Mindoro Welcomes Significant New Investor as Prime Resources Holdings, Inc. Acquires 13.33% of Mindoro's Shares

EDMONTON, ALBERTA--(Marketwired - Jan. 17, 2014) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(ASX:MDO)(FRANKFURT:WKN 906167) ("Mindoro", or "the Company") is pleased to advise that Prime Resources Holdings, Inc. ("PRHI") has acquired approximately 13.33% of Mindoro's issued and outstanding common shares through a secondary trade in the market.

In a press release dated January 16, 2014, PRHI disclosed that it had acquired 39,649,616 CHESS Depository Interests ("CDIs") of Mindoro through the facilities of the Australian Stock Exchange. Each CDI represents an uncertificated unit of beneficial ownership in the common shares of Mindoro, with one CDI representing one underlying common share in the capital of Mindoro.

PRHI further reported that the securities were acquired in a single trade at a price of $0.0209 per CDI (A$0.02142 converted into Canadian dollars using an exchange rate of $1.00 = A$1.0248, being the closing exchange rate reported by the Bank of Canada on January 15, 2014). PRHI has acquired the CDIs for investment purposes, and may acquire further CDIs or common shares of Mindoro, or dispose of its holdings of CDIs, both as investment conditions warrant.

About Prime Resources Holdings, Inc.

On December 17, 2013, Mindoro disclosed that its joint venture partner, TVI Pacific Inc. (TSX:TVI)(OTCQX:TVIPF), had executed various definitive agreements with PRHI, an arm's-length Philippine corporation, relating to financing and investment in TVI and its indirectly held Philippine assets, including Mindoro's Agata and Pan de Azucar projects. The transactions contemplated in the agreements would result in PRHI acquiring an approximate 5% direct equity interest in TVI and a 68.42% direct equity interest in TVIRD, through which TVI's option to earn 60% interest in Mindoro's Agata and Pan de Azucar Projects, are held.

PRHI is a wholly-owned subsidiary of Prime Asset Ventures, Inc. ("PAVI"). PAVI is a holding corporation of utilities engaged in various industries which include water distribution infrastructure, energy and power generation as well as retail distribution, cable and antennae television, and telecommunications.

Mindoro's CEO, Tony Climie, commented, "We previously welcomed PRHI to the joint venture as a strong local partner and we are now pleased to also welcome PRHI as a strong shareholder in our company. We believe PRHI's purchase of Mindoro securities in the market sends a significant message of support for the Agata Project and meeting our production objectives in 2014."