Mindoro Shareholder, Prime Resources, Increases Stake in Mindoro to 25%

EDMONTON, ALBERTA--(Marketwired - Feb. 25, 2014) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167)(ASX:MDO) ("Mindoro", or "the Company") is pleased to advise that Prime Resources Holdings, Inc. ("PRHI") has acquired an additional 35,955,467 common shares of Mindoro, representing approximately 12.09% of Mindoro's issued and outstanding common shares through a secondary trade in the market. Following completion of this acquisition, PRHI owns 75,605,083 common shares or approximately 25.42% of Mindoro's issued and outstanding shares.

In addition to its direct investment in Mindoro, PRHI holds 68.42% interest in TVI Resource Development (Phils.), Inc. ("TVIRD"), which has options to earn 60% interest in Mindoro's Agata and Pan de Azucar Projects.

Mindoro's CEO, Tony Climie, commented, "We believe this additional investment in Mindoro, combined with PRHI's majority ownership of TVIRD, solidifies their position as a strategic partner and sends a strong message of PRHI's belief in the value to be realized from its Mindoro investment and support for our projects."

In a press release dated February 21, 2014, PRHI announced that the securities were acquired in a single trade through the facilities of the TSX Venture Exchange at a price of $0.021 per share. PRHI has acquired the shares for investment purposes and may acquire further shares of Mindoro or dispose of its holdings of shares, both as investment conditions warrant.

Grid Promissory Note

Pursuant to the Grid Promissory Note executed June 20, 2013 (the "Note"), between Mindoro and TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF), an acquisition of greater than 20% of the voting shares of Mindoro is an Event of Default (the "Event"), which grants TVI the right, but not the obligation, to demand payment (the "Demand") of any outstanding principle and interest due under the Note, with such amounts becoming payable within five business days of Mindoro receiving the Demand. Pursuant to the June 18, 2013, Security and Chattel Mortgage Agreement, Mindoro has ten business days to satisfy the Demand before TVI may exercise any rights or remedies provided by applicable laws or any other agreement. Mindoro is in discussions with TVI to have PRHI's acquisition of the Company's shares exempt from the Event provisions of the Note.