Mindoro Files First Quarter 2016 Financial Results

MANILA, PHILIPPINES--(Marketwired - June 1, 2016) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) ("Mindoro" or the "Company") announced the filing of the Company's First Quarter 2016 financial results for the three months ended March 31, 2016. Details of the Company's financial results are contained in the unaudited condensed consolidated interim financial statements and management's discussion and analysis, which are available on SEDAR at www.sedar.com. All dollar amounts are in Canadian dollars unless otherwise stated.

FIRST QUARTER FINANCIAL OVERVIEW

Net loss of $310,000 in the first quarter of 2016, includes the Company's proportionate share of the net loss of the Company's equity investment in AMVI, compared to a net loss of $1,201,000 in the same period of 2015.

In January 8, 2016, the company received a bridge loan of $21,000 from TVIRD and was subsequently advanced an additional $158,000 in March 2016, pursuant to the terms of a secured promissory note. The note was originally due on January 31, 2015, but the term was subsequently extended. The note accrues interest equal to 8% per annum and is secured by Mindoro's interest in its wholly owned subsidiary, MRL Nickel Philippines, Inc. ('MRL Nickel").

At March 31, 2016, the cash balance was $88,000 and has a working capital deficit of $4,907,000, excluding warrants liabilities, compared with a cash balance of $118,000 and working capital deficit of $6,066,000, respectively, at December 31, 2015.

Agata Mining Ventures Inc. Operations

Agata Mining Ventures Inc. ("AMVI"), a company held by Mindoro's Philippine subsidiary, MRL Nickel Phils., Inc. and TVIRD, completed 16 shipments totaling 836,242 wet metric tonnes ("wmt") of nickel laterite DSO, comprising 87% saprolite ore and 13% limonite ore. The 13% limonite ore shipped in the quarter was low-nickel/high-iron limonite ore (0.9%Ni/48-49%Fe) towards the end of the quarter due to slight improvement of the price of limonite ore. AMVI is hoping to find buyers for lower grade limonite ore with grade of 0.8%Ni/46-47%Fe).

ABOUT MINDORO

Mindoro is a Tier 1 issuer trading on the TSX Venture Exchange (MIO) and Frankfurt Stock Exchange (WKN 906167). Mindoro has a direct and beneficial 40% interest in the Agata Mining Joint Venture and direct and beneficial 75% interest in the Agata Processing Joint Venture with an option to acquire an additional 25% interest in the Agata Processing Joint Venture. Mindoro also holds 75% interest in the Pan de Azucar Sulphur-Copper-Gold Project, Iloilo City. TVIRD has the option to earn up to 60% interest in the Agata Processing and Pan de Azucar projects by meeting the earn-in requirements outlined in the June 24, 2013 press release, which include producing a definitive feasibility study for a nickel processing facility. As of October 16, 2015, a PMRC compliant DFS was completed by Agata Processing Inc., which would result in TVIRD earning a total of 60% interest in API shares. Mindoro also holds 75% interest and an option to acquire additional 25% interest in the Tapian San Francisco Copper-Gold Project, Mindanao.