Mindoro Files Third Quarter 2016 Financial Results

MANILA, PHILIPPINES--(Marketwired - Nov. 30, 2016) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) ("Mindoro" or the "Company") announces the filing of the Company's Third Quarter 2016 financial results for the three and nine months ended September 30, 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.

Agata Mining Ventures Inc. Operations

Agata Mining Ventures Inc. ("AMVI"), is a company held by Mindoro's Philippine subsidiary, MRL Nickel Phils., Inc. and TVI Resource Development Phils. Inc. In the first 9 months of 2016, it has completed 52 shipments totalling 2,792,147 wet metric tonnes ("wmt") of nickel laterite DSO, including 14 shipments in the third quarter alone. Subsequent to the quarter, AMVI has shipped an additional 7 shipments of nickel laterite for gross proceeds of US$5.849M.

Financial

Net loss of $1,249,000 in the third 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 income of $526,000 in the same period of 2015.

In the first half of 2016, the company received a bridge loan of $357,000 from TVIRD and was subsequently advanced an additional $113,000 in the 3rd quarter, 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 September 30, 2016, the cash balance was $84,000 and has a working capital deficit of $6,150,000, excluding warrants liabilities, compared with a cash balance of $118,000 and working capital deficit of $6,066,000, respectively, at December 31, 2015.

About Mindoro

Mindoro is a Tier 2 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.