROLITE
22
The company’s production objectives are intended to provide an indication of management’s 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.
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 – “Mining Lease” granted for 25 years (1999 – 2024)
• Environmental Compliance Certificate (ECC) – up to 2m DMT pa
• Next step: Declaration of Mining Project Feasibility (DMPF) - 4-6 months
• Basic infrastructure for stage 1 (SR Wharf) 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 1: AGATA DIRECT SHIPPING OPERATION
AGATA NICKEL PROJECT: STAGE 1 DSO FOR CASHFLOW
23
The company’s production objectives are intended to provide an indication of management’s 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.
STAGE 2: ACID LEACH PROCESSING OPERATION
AGATA NICKEL PROJECT STAGE 2 PROCESSING
Sumitomo/Nickel Asia Coral Bay HPAL
processing operation, US$550m Capex
2002 -2004, 21,000t Ni pa @ <$2.50/lb
Opex to Intermediate Product
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 due to new acid recycling technology
• Next step: partner funded pilot testing - Definitive Feasibility Study (DFS)
Bebs Hill
Mt. Lo-oc
Valderam
a Hill
Pabilona
Hill
Asparin
Hill
Ferraris
Hill
11
23
24 14
22
25 26
10 09
08
12
19 17
18
05
03
06
07 13 15 20
21
02
01
16
04
200m 0
N
27
28
30
29
31
32
Manila
Luzon
Mindanao
PAN DE AZUCAR PROJECT
BATANGAS PROJECTS
SURIGAO PROJECTS
Quaternary alluvium
Andesitic flow dome
Andesite and dacite tuffs & volcanics
Dacitic volcanics & volcaniclastics
Interpreted fault
Collapsed features / ring faults
Creek
Dill hole (2001-2002)
Drill hole (2011)
MPSA boundary
07
19
Boundary defined from drilling
Boundary defined from geophysical and
geochemical data
Vuggy, leached, quartz alunite altered
boulders
Dark grey – dark red ferruginous boulders
Topography
Valderama zone
MAP KEY
PAN DE AZUCAR PROJECT (75%)
• Massive sulphide sulphur-copper-gold deposit
• Defined Exploration Target: - 8 – 12.7 million tonnes, - 35 – 40% sulphur, - 0.4 – 0.6% copper - 0.5 – 0.7 g/t gold
• Metallurgy for acid (Ni) and copper-gold leach • Plunging shallowly north, open at depth • More drilling and metallurgy required for resource
Caution, the Valderama massive sulphide is
currently an Exploration Target only. Detailed
drilling will be required to convert the
Exploration Target into NI 43-101-compliant
resources. There is no guarantee that these
resources, if delineated, will be economic or
sufficient to support a commercial mining
operation. Until a feasibility study has been
completed there is no certainty that the
company's projections will be economically
viable.
24
.
o o
. .
o
. .
. .
.
0
-50
50
21,700N 21,600N
PDA-23
111.6m
21,500N 21,400N
95.4m
PDA-14 PDA-22 PDA-12
95.55m
130.5m
PDA-18 PDA-03
21,100N
50m
PDA-20
36.8m
94.5m 98.0m
21,200N 21,300N
PDA-01
90.65m
21,000N 20,900N
) )
PDA-27 PDH-05
? ? ?
?
2 2
M M M
2
M M
M
2 2
2 2 2
2
M
2 M M
M
51.90m
15.6m
-100
100
LS LS'
HOLE NO. FROM (m) TO (m) RUN (m) Au g/t Ag g/t Cu % Zn % Sulphur%
PDA-18 35.6 94.9 59.3 0.90 3.45 0.45 0.45 39
PDA-20 1.6 33.3 31.7 1.15 6.12 0.48 28
PDA-21 2.8 42.0 39.2 1.00 15.71 1.89 2.02 42
PDA-22 10.0 23.0 13.0 0.62 8.61 2.53 40
PDA-22 38.1 85.6 47.5 0.75 1.01 0.09 41
PDA-25 11.1 87.1 76.0 0.64 4.54 0.38 34
Including 23.1 40.0 16.9 0.59 3.06 1.01 36
PDA-28 9.2 13.1 3.9 0.78 55.31 5.30 5.11 38
PDA-28 20.75 75.55 54.8 0.77 11.52 1.17 0.68 40
PAN DE AZUCAR MASSIVE SULPHIDE MINERALIZATION
LONGITUDINAL SECTION (LOOKING NW)
)
PDA-21 PDA-25 ) )
PDA-28
25
PARTNER FUNDED NICKEL TIMETABLE
Timetable Date
Strategic funding partnership to be established for stage 1 and 2 of Agata June 2012
Final permitting and feasibility Stage 1 DSO; Update processing economics Q3/4 2012
Stage 1 DSO production, cash flow anticipated, subject to financing above Q1 2013
Stage 2 Processing pilot testing of new atmospheric leach flow sheet Q1 2013
Stage 2 Processing DFS Q3/4 2013
Subject to DFS: Financing and construction of nickel processing plant. 2014
26
The company’s production objectives are intended to provide an indication of management’s 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.
Mindoro Resources: Philippines focussed, three key discoveries to be advanced towards development:
Spin-out of Batangas gold resources and Cu-Au porphyry targets to Red Mountain Mining:
- funding for gold drilling and scoping study
- release of value in gold focused vehicle, MIO shareholders to hold up to 65%
Strategic partner funding sought for Agata nickel two stage development strategy:
- stage 1 DSO cash flow possible within 9 months (Q1 2013)
- stage 2 pilot testing and DFS for “cut-down” atmospheric leach processing plant
Copper-gold-(Sulphur/pyrite) resource target at Pan de Azucar to be drilled (subject to finance)
Focused strategy on taking projects from discovery to production
IN SUMMARY:
Contact details at www.mindoro.com
ASX: MDO TSXV: MIO FFT: OLM
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The company’s production objectives are intended to provide an indication of management’s 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.
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