Mindoro JV Completes Three Nickel Laterite DSO Shipments in March for US$1.93 Million - Seite 2

About the Agata DSO Project

The Agata DSO project is held by AMVI, a joint venture company owned 40% by Mindoro and 60% by TVI Resource Development (Phils.), Inc., who is operator of the project.

The Agata DSO Project is located in Agusan del Norte province, within the Surigao mining region on the island of Mindanao, Philippines. The Surigao region is a major lateritic nickel producing region providing ore to processing plants in Australia, China, Korea and Japan. The Agata DSO Project is well located and is expected to benefit from its deep protected seaport, the opportunity for year-round shipping and its proximity to main markets in Asia.

An initial offtake agreement was signed by AMVI in June 2014 with Tewoo Hoperay (Singapore) Pte. Ltd. ("Tewoo") for the sale of one million WMT of high-iron/low nickel limonite DSO, and a second agreement was signed in August 2014 to sell 500,000 WMT. Advance payments of US$3 million have been received by AMVI against both agreements to fund initial operating costs. These advance payments are being offset on a per WMT basis over time. A third offtake agreement was signed by AMVI with Tewoo on December 15, 2014, to make two 55,000 WMT shipments of saprolite DSO in 2015.

AMVI plans to continue to mine and make shipments of both low and high grade limonite and saprolite DSO in order to ensure that a blended higher selling price is obtained.

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 9.7 million wet metric tonnes with a grade of 48% Fe with 0.9% Ni. The report is available for viewing on http://www.sedar.com and www.mindoro.com.

ABOUT MINDORO

Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and Frankfurt Stock Exchange (WKN 906167). Mindoro has a 40% interest in the Agata Mining Joint Venture and a 22% interest, plus an option to acquire an additional 25%, in the Agata Processing Joint Venture. 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.