Mindoro Files Annual Audited Financial Statements

EDMONTON, ALBERTA--(Marketwired - March 31, 2014) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167)(ASX:MDO) ("Mindoro", or "the Company") today announced the filing of the Company's annual audited financial results for the year ended December 31, 2013. Highlights 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.

At December 31, 2013, Mindoro's cash balance was $198,000 and working capital deficit was $1.1 million. After-tax loss of $20.0 million in 2013 represents an increase compared to the net loss in 2012 of $8.8 million. The Company recognized an impairment loss of $8.2 million on its investment in Red Mountain Mining and $10 million loss on its Agata and Surigao Regional projects. Operating expenses were lower in 2013 ($1,131,000) than in 2012 ($2,417,000) as significant reductions were made in salaries and general and administrative costs.

Highlights During 2013:

• An updated Resource Estimate filed for Agata North.
  
  
• Agata Nickel Project pilot plant was commissioned and pilot plant testing commenced.
  
  
• Agata high-iron laterite DSO Feasibility Study was released, demonstrating robust economics.
  
  
• Renegotiated an option to acquire additional 25% interest in the Agata projects from Minimax Mineral Exploration ("Minimax").
  
  
• Negotiated the return of Tapian San Francisco tenements from Red Mountain Mining in exchange for return of four million Red Mountain shares.
  
  
• Raised $175,000 through private placement loans.
  
  
• Prime Resources Holding, Inc., ("PRHI") acquired 68.4% interest in Mindoro's joint venture partner, TVI Resource Development (Phils.), Inc.
  
  

Highlights Subsequent to 2013:

• First nickel production from the Agata joint venture's pilot plant in Manila, Philippines.
  
  
• PRHI acquired 25% of Mindoro's common shares through secondary trades in the market.
  
  
• Mindoro sold 51.8 million Red Mountain shares for net proceeds of $879,000.
  
  

Milestones Targeted for 2014:

• Establish direct shipping ore ("DSO") production at Agata.