Mindoro Announces Start of DSO Shipping From Agata Project - Seite 2

On September 10, 2013, Mindoro and its joint venture partner and operator of the Agata Project, TVI Resource Development Phils., Inc., an affiliate of TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF), released a National Instrument 43-101 compliant Feasibility Study indicating robust economics for a DSO operation of the high iron laterite resources at the Agata Project. The Feasibility Study concluded:

• Low initial start-up capital of US$10.1 million, high Internal Rate of Return of 187% and payback within the first year of operation;
• Post-tax Net Present Value (10% discount) of US$37.9 million; and,
• DSO product to grade 48% Fe and 0.9% Ni - a product in consistent demand.

An NI 43-101 Compliant Mineral Resource estimate released on April 10, 2013 shows the Agata DSO project to have reported Proven and Probable Reserves of 9.70 million wmt with a grade of 48% Fe with 0.9% Ni. The report is available for viewing on www.sedar.com and www.mindoro.com.

In addition to market demand factors, DSO prices are subject to seasonal fluctuations influenced by weather patterns. During the monsoon season, from approximately November to February, the rough ocean off the east coast of the Mindanao peninsula prohibits shipping. DSO projects on the west coast, where Agata is located, are more sheltered and can ship ore 12 months a year and take advantage of potential seasonal price spikes.

On behalf of the Board of Directors,

Penny Gould, CEO and Director

ABOUT MINDORO

Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and Frankfurt Stock Exchange (WKN 906167). Mindoro has a 15% interest in the Agata Mining Joint Venture and 75% interest in the Agata Processing Joint Venture with options to acquire an additional 25% interest in both the Agata Mining and Processing Joint Ventures. Mindoro also holds 75% interest in the Pan de Azucar Sulphur-Copper-Gold Project, Iloilo. TVI Resource Development (Phils.), Inc. ("TVIRD") has the option to earn up to a 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. Mindoro also holds 75% interest and an option to acquire an additional 25% in the Tapian San Francisco Copper-Gold Project, Mindanao.