Located in the Pacific Ring of Fire
Diverse resource exploration in the Philippines.
Message: Mon Dec 15, 2008
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Nov 03, 2008 12:13AM
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Nov 24, 2008 05:04AM
| Mindoro Acquires Remaining Batangas Interest and Clears the Way for Joint Ventures |
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EDMONTON, Alberta; December 15, 2008 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) is pleased to announce that it has executed the formal agreements with Egerton Gold Philippines Inc. whereby Mindoro may acquire the remaining forty-nine percent direct and indirect interest in the Batangas Projects, located in southern Luzon, the Philippines. Basic terms of the acquisition were previously disclosed on July 2, 2008. Under the original October 2000 agreement with Egerton, Mindoro had earned a fifty-one percent direct and indirect interest in the Batangas Projects and had the right to acquire an additional twenty-four percent indirect interest by taking any one deposit to feasibility and issuing 500,000 common shares to Egerton or its assignees. Egerton has agreed to waive the feasibility requirement and Mindoro has issued the requisite 500,000 common shares, bringing Mindoro's total direct and indirect interest to seventy-five percent. Mindoro has acquired the remaining twenty-five percent indirect interest in the Projects through the acquisition of one hundred percent direct and indirect ownership of Egerton and is now required to issue an additional 7,500,000 common shares to Egerton. These shares are subject to a hold period with 1,500,000 shares restricted from trading for six months, two million shares restricted for 12 months, two million restricted for 18 months and two million restricted for 24 months. Egerton is also entitled to receive a one time payment of US$1,000,000 at the start of production - applicable to the first deposit to start production only, and will be granted a one percent net smelter royalty on all metals produced from the Batangas Projects. All share issues are subject to regulatory approval. The finalization of this acquisition now clears the way for joint venture arrangements with two international gold producers to proceed, as described below; On September 3, 2008, Mindoro reported that a non binding letter agreement had been signed with a member of the Gold Fields group of companies, establishing the basic commercial framework whereby Gold Fields may earn up to a 75 percent interest in each of Mindoro's El Paso, Lobo and Talahib porphyry copper-gold projects located in the Batangas Province of southern Luzon, the Philippines. Gold Fields was granted a 90 day period within which to conduct further due diligence. Gold Fields has advised that the due diligence is proceeding satisfactorily. Preparation of a formal agreement is well-advanced and program planning has commenced. On September 23, 2008, Mindoro reported that a Memorandum of Understanding had been signed with Avocet Mining PLC, a London-based AIM listed gold producer, which will allow Avocet to earn up to a 75 percent interest in Mindoro's Archangel Project, also in the Batangas Province. Archangel includes the Kay Tanda epithermal gold-silver resource as well as several porphyry copper-gold prospects. Avocet will undertake an initial six month due diligence period which will include a minimum requirement of 1,500 meters of diamond drilling. Avocet has advised that it commenced field work in October and is preparing for a 1,500 metre diamond drilling program at Kay Tanda. Field work is ongoing and includes geological mapping of structures hosting high-grade epithermal veins at depth, preparation of access roads and drill pads, and support of Mindoro's Community Relations programs. 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 diverse resource exploration in the Philippines and advancing early stage opportunities to production or joint venture. Mindoro has announced initial NI 43-101 compliant resource estimates on its Agata North nickel-iron-cobalt project, where a final resource estimate will be released shortly, and on the Kay Tanda and SW Breccia gold and silver projects. Mindoro has also identified more than 20 porphyry copper-gold prospects and is finalizing joint venture arrangements with Gold Fields on its Batangas Projects and has entered into a joint venture arrangement with Avocet Mining on its Archangel Project. For further information, contact: |
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