Mindoro Joint Venture Completes Second DSO Shipment

EDMONTON, ALBERTA--(Marketwired - Nov. 18, 2014) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) today announced completion of a second shipment of high-iron/low nickel direct shipping ore ("DSO") produced from the Agata project, located in northern Mindanao, the Philippines. The Agata project is held by Agata Mining Ventures Inc. ("AMVI"), a joint venture company owned 40% by Mindoro and 60% by the project operator, TVI Resource Development (Phils.), Inc. ("TVIRD").

55,499 wet metric tonnes ("wmt") of limonite ore, containing 0.84% nickel and 49% iron, left the port of Payong-Payong in Agusan del Norte, Mindanao, on November 10, 2014, in accordance with an off-take arrangement between TVIRD and Tewoo Hoperay (Singapore) Pte. Ltd. AMVI expects to receive gross revenue of US$916,000 for the shipment, pending final assay and price adjustments.

AMVI reports that production remains steady and stockpiled inventory to date is approximately 36,896 wmt of limonite with content levels of 0.9% nickel and 49% iron. Future shipments of approximately 55,000 wmt of DSO material are anticipated to continue approximately every three to four weeks.

Photos of DSO loading process from October 2014 are available on Mindoro's website through the following link: http://www.mindoro.com/i/pdf/2014-10-14-DSO-Shippings.pdf.

ABOUT THE AGATA PROJECT

AMVI signed an offtake agreement in June 2014 with Tewoo Hoperay (Singapore) Pte. Ltd., a subsidiary of Tianjjn Hoperay Mineral Limited Company, a major Chinese State Owned Enterprise, to sell one million wmt of high-iron/low nickel DSO and a second Agreement was signed in August 2014 to sell 500,000 wmt. Advance payments of US$3 million were received by AMVI to fund initial operating costs.

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 lateritic nickel producing region providing ore to processing plants in Australia, China, Korea and Japan. The Agata Project is well located and is expected to benefit from its deep protected seaport, the opportunity for year-round shipping and its proximity to main markets in Asia.

A National Instrument ("NI") 43-101 compliant mineral resource estimate was released on April 10, 2013, showing the Agata DSO project to have reported Proven and Probable Reserves of 9.7 million wmt with a grade of 48% Fe with 0.9% Ni, and an NI 43-101 compliant Feasibility Study was released on September 10, 2013. Both reports are available for viewing on http://www.sedar.com and www.mindoro.com.