Mindoro Files Annual Audited Financial Statements

MANILA, PHILIPPINES--(Marketwired - May 2, 2016) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) ("Mindoro" or the "Company") today announced the filing of the Company's annual audited financial results for the year ended December 31, 2015. Items in this news release should be read in conjunction with the Company's Annual Audited Financial Statements and the Management Discussion and Analysis, which are available on SEDAR at www.sedar.com. All dollar amounts are in Canadian dollars unless otherwise stated.

During the year ended December 31, 2015 (the "period"), Mindoro Resources Ltd. ("Mindoro" or the "Company") continued to monitor operations at Agata operated by TVI Resource Development (Phils.) Inc. ("TVIRD"). The Company also worked to obtain financing to fund its acquisition of Minimax Mineral Exploration Corporation's ("Minimax") 25% interest in the Agata and Tapian San Francisco projects, as well as Mindoro's ongoing general and administrative expenditures, and commenced discussions with Minimax, Panoro, and other parties to renegotiate terms of outstanding payables.

FINANCIAL

The Company recognized a net loss of $1,633,000 in 2015, including a net loss of $2,160,000 in the fourth quarter of 2015, compared to net losses of $4,432,000 and $3,525,000 in the same periods of 2014. This reflects the recognition of the Company's share of AMVI's net loss ($1,109,000) in the period, including Mindoro's share of AMVI's fourth quarter loss ($1,868,000), and higher interest expense and salaries and other employee benefits compared to the same periods of 2014. The Company recorded a gain in the period for the reversal of a provision related to the Company's Batangas assets that were sold in 2012 to Red Mountain Mining Ltd. General and administrative expenses were lower through 2015 than in the same period of 2014.

HIGHLIGHTS IN 2015

• Completion of an initial 17-hole drill program at the Agata limestone project.
• Twenty four (24) DSO shipments containing an aggregate 1,326,333 wmt tonnes were made between January 1, 2015 to December 31, 2015
• PRHI has been ratified as a Control Person
• Received additional $296,000 from TVIRD under a secured promissory note and subsequent advances. TVIRD has extended the term until a subsequent financing is completed
• Company sold its remaining 6.1 million Red mountain shares for $24,000 net of brokerage fees.
• On August 10, 2015, AMVI loaded the one millionth wet metric tonne of nickel laterite from the Agata project, which triggered payment of the first $500,000 payment to Panoro that is due on August 28, 2015 with the second payment due August 28, 2016. The Company did not make the first payment and is in discussion with Panoro to renegotiate the terms of those payments.
• The Company failed to pay the first installment payment due to Minimax on November 15, 2015 due to the decline in nickel laterite prices and the resulting delay in receipt of dividends from AMVI

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