Mindoro JV Completes Three Nickel Laterite DSO Shipments in April for US$4.2 Million

EDMONTON, ALBERTA--(Marketwired - May 6, 2015) - Mindoro Resources Ltd. (TSX VENTURE:MIO) (FRANKFURT:WKN 906167) today announced that Agata Mining Ventures Inc. ("AMVI"), in which Mindoro holds a 40% interest, completed three shipments of nickel laterite direct shipping ore ("DSO") during April 2015, for expected gross proceeds of US$4.2 million, from the Agata project located in northern Mindanao, the Philippines.

Project operator and 60% owner of AMVI, TVI Resource Development (Phils.) Inc. ("TVIRD"), has advised that, going forward, AMVI is adjusting its shipment schedule to make up to two shipments of higher nickel grade saprolite and up to two shipments of high iron/low nickel limonite per month, based on market prices and demand.

However, in light of currently depressed prices and low demand for all grades of nickel laterite in the Philippines, TVIRD has also advised that, for May, AMVI plans to make just one DSO shipment, consisting of saprolite. As at the end of April, limonite ore grading up to 0.9% nickel and 49% iron traded at US$12 per tonne, down 50% from early 2014, while saprolite containing 1.6% nickel traded at US$32 per tonne, down 40% since the end of 2014. AMVI is closely monitoring market conditions and will continue adjusting its shipment schedule as necessary to ensure continued operational profitability.

"Although prices for DSO are currently depressed, we are pleased to see AMVI has commenced shipping the higher value saprolite," stated Penny Gould, CEO of Mindoro. "We would anticipate AMVI's proposed shipping schedule going forward and a potential turnaround in nickel prices, if realized, to further enhance AMVI's underlying value and Mindoro's 40% interest."

April Shipment Summary

Details of the April 2015 DSO shipments and expectations of gross revenues to be received (subject to final assays and price adjustments) are as follows:

• Eleventh shipment totalling 55,803 wet metric tonnes (wmt) of ore containing 0.87% nickel and 48.17% iron was completed on April 9, 2015, for expected gross revenue of US$641,700.

• Twelfth shipment totalling 56,801 wmt of ore containing 0.84% nickel and 49.01% iron was completed on April 16, 2015, for expected gross revenue of US$653,000.

• Thirteenth shipment totalling 60,369 wmt of saprolite containing 1.73% nickel and 21% iron was completed on April 27, 2015, for expected gross revenue of US$2.9 million.

Commercial production of nickel laterite direct shipping ore commenced in October 2014. To date, a total of 13 shipments of nickel laterite DSO have been completed by AVMI containing a total of 641,361 wmt of limonite ore and 60,369 wmt of saprolite for total gross proceeds of US$11.23 million.