The opportunity for Mindoro
is to build a mid-tier mining
company producing Nickel,
Cobalt, Gold and Copper on
China’s doorstep.
Established “license to operate”
in the world class mining districts
of the Philippines.
From Nickel Discovery to Development with Copper-Gold Upside
This presentation may contain forward-looking statements including management's assessments of future
plans and operations, expectations of future production, cash flow and earnings. 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).
QUALIFIED PERSONS
Mindoro’s exploration programs are prepared and/or designed and carried out under the supervision of
Tony Climie, P.Geo., who is a Qualified Person as defined by National Instrument 43-101 and is a
Competent Person as defined by the JORC Code, and who has reviewed and verified the pertinent
disclosure of exploration related technical information contained in this news release. Mr. Climie is an
executive and a director of Mindoro and is a member of the Alberta Professional Engineers, Geologists and
Geophysicists Association. Mr. Climie has more than five years of experience which is relevant to the style
of mineralization and type of deposit under consideration and to the activity which he has undertaken. Mr.
Climie has consented to the release of the pertinent exploration related technical information in the form
and context in which it appears.
Boyd Willis, MAUSIMM, who is a Qualified Person as defined by National Instrument 43-101, and a
Competent Person as defined by the JORC Code, has reviewed and verified the disclosure of a
development nature contained in this news release. Mr. Willis has more than five years of experience
which is relevant to the activity which he has undertaken and he has consented to the release of the
pertinent development related information in the form and context in which it appears.
2
FORWARD LOOKING STATEMENTS
3
Established “licence to operate” with outstanding nickel, gold and copper assets in the PhilippinesLICENCE TO OPERATE
DEMONSTRATED VALUE
EXPERIENCED TEAMExperienced team with discovery, finance and development capability
DEVELOPMENT STRATEGY
Nickel Asset with key competitive advantages and a two stage development strategy in pre-feasibility• Ideal location, at surface, outstanding metallurgy• Growing resource base, already Measured and Indicated 32.6mt @ 1.04% Ni, 340,000t /750M lbs Ni
• Drilling in progress for significant resource upgrades
COPPER-GOLD UPSIDE
Copper-Gold and Gold assets with exploration upside• Advancing copper-gold sulphide discovery at Pan de Azucar• Gold resources at Batangas, 500,000 oz with upside potential• Copper-Gold: other advanced and early stage prospects
Advancing major nickel project feasibility, nickel resource growth and drilling copper-gold targets
INVESTMENT HIGHLIGHTS
Exchange & Symbol ASX: MDO, TSX-V: MIO
Shares outstanding 229m
Fully diluted 274m
Share price (31/05/11) C$/A$ 0.20
Market capitalisation $46m
Current treasury, May 2011 $9m
CAPITALISATION ($CDN)
SHAREHOLDERS
4
Acorn Capital 15.8%
IFC (World Bank) 8.7%
Asian Lion Ltd 8.6%
Lion Selection 6.4%
Directors 3.4%
Top 20 55.7%
CORPORATE PROFILE
Jon Dugdale Director, President & CEO 24 years exploration/mining and investment
Tony Climie Director Exploration & COO 42 years mineral exploration, co-founder of MIO
Rob King VP Commercial and CFO 24 years financial/commercial, SE Asia, Africa and Canada
Penny Gould VP Inv. Relations & Corp. Sec. 30 years business administration, financing and marketing
Rob Garden Chairman 32 years a QC in natural resources law
Howard Walker Vice Chairman 36 years in Mining, finance and investment
Chris de Guingand Director (Non Executive) 50 years commercial and marketing experience
Oscar Reyes Director (Non Executive) 38 years in business ex Chairman & CEO Shell Philippines.
Doug Frondall Director (Non Executive) 35 years accounting, management consulting.
John Tosney Director (Non Executive) 45 years mining engineer and project developer
5
BOARD & MANAGEMENT
6
COPPER – GOLD
Batangas Projects
(100% interest)
• Archangel (Gold) – 100%
• Lobo (Gold) – Gold Fields earning 75%
• El Paso (Cu-Au) – Gold Fields earning 75%
NICKEL LATERITE & COPPER – GOLD
MAP KEY
Mindoro project
Major Deposit
Recent major discovery(with last 15 years)
Nickel processing plant
Fault
Pan de Azucar Project
(75% interest)
• Valderama Cu-Au
Surigao Projects
(75% interest, options for remaining 25%)
• Agata (Nickel)
• American Tunnels (Cu-Au)
• Tapian – San Francisco (Cu-Au)
KEY PROJECTS
7
Development strategy
for major integrated
processing project
AGATA NICKEL LATERITE PROJECT
NorthLake
Mainit
SURIGAO CITY
Mindoro tenements / applications
Nickel laterite mineralization
Nickel laterite mine
Recent porphyry copper-gold discovery
Porphyry copper-gold prospects
Gold mine or prospect
N10km0km
MAP KEY
Philippine Sea
Butuan Bay
EXPLORATION TARGET
50-70 million DMT @ 0.9-1.2% Ni
Drilling in Progress
For Resource Upgrades Q3/4
AGATA RESOURCECombined Limonite & Saprolite
Measured & Indicated32.6M DMT @ 1.04% Ni
Inferred1.68M DMT @ 1.04% Ni
SURIGAO MINING DISTRICT: KEY PROJECTS
The Agata Resource estimate is NI 43-101 compliant. However,
detailed drilling will be required to move the Exploration Target
north of the Agata Resource into NI 43-101-compliant resources.
There is no guarantee that these resources, if delineated, will be
economic or sufficient to support a commercial mining operation.
Until a feasibility study has been completed there is no certainty
that the company's projections will be economically viable.
BOYONGAN-BAYUGO
Copper-Gold Project
Philex
SRMI
DSO
NICKEL
8
BUTUAN CITY (50KM SOUTH)
9
The potential quantity and grade of the Exploration Target
described is conceptual in nature, there has been insufficient
exploration to define a mineral resource and it is uncertain if
further exploration will result in the target being delineated as
a mineral resource. Until a feasibility study has been
completed there is no certainty that the Company's
projections will be economically viable.
Lake Mainit
780,0
00E
1,040,000N
770,0
00E
1,050,000N
Philippine Sea
Lake
Mainit
Mindanao Sea
Agata Nickel
Laterite Areas
SRMI
SURIGAO CITY
Mat-I
Tapian
Main
Tapian SF
MAP AREA
Mindanao Sea
TAPIAN
KARIHATAG
BOLOBOLO
SAN JOSE
VILLARIZA
EXPLORATION TARGET
50 - 70 million dmt
@ 0.9-1.2% Ni, 28-32% Fe
Mindoro tenement boundary
Nickel-iron laterite mineralization
Road
Provincial boundary
4km0N
MAP KEY
BOLOBOLO RESULTS INCLUDING
15.8m @ 1.27% Ni and
14.5m @ 1.06% Ni
AGATA NICKEL PROJECT: REGIONAL PROSPECTS
?
SRMI Mine
Mindanao
Sea
Mindoro
Tenements:
MPSA &
Application
Agata Nickel
Laterite
Project
Nickel laterite resource
Completed drill holes to date
Trench
River / creek
Road
Trail
N0 200m
< 2
LEGEND
10 - 20
2 - 10
Ni % X meter
> 30
20 - 30
Aug 05, 2010
10000E
9000E
10000N
11000N
9000N
8000N
11000E
Min
danao S
ea
XS 9550N
AGATA NICKEL LATERITE PROJECT
MAP KEY
LEGEND
AGATA NICKEL PLAN (GRADE X THICKNESS)
10
Resource: Sep 10 Horizon ktonnes Ni % Co % Fe % Ni (kt) Co (kt) Fe (kt)
Meas, Indicated Limonite 10,210 0.94% 0.11% 46% 96 11 4,702
Saprolite 22,380 1.09% 0.03% 11% 244 7 2,462
Inferred Limonite 260 1.00% 0.11% 44% 3 0.3 114
Saprolite 1,420 1.05% 0.03% 11% 15 0.4 156
Grand Total 34,270 1.04% 0.05% 22% 358 19 7,434
AGATA NICKEL LATERITE CROSS SECTION
11
A
Thickness of intercept (m)
Fe%
Ni%
1.09 /41.615.00
46m
Drillhole number
Ferruginous Laterite
Limonite
Boulder
Saprolite
Saprolitic rock
Bedrock
End of hole
AGL-362
AGATA NICKEL
LATERITE PROJECT
Cross Section Line 9550N
9300E8900E
0
50m
50m
9100E 9200E9000E
2.001.08 /49.340.90 /50.00
13.1511.45 4.001.41 /11.561.55 /18.00
2.90
0.63 /48.00
0.92 /53.00
0.69 /47.78
0.94 /51.475.15 1.10
1.87 /12.817.95 6.65
0.96 /11.00
4.85
0.53 /49.77
4.00
0.96 /53.485.30 4.25
1.43 /12.6410.90
1.39 /15.907.15
1.29 /8.00
1.18 /40.001.15
0.90 /51.042.00
250m
150m
AGL-140
AGL-146AGL-500
22.15m
26.8m19.4m
25.3m15.1m
20m
AGL-499AGL-142
AGL-341
16m
AGL-498
200m
300m ASL
100m
LIMONITE
FERRUGINOUS LATERITE
SAPROLITE
12
The company’s production objectives are intended to provide an indication of management’s current expectations
and are still conceptual in nature. It is uncertain that it will be established that these resources will be converted
into economically viable mining reserves. Until a feasibility study has been completed, there is no certainty that
these objectives will be met.
• Direct Shipping Ore (DSO) scoping study demonstrated viability
• Positive NPV at $10/lb Nickel Price, ECC for up to 2m dmt pa
• Focus on thermal upgrading to produce a higher value product
• Thermal Upgrading tests and economic study in progress:
• Bench Scale tests at Hatch/SGS in Perth and Larger scale (4 x
250kg) tests at MGB in Philippines in progress
• Heating to >800ºC to initially lose 35% to 45% moisture
• Partial Reduction of iron with coal or oil
• Magnetic Separation of metallised/magnetic product
• Product = Sintered and reduced nickel-magnetite concentrate
Objective: Establish Feasibility of Thermal Upgrading then,
Put Stage 1 into production
STAGE 1: THERMALLY UPGRADED SHIPPING ORE
AGATA NICKEL PROJECT DEVELOPMENT OPTIONS
Thermal Upgrade Sintering Line, China
13
The company’s production objectives are intended to provide an indication of management’s current expectations and are still conceptual in nature. It is uncertain that it will be established that these resources will be converted into economically viable mining reserves. Until a feasibility study has been completed, there is no certainty that these objectives will be met.
STAGE 2: MAJOR ACID LEACH PROCESSING OPERATION
AGATA NICKEL PROJECT DEVELOPMENT OPTIONS
Sumitomo/Nickel Asia Coral Bay HPAL
processing operation, US$550m Capex
2002 -2004, 21,000t Ni pa @ <$2.50/lb
Opex to Intermediate Product
• Metallurgical testing: exceptional leaching rates = low opex cost
• HPAL (Limonite): 98% nickel, 96% cobalt recovery in 15 minutes
• Atmospheric leach (saprolite): 95% Ni in 2-4 hours; 90% 15 minutes
• Saprolite Neutralisation: 85% Ni from “spent” acid – “free nickel”
• Scoping Study (Update):
• HPAL (lim/sap) - Atmospheric Leach (sap) - Saprolite Neutralisation
• 1.8m tpa processed;18,000t Ni in intermediate per annum 15 years
• Preliminary Economic Assessment (PEA):
• Capex $906m (Including 30% contingency)
• Opex $2.61/lb; $1.65/lb with cobalt and power credits;
• Cash flow $173m per annum; payback 5 years;
• NPV(10%) from 2011 @ $10/lb nickel price: $386m; IRR 19%
• Upside resource growth; increased scale/life; early stage production
14
2011 2012
Preliminary Economic Assessment
Nickel Resource Growth Target: ~100% resource increase
Stage 1: Test work and Economics Feasibility then Construction Stage 1
Stage 2: Pre-Feasibility
Integrated Definitive Feasibility
AGATA NICKEL PROJECT DEVELOPMENT PLAN
The company’s production objectives are intended to provide an indication of management’s current expectations and are still conceptual in nature. It is uncertain that it will be established that these resources will be converted into economically viable mining reserves. Until a feasibility study has been completed, there is no certainty that these objectives will be met.
AGATA NICKEL PROJECT
Established resources with exploration upside
COPPER – GOLD PROJECTS
15
520
,00
0E
500
,00
0E
1,240,000N
480
,00
0E
1,260,000N
SAN DIONISIO
CONCEPCION
ESTANCIA
PAN DE AZUCAR
TAGO
IGBON
TAGUBANHAN
BINANANN
2 km
BATAD
AJUY
MAP AREA
Quaternary alluvium
Andesitic flow dome
Andesite and
Dacitic volcanics
Interpreted fault
Drill hole
MPSA boundary
Massive Sulphide Projection
Boundary defined from geophysical and geochemical data only
200m0N
23
2422
2526
1604
?
19
18
2021
MAP KEY
PAN DE AZUCAR – MASSIVE SULPHIDE PROJECTION
16
oo
o
0
-50
50
21,700N21,600N
PDA-23
111.6m
21,500N21,400N
95.4m
PDA-14PDA-22PDA-12
95.55m
130.5m
PDA-18PDA-03
21,100N
50m
PDA-20
36.8m
94.5m98.0m
21,200N 21,300N
PDA-01
90.65m
21,000N20,900N
PDA-27PDH-05
? ??
?
2 222 22 2 2 22
51.90m
15.6m
-100
100
LS LS'
HOLE
NO.
FROM
(m)TO (m)
RUN
(m)Au g/t Ag g/t Cu % Zn % Sulphur
PDA-18 35.60 94.90 59.30 0.90 3.45 0.45 0.45 >40%
Including 35.60 61.23 25.63 1.26 3.79 0.58
PDA-20 1.60 33.30 31.70 1.15 6.12 0.48 >40%
Including 1.60 17.70 16.10 2.11 7.89 0.78
PDA-21 2.80 42.00 39.20 1.00 15.71 1.89 2.02 42%
PDA-22 10.00 23.00 13.00 0.62 8.61 2.53
PDA-22 38.10 85.60 47.50 0.75 1.01 0.09 41%
PDA-25 11.1 87.1 76.0 0.64 4.54 0.38
Including 27.0 87.1 60.1 0.53 2.14 0.31 40%
Including 23.1 40.0 16.9 0.59 3.06 1.01
PAN DE AZUCAR MASSIVE SULPHIDE MINERALIZATION
LONGITUDINAL SECTION (LOOKING NW)
PDA-21 PDA-25
18
Sea
LOBO
Crazy Horse Resources
Taysan Copper Project
LOBO PROJECT - SW BRECCIA
High grade epithermal gold veins; 5km to test
NI 43-101 Resource Estimate
Indicated: 270,000 t @ 6.49 g/t (56,380 oz)
Inferred: 61,000 t @ 5.35 g/t (10,540 oz)
GOLD FIELDS
JV, earning 75%
Manila
Luzon
Mindanao
Mindoro tenements / applications
Crazy Horse Resources
Porphyry copper-gold prospects
Resource area
Epithermal vein trends
Copper showing
Historical mine / workings
Other prospects
Road
MAP KEY
ARCHANGEL PROJECT, 100% MDO
NI 43-101 Resource Estimate
Indicated: 9,879,000 t @ 1.1 g/t (337,500 oz)
Inferred: 3,741,000 t @ 0.8 g/t (97,200 oz)
High-grade Intercepts at depth: eg 61m @ 5.1 g/t Au
4km0N
COPPER-GOLD HIGHLIGHTS: BATANGAS PROJECTS
Sea
Younger cover rocks
Altered volcanics
Argillic zones
Resource area
Epithermal gold-silver zones
Porphyry-related stockworks
Vein breccia
Mineralized silicified rocks
Old mine working
Copper showing
Chargeability Targets
Strong chargeability anomalies
Road
Creek1 Km0
N
MAP KEY
BATANGAS, ARCHANGEL PROJECT, 100% MDO
GOLD HIGHLIGHTS
19
NI 43-101 Resource Estimate
Indicated: 9,879,000 t @ 1.1 g/t (337,500 oz)
Inferred: 3,741,000 t @ 0.8 g/t (97,200 oz)
High-grade Intercepts at depth: eg
61m @ 5.1 g/t Au, 64m @ 3.5 g/t Au
85.00m
104.50m
129.10m
57.30m
Trench: 11m @ 19.1 g/t Au
52.25m
6.3 g/t Au8.3m
69.40m
LB-13LB-07&06
LB-05,
04&03
180m
ASL
160
140
120
100
80
60
40
12.2 g/t Au30.8m
8.3 g/t Au13.3m
3.4 g/t Au6.0m
9.6 g/t Au17.4m
9.5 g/t Au32.2m
1.67 g/t Au14.0m
Batangas
Projectsa
BATANGAS, LOBO PROJECT
Quaternary agglomerate
Propylitized andesite wallrock
Argillized polymictic breccia
Pyritic hydrofractured andesite
Quartz - barite - pyrite ± clay breccia
Quartz - pyrite ± clay alteration
Clay - pyrite ± alteration
Fault gouge
MAP KEY
(SW BRECCIA CROSS SECTION 10170N ) GOLD HIGHLIGHTS
20m
20m
20
BRIDGING THE GAP FROM DISCOVERY TO DEVELOPMENT
21
The company’s production objectives are intended to provide an indication of management’s current expectations and are still conceptual in nature. It is uncertain that it will be established that these resources will be converted into economically viable mining reserves. Until a feasibility study has been completed, there is no certainty that these objectives will be met.
GOLD AND COPPER-GOLD
2011 2012
Pan de Azucar Cu-Au drilling (Follow up drilling)
Gold Fields JV Cu-Au drilling
Archangel Gold drilling (Follow up drilling)
Surigao Cu-Au Target Drilling
KEY VALUE-DRIVING MILESTONES
Milestone Status Timing
1 Metallurgy for Acid-Leach Processing Exceptional Leaching Results Q4 2010
2 Direct Shipping Ore Scoping Study and PEA NPV Positive @ $10/lb Ni Q1 2011
3 Acid-Leach Project Scoping Study and PEA NPV $10/lb US$390M; IRR 19% Q2 2011
4 Thermal Upgrading Scoping Study Test Results and Economics Q3 2011
5 Nickel Resource Upgrade #1 Targeting total ~50% increase Q3 2011
6 Pan de Azucar Cu-Au-S Drilling Maiden Resource Q3 2011
7 Pan de Azucar Metallurgy Cu-Au and Acid Processing Study Q3 2011
8 Pre-feasibility Acid Leach Project In Progress via Ausenco Q4 2011
9 Nickel Resource Upgrade #2 Targeting total ~100% increase Q4 2011
10 Archangel and Lobo Gold Drilling High-Grade Structures to Tested Q4 2011
Next Steps: • Integrated Agata Nickel Project Definitive Feasibility• Feasibility, Funding and Construction of Stage 1: Agata Nickel-Iron project• Gold and Copper-Gold projects drilling and resource growth
The company’s production objectives are intended to provide an indication of management’s current
expectations and are still conceptual in nature. It is uncertain that it will be established that these resources
will be converted into economically viable mining reserves. Until a feasibility study has been completed, there
is no certainty that these objectives will be met.
• Established “licence to operate” in the Philippines
• Outstanding nickel laterite, gold and copper assets
• Experienced team with discovery, finance and development capability
• Development strategy for two-stage nickel laterite processing project with outstanding metallurgy, infrastructure and locational advantages
• Copper-gold and high-grade gold resource targets drilling
• Demonstrating strong value through major nickel project feasibility, nickel resource growth and copper-gold resource discovery
SUMMARY
Contact details at www.mindoro.com
ASX: MDO TSXV: MIO FFT: OLM