Mindoro Joint Venture Completes Two Additional Shipments of Nickel Ore and Signs Offtake Agreement to Sell Higher Grade DSO at Agata Project - Seite 2

Saprolite Offtake Agreement

Further to news on November 26, 2014, AMVI has been mining higher grade saprolite material (containing greater than 1.5% nickel) found below the limonite resource to secure higher selling prices. In this respect, AMVI signed a new offtake agreement with Tewoo on December 15, 2014, for two shipments of 55,000 wmt of saprolite DSO to be sold and delivered during the period between December 15, 2014 and December 31, 2015.

AMVI expects to complete both shipments to Tewoo in the first quarter of 2015, after which it plans to mine and make shipments consisting of both high and low grade DSO in order to ensure that a blended higher selling price is obtained.

Chinabank $8 Million Loan Drawdown

Further to Mindoro's November 20, 2014, news release, the AMVI Board approved an US$8 million term loan facility (the "Facility") extended by China Banking Corporation ("Chinabank") and has drawn down all of the funds in December 2014 to help finance ramping up the Agata DSO operations to 5 million wmt by 2016, to fund detailed exploration programs and resource updates underway at the Agata nickel laterite and limestone projects, and for general working purposes. Details of the terms of the Facility were provided in Mindoro's November 20, 2014, release.

About the Agata Project

AMVI is a joint venture company in which Mindoro holds a 40% interest and TVI Resource Development (Phils.), Inc. ("TVIRD") holds a 60% interest and is the operator. In addition to the agreement announced today to sell higher grade saprolite DSO, AMVI previously signed offtake agreements to sell 1,500,000 wmt of high-iron/low nickel DSO to Tewoo Hoperay (Singapore) Pte. Ltd., a subsidiary of Tianjjn Hoperay Mineral Limited Company, a major Chinese State Owned Enterprise. Advance payments of US$3 million were received by AMVI in connection with the earlier agreements to fund initial operating costs.

AMVI is currently planning to ramp up its nickel DSO operations from the previously stated goal of 2.5 million wmt per year to 5 million wmt by 2016 once it secures an amended and expanded Environmental Compliance Certificate and Declaration of Mining Project Feasibility with the Department of Environment and Natural Resources. By doubling initially planned production capacity, AMVI expects to achieve economies of scale that would significantly enhance operating margins. Once production has been fully ramped up, the resulting shipment schedule would be approximately one to three shipments of 55,000 wmt of DSO being dispatched every week.