EDMONTON, ALBERTA--(Marketwire - March 3, 2010) - Mindoro Resources Ltd. (TSX VENTURE:MIO) (FRANKFURT:WKN 906167) announces that it has closed its previously announced private placement of 25 million units at a price of CAD$0.105 per unit for gross proceeds of $2,625,000.00. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at an exercise price of CAD$0.15 per share for one year from the date of closing. The company paid finder's fees of $159,250 and 1,516,665 finder's warrants in connection with the investment. Each finder's warrant is exercisable into one common share at a price of $0.15 for one year. All securities issued are subject to a four-month statutory hold period expiring on July 4, 2010.
The Units have not been registered or offered in the United States. All issues of securities are subject to final approval by the TSX Venture Exchange.
Institutional investors, including Asian Lion Limited and Lion Selection Group Limited, purchased 80 percent of the units. The proceeds of the Private Placement will be used to advance Mindoro's nickel laterite development options announced on February 19, 2010.
HOWARD WALKER APPOINTED DIRECTOR
Mindoro is further pleased to announce the appointment of Howard Walker to the board of directors. Howard was appointed an Advisor to the Company in January 2010 and currently serves as the Executive Director of Lion Selection Group Limited. Howard graduated as a Mining Engineer from the Royal School of Mines in London in 1975. He worked for General Mining in South Africa for five years, prior to joining Mount Isa Mines in Queensland as a mine planning engineer in the copper and lead/zinc areas. In 1983, Howard joined stockbroker J B Were & Son as precious metals analyst, specialising in the Australian gold sector. He became an associate director of the firm in 1986, and was appointed Manager of the Resources Research team in 1987.
Howard joined J B Were Corporate Services Limited as a director in 1990 and was closely involved in numerous capital raisings for resource companies such as BHP Gold, Asarco Australia, Plutonic Resources Limited, Acacia Resources Limited, Lihir Gold Limited, North Flinders Mines Limited and Homestake Gold of Australia. Howard was a director of Highlake Resources NL from 1996 to 1997. Howard was a founder and executive director of Lion Manager from 1997 before retiring in 2007 and is Executive Chairman of Altitude Investments, which is a shareholder in Asian Lion Limited.
The Chairman of Mindoro, Rob Garden, stated, "We are very pleased that Howard Walker has agreed to become a board member. He brings a wealth of experience to the Mindoro board, both as a Mining Engineer in developing countries and Australia as well as through his exceptional track record in corporate finance and investment".
ABOUT MINDORO
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on exploration in the Philippines with a strategy of advancing early stage opportunities to production or joint venture. Mindoro controls major nickel laterite resources in the Surigao District, Mindanao, where potential for a direct shipping ore (DSO) operation to generate early cash flow is being investigated as well as large scale potential for an onsite processing plant.
Mindoro has NI 43-101 resource estimates on its Agata North nickel-cobalt project and on both its Lobo and Archangel (Kay Tanda) gold-silver projects. Mindoro has identified 22 porphyry copper-gold prospects and has three joint venture projects with Gold Fields in the Batangas area of southern Luzon, where drilling is also in progress, funded by Gold Fields. Drilling on the American Tunnels project has confirmed potential for a near-surface, bulk-tonnage gold target and porphyry copper-gold targets. Other objectives include finalizing joint venture arrangements on Mindoro's porphyry copper-gold prospects at Surigao.
This release may contain forward-looking statements including management's assessments of future plans and operations, and expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production and the uncertainty of the availability of capital). The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.