Mindoro Announces Resource Definition Drill Program at Agata Limestone Project

EDMONTON, ALBERTA--(Marketwired - Nov. 27, 2014) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) today announced that Agata Mining Ventures Inc. ("AMVI"), has commenced definition drilling aimed at defining an initial National Instrument 43-101 compliant resource estimate at the Agata limestone project, located in northern Mindanao, the Philippines. Once an initial resource has been developed and product markets are identified and confirmed, AMVI will evaluate the feasibility of commencing a limestone direct shipping ore ("DSO") operation using the same infrastructure developed for current nickel laterite DSO operations. AMVI is a joint venture company in which Mindoro holds a 40% interest and TVI Resource Development (Phils.), Inc. holds a 60% interest and is the project operator.

As shown in the illustration below, the Agata limestone project is strategically situated to the south of Mindoro's current Agata nickel laterite direct shipping ore ("DSO") operation and immediately adjacent to the causeway facilities that were built to support the nickel laterite DSO operations. The project consists of a number of separate deposits, of which only one - the Payong Payong deposit covering approximately 27.7 hectares - has been drilled to date. Other deposits occur nearby and will be explored in stages in the future.

To view the illustration, please visit the following link: http://media3.marketwire.com/docs/mio.jpg.

Mindoro drilled five holes into the Payong Payong limestone deposit in 2011 and outlined a large area of approximately 400 by 800 metres. Drilling yielded intercepts with a weighted average of 60 metres of 98.86% CaCO3 (calcium carbonate), indicating the presence of high-purity, massive, recrystallized limestone. A full table of the 2011 drill results is included with this release on Mindoro's website.

High-purity limestone is particularly in high demand as a paper whitener for the paper making industry, as calcined and hydrated lime for a variety of industrial purposes and, as filler for toothpaste, with selling prices ranging from $100 to over $450 per tonne. AMVI is currently in preliminary marketing discussions with potential buyers who have expressed interest in high-purity limestone products to determine potential demand. A formal marketing study is also planned in the near future to better determine additional markets.