Mindoro Announces Appointment of Luis Santos as Interim CEO and Changes to Its Board of Directors

EDMONTON, ALBERTA--(Marketwired - May 8, 2015) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) ("Mindoro" or "the Company") today announced that the Board of Directors has accepted the resignation of Penny Gould as Chief Executive Officer and appointed Luis Jovito A. Santos Jr. to the role of interim Chief Executive Officer, effective immediately.

Mr. Santos is intimately familiar with the operations of Agata Mining Ventures Inc. ("AMVI"), a joint venture company in which Mindoro holds a 40% interest and runs the Agata nickel laterite direct shipping ore ("DSO") operations located in northern Mindanao, the Philippines. To date, he has worked with AMVI on a consulting basis and was involved in the marketing of AMVI's DSO products, off-take agreement negotiations with Tewoo Hoperay (Singapore) Pte. Ltd. and initiating negotiations between AMVI and China Bank Corporation for an $8 million loan facility.

Mr. Santos is a Certified Public Accountant with over 20 years of experience in the mining, audit, construction, and commercial and residential development sectors in the Philippines. He currently serves as Vice President, Business Development for TVI Pacific Inc. and was previously the Chief Financial Officer for TVI Resource Development (Phils.) Inc. from 2004 to 2014. Before that, Mr. Santos held positions with a number of multinational companies including Guoco Holdings (of Hong Leong Malaysia) and Bilfinger + Berger Phils (the Philippine arm of German construction company Bilfinger Germany). Mr. Santos graduated with latin honors (cum laude) and class salutatorian from San Beda College in Manila, the Philippines.

The Company also announces the appointment of Arturo P. de los Santos to the board of directors and the appointment of existing director Clifford M. James as the interim Chairman of the Board following the resignation of directors A. Robson Garden and Lawrence Nagy.

Mr. de los Santos brings with him more than 15 years of mining experience in the Philippine concrete aggregates industry as the President and General Manager of Angat Rockbase Concrete Aggregates, Inc. from 1996 to 2011. Prior to that, he spent more than 28 years in the Philippine financial and banking sector with Optimum Development Bank and Citibank NA holding a variety of positions, including Executive Vice President and Compliance Officer from 2002 to 2011 at Optimum Development Bank. Mr. de los Santos obtained his Bachelor of Science in Business Administration from the University of the Philippines and his Masters in Business Administration from Ateneo De Manila University.