Mindoro Announces Start of DSO Shipping From Agata Project

EDMONTON, ALBERTA--(Marketwired - Oct. 16, 2014) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) is pleased to advise that shipping of high-iron/low-nickel direct shipping ore (DSO) material has commenced at the Agata Project, located in northern Mindanao, the Philippines.

Loading of 55,000 wet metric tonnes (WMT) of material, grading minimum 48% iron and 0.6% nickel, commenced on October 12 and is expected to take 10 to 12 days to complete. It is anticipated that future shipments of 55,000 wmt high-iron/low nickel DSO will continue approximately every three to four weeks with shipping rates expected to accelerate to 2.5 million wmt per year in 2015.

Photos of the loading process are available at the following link: http://www.mindoro.com/i/pdf/2014-10-14-DSO-Shippings.pdf and on www.sedar.com and www.mindoro.com.

An initial offtake agreement was signed in June 2014 by Agata Mining Ventures Inc. (a joint venture company held by Mindoro's Philippine subsidiary, MRL Nickel Phils., Inc., and joint venture partner TVI Resource Development Phils., Inc.), and Tewoo Hoperay (Singapore) Pte. Ltd, a subsidiary of Tianjin Hoperay Mineral Limited Company, a major Chinese State Owned Enterprise, to sell one million wet metric tonnes of high-iron/low nickel DSO. A second agreement was signed in August 2014 to sell five hundred thousand wet metric tonnes. Advance payments of US$2 million have been received by the joint venture against the initial agreement to fund initial operating costs and a further US$1 million advance is expected in connection with the second agreement.

Mindoro also advises that its joint venture partner and operator of the Agata Project, TVI Resource Development Phils., Inc. ("TVIRD"), an affiliate of TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF), has fulfilled its earn-in obligations under the Agata Mining Joint Venture agreement and has acquired a 60% interest in the Agata DSO Project.

ABOUT THE AGATA PROJECT

The Agata Project is located in Agusan del Norte province, within the Surigao mining region on the island of Mindanao, Philippines. The Surigao region is a major nickel producing region providing ore to processing plants in Australia, China, Korea and Japan. The region has hosted between thirteen and fifteen DSO operations since 2011 and exported 27 million wet metric tonnes in 2013.