Mindoro Joint Venture Completes Two Additional Shipments of Nickel Ore and Signs Offtake Agreement to Sell Higher Grade DSO at Agata Project

EDMONTON, ALBERTA--(Marketwired - Jan. 9, 2015) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) today announced that Agata Mining Ventures Inc. ("AMVI"), a joint venture company in which Mindoro holds a 40% interest, completed two shipments of limonite high-iron/low-nickel direct shipping ore ("DSO") for gross proceeds of US$1.34 million during December 2014 from the Agata project located in northern Mindanao, the Philippines.

Mindoro also announced that AMVI has signed an offtake agreement with Tewoo Hoperay (Singapore) Pte. Ltd. for two shipments of higher grade saprolite ore and that it has drawn funds from the earlier announced $8 million loan facility, extended by China Banking Corporation, to help fund ramping up the DSO operation and exploration work underway at the Agata nickel laterite and limestone projects.

"We congratulate AMVI on successfully negotiating an agreement to sell saprolite DSO to Tewoo," stated Penny Gould, CEO of Mindoro. "Supplementing the shipments of limonite DSO with the higher grade nickel saprolite will bring a welcome injection of additional revenue to the joint venture. We are particularly excited by the exploration work currently underway, funded by the China Bank loan, which aims to upgrade the nickel laterite resource and define a limestone resource at Agata. Once an initial limestone resource has been developed and product markets identified, AMVI will evaluate the feasibility of commencing a limestone DSO operation using the same infrastructure developed for the current nickel laterite DSO operations."

December 2014 Shipments

During December 2014, AMVI completed two shipments (representing the fourth and fifth in the series of shipments that commenced in October 2014) of limonite high-iron/low nickel ore which left the port of Payong-Payong in Agusan del Norte, Mindanao, in accordance with an off-take arrangement with Tewoo. Details of the shipments are as follows:

• Fourth shipment totalling 55,300 wet metric tonnes (wmt) of ore containing 0.9% nickel and 48.49% iron completed on December 13, 2014. AMVI expects to receive gross revenue of US$691,000 for the shipment (pending final assay and price adjustments).

• Fifth shipment totalling 51,900 wmt of ore containing 0.89% nickel and 48.79% iron completed on December 20, 2014. AMVI expects to receive gross revenue of US$649,000 for the shipment (pending final assay and price adjustments).

AMVI expects to complete another two shipments of limonite ore during January 2015.