gold spin-out to red mountain to fund advancing gold ... · batangas nickel development to be...

Gold spin-out to Red Mountain to fund

advancing gold resource project at

Batangas

Nickel development to be funded through

planned strategic project level investment

to generate DSO cash flow and DFS

May 2012

Forward Looking Statements:

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 / Competent Persons:

Jon Dugdale (BSc (H1), MAusIMM, MAICD), the CEO and a director of Mindoro Resources is a Competent Person as defined

by the JORC Code, has more than ten years of experience which is relevant to the style of mineralisation and type of deposit

under consideration and to the activity which he has undertaken, and has reviewed and verified the Mineral Resource

statements contained in this news release.

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 ten years of experience which is relevant to the style of mineralisation

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.

Dallas Cox, BE (Min), AusIMM Chartered Professional (Mining), an independent qualified person as defined by NI 43-101 and a

Competent Person as defined by the JORC Code, has reviewed and verified the Mineral Resource and Reserve statements

and statements of a development nature contained in this news release. Mr Dallas Cox has more than ten (27) years of

experience in mineral resource and reserve calculation, open pit mine technical services, mine operations and management in

Australia, China, Indonesia and the Philippines.

Boyd Willis, FAUSIMM, 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 nickel processing nature contained in this news

release. Mr. Willis has more than ten 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

DISCLAIMER AND QUALIFIED PERSONS

Mindoro Resources: Philippines focussed, three key discoveries to be advanced towards development:

Gold spin-out deal with Red Mountain Mining to fund drilling to extend gold resources at Batangas: Indicated Resource of *10,150,000 tonnes @ 1.2g/t for 393,000oz of gold and an Inferred Resource of *3,800,000 tonnes @ 0.88g/t for 108,000oz of gold, with immediate further exploration potential based on high-grade intercepts and ten “drill-ready” copper-gold porphyry targets

Nickel strategic partnership planned to fund two stage development plan for the nickel resources at Agata: Measured and Indicated *42.7mt @ 1% Ni, 430,000t Ni; proved and probable reserve of *35.4mt @ 1% Ni. Targeting cash flow within 9 months

Drilling to be financed to define resources at the copper-gold-(sulphur) Exploration Target at Pan de Azucar: 8mt to 12.7mt @ 35-40% sulphur, 0.4-0.6% copper, 0.5-0.7 g/t gold.

Caution, detailed drilling will be required to convert the Exploration Target 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.

MINDORO RESOURCES: A VALUE INVESTMENT

3

*Refer to qualified person statement on slide 2

Exchange & Symbol TSX-V: MIO, ASX: MDO, FFT: OLM

Shares outstanding 254m

Fully diluted 291m

Share price (May 2012) $0.07

Market capitalisation (May 2012) $18m

Current treasury (April) $1.8m

CAPITALISATION ($CDN)

SHAREHOLDERS

4

Acorn Capital 15.8%

IFC (World Bank) 9.1% (10.6% incl. Asian Lion interest)

Asian Lion Ltd 7.9%

Lion Selection 6.9% (10.0% incl. Asian Lion interest)

US Global 1.3%

Directors 3.1%

Top 20 55.7%

MINDORO CORPORATE PROFILE

5

GOLD

Batangas Projects

(100% economic interest)

• Archangel (Gold) Resources

• Lobo (Gold) Resources

• El Paso, Calo, Talahib Cu-Au targets

NICKEL

MAP KEY

Mindoro project

Major Deposit

Recent major discovery (within last 15 years)

Producing Major Mine

Fault

Pan de Azucar Project

(75% economic interest)

• Cu-Au-S Exploration Target

Agata - Surigao Projects

(75% interest, options for 100%)

• Agata Nickel Resources

• Cu-Au Porphyry targets eg:

American Tunnels, Tapian-SF

PORTFOLIO OF PROJECTS IN KEY MINING DISTRICTS

Coral Bay Nickel 21,000 Ni tpa

(Sumitomo/Nickel Asia)

Taganito Nickel Project (Const.)

(Sumitomo/Nickel Asia)

Masbate Gold 200,000oz pa (CGA Mining)

Co-O Gold 100,000oz pa

(Medusa Mining)

COPPER-GOLD

Tampakan, Cu-Au, BFS

(Xtrata/Indophil)

Didipio Cu-Au

(Oceana Const.)

Sianna Gold 85,000oz pa

(Red 5)

Established resources with exploration upside to be progressed towards development

GOLD AND COPPER-GOLD SPIN-OUT TO RED MOUNTAIN

6

THE RED MOUNTAIN MINING TRANSACTION

7

Red Mountain Mining (RMX) is proposing to acquire the Batangas and Tapian San Francisco (TSF) assets of Mindoro for shares in RMX:

Placement – consideration will be:

*100,000,000 (10c) non-voting shares in Red Mountain Mining and;

*50,000,000 performance shares in Red Mountain Mining that convert into Non-Voting Shares upon increasing the indicated resource to 600,000 ounces and delivering an “economically viable” scoping study

Non-voting shares convert to voting shares once distributed to Mindoro shareholders by 12 months. Number of shares issued based on a no-consolidation basis

Commercial loan:

Upon execution of sale agreement, Red Mountain Mining will enter into a secured loan agreement up to A$1 million on usual commercial terms to Mindoro to commence focussed drilling of Archangel higher grade gold “feeder” resource targets.

STRUCTURE POST RMX TRANSACTION

Red Mountain

Mining

Mindoro

Resources

MRL Gold

(Australia) 100%

Philippines

Subsidiary 100%

Tapian SF (75%) Batangas Gold

Projects (100%)

75%

100%

100%

75% 100%

Current RMX

shareholders

35-44% 56-65%

Current MDO

shareholders

75%

Options for

100%

MDO Nickel

Assets

100%

8

Pan de Azucar

(75%)

Minimax,

Philippines

Partner

25%

25% 25%

MRL Phils. Inc.

100%

100%

Sea

LOBO

LOBO PROJECT - SW BRECCIA,

High grade epithermal gold veins; 5km to test

*NI 43-101/JORC Resource Estimate

Indicated: 270,000 t @ 6.49 g/t (56,380 oz)

Inferred: 61,000 t @ 5.35 g/t (10,540 oz)

Tenements / applications

Porphyry copper-gold prospects

Resource area

Epithermal vein trends

Copper showing

Historical mine / workings

Other prospects

MAP KEY

4km 0 N

Manila

Luzon

Mindanao

ARCHANGEL PROJECT - KAY TANDA,

*NI 43-101/JORC 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

Talahib

Calo

El Paso

Marita

BATANGAS GOLD PROJECT & COPPER-GOLD TARGETS, 100%

9

TAYSAN COPPER-GOLD RESOURCE

(TSXV Crazy Horse Resources)


Sea

Biga

Marita

Bootin

N 1 Km 0

Archangel MPSA boundary

Younger cover rocks

Extensively altered volcanics intruded

by diorite and dacite

Advanced argillic zones

Resource area

Epithermal gold-silver zones

Porphyry-related stockworks

Vein breccia

Boulder field of mineralized massive

silicified rocks

Old mine working

Copper showing

Porphyry related IP anomalies

BATANGAS, ARCHANGEL PROJECT

MAP KEY

Kay Tanda *NI 43-101/JORC 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, 26m @ 4.03 g/t Au

XS 9350N

• 6km gold zone with porphyry at depth • Drilling high-grade “feeders” to build resource • Resources low-strip and excellent metallurgy

EL PASO PROJECT

TALAHIB PROJECT

BATANGAS PROJECTS

Crazy Horse Taysan Project

KAY TANDA GOLD RESOURCE

ARCHANGEL PROJECT

LOBO GOLD PROJECT

10


Drill hole KT-07

Mineralized intercept

(spiky/high grade)

Interpreted mineralization

boundaries

End of hole 75m


60m

PLDH-01 PL-30

105.2m

82m

28m @ 1.47 g/t Au

PL-22

9600E

9800E

9700E

9500E

9400E

PL-16

PL-17

50m

51m 70m

70m

60m 75m

PL-23 PL-31 PL-24

PL-37

24m @ 0.75 g/t Au

20m @ 1.09 g/t Au

26m @ 4.03 g/t Au, 179.16 g/t Ag

2m @ 12.24 g/t Au

60m @ 1.46 g/t Au, 25.10 g/t Ag

10m @ 6.84 g/t Au

BATANGAS, KAY TANDA PROJECT

KAY TAND CROSS SECTION 9350N: Shallow Resource and “Feeder” Target

Batangas Projects

MAP KEY

50m

Quartz - gold breccia vein

58m @ 1.53 g/t Au

11

Porphyry Target at Depth

BATANGAS, LOBO GOLD PROJECT

?

?

?

?

?

?

Balisong

Nagtoctoc

Camo

Pica

Old Lobo Copper Mine

?

N

500m 0

Alluvium

Limestone

Mineralized and altered volcanics

Mineralization shoot

Epithermal vein breccia trend

Silica cap

Old Mine

High-Grade shoot target

EL PASO PROJECT

TALAHIB PROJECT

BATANGAS PROJECTS

Crazy Horse Taysan Project

KAY TANDA GOLD RESOURCE

ARCHANGEL PROJECT

MAP KEY

SW Breccia *Mineral Resource: High Grade Shoot

• Indicated - 270,000 t @ 6.49 g/t Au; 56,380 oz Au

• Inferred - 61,000 t @ 5.35 g/t Au; 10,540 oz Au

• open to SW and depth

Lobo shoot?

12m @ 7.42 g/t Au

Camo, at surface,

• 4.5m @ 488 g/t Ag, 1.8% Cu

• 3.5m @ 114 g/t Ag, 0.36% Cu

Southwest Breccia

Recent results eg LB-62:

• 8.0m @ 8.8 g/t Au and

• 7.45m @ 12.4 g/t Au

Line 10170N

• High-grade gold shoots targeted • 5km mapped epithermal lode structures • Drilling planned to build resource LOBO GOLD

PROJECT

Pica: Epithermal veins:

• 13.65m @ 2.49 g/t Au in

• 213m @ 0.18% Cu, 0.30 g/t Au

12


Trench

Outcrop

Drill hole number

Gold grade g/t x true

vein width in meter

> 50

20 – 49

10 – 19

TR

OC

LB-20

79.5

10,1

55N

10,1

72N

10,1

85N

10,2

00N

10,2

15N

10,1

25N

10,1

00N

10,1

40N

20m

TR-1 358.2

OC channel 159.2

100

50

170m

ASL

150

B B’

TR-2 210.1

LB59-11 13.8

LB58-11 59.4

LB60-11 19.3

LB61-11 Drill hole (2011)

BATANGAS, LOBO PROJECT, SWB SHOOT

SOUTHWEST BRECCIA LONGITUDINAL PROJECTION, G/T x Thickness Contour

Batangas Projects

MAP KEY

?

?

LB61-11 67.5

LB62-11 92.23

LB63-11 27.89

LB65-11 36.2

LB64-11 54.59

Open at Depth

13

?

10,000E

85.00m

104.50m

129.10m

57.30m

Trench: 11m @ 19.1 g/t Au

52.25m 69.40m

LB61-11

Batangas Projects

MAP KEY

SOUTHWEST BRECCIA CROSS SECTION 10172N

20m

Drill hole


LB-07

End of hole 75m

17.4m @ 9.60 g/t Au

8.3m @ 6.30 g/t Au

32.2m @ 9.50 g/t Au

14.0m @ 1.67 g/t Au

13.3m @8.30 g/t Au

180m

ASL

160

140

120

100

80

60

40

LB62-11

6.7m @ 10.7 g/t Au inc. 3.7m @ 18.0 g/t Au

LB65-11

Quaternary agglomerate

Quartz - barite - pyrite vein breccia

Quartz - pyrite

clay alteration

Clay - pyrite - quartz

chlorite

magnetite alteration

Quartz - clay - pyrite alteration

Propylitized andesite wallrock

(chlorite - clay - pyrite

quartz

calcite

magnetite)

Fault gouge

11.90m

7.45m @ 12.4 g/t Au inc. 5.30m @ 15.6 g/t Au

9,950E

30.25m

57.60m

7.75m @ 4.67 g/t Au inc. 1.95m @ 11.8 g/t Au

8.0m @ 8.82 g/t Au inc. 3.0m @ 15.4 g/t Au

14

BATANGAS, LOBO PROJECT, SWB SHOOT

PHILIPPINE FAULT ZONE

Mindanao Sea

Lake Mainit

SURIGAO CITY

Tenements

TSF alteration (hi-temp propylitic,

argillic, phyllic, potassic)

Major porphyry copper-gold

discovery


Copper-gold / gold mine or

significant prospect

Other copper-gold or gold

prospect

Fault

MAP KEY

10 km 0

N

Manila

Luzon

Mindanao

PAN DE AZUCAR

BATANGAS

SURIGAO PROJECTS

SILANGAN (Boyongan-Bayugo) Philex Mining, in feasibility Resource contains 5b lbs Cu, 9moz Au

TAPIAN SAN FRANCISCO (TSF) PROJECT Extensive Porphyry-related alteration, copper-gold showings, IP geophysics

Epithermal gold and porphyry copper-gold mines of MMC

SIANA PROJECT – Red 5 (ASX)

In production for 85k oz pa

Masapelid

PORPHYRY COPPER-GOLD: TAPIAN-SAN FRANCISCO

15

INDICATIVE RMX TRANSACTION TIMETABLE

Timetable Date

Completion of due diligence by Mindoro and Red Mountain Mining 12 June 2012

Execute Agreements (binding) 14 June 2012

Mindoro AGM 28 June 2012

Mindoro gold “feeder” drilling commences, funded by loan from RMX July 2012

Red Mountain Mining Shareholder Meeting 31 July 2012

Completion of Sale under Agreements, Satisfaction of Conditions

Precedent and issue of 100m Consideration Securities to Mindoro 8 August 2012

Resource Upgrade and Scoping Study Batangas gold projects Q1 2013

If performance share milestones met, RMX issues additional 50m shares to

Mindoro. Commence gold project permitting and feasibility study Q2 2013

In specie distribution of RMX shares to Mindoro shareholders *August 2013

(subject to ASX escrow

release)

16

17

Two stage development strategy for early cash flow then processing project

MINDORO’S AGATA NICKEL LATERITE PROJECT

Lake

Mainit

SURIGAO CITY

Philippine Sea

Butuan Bay

AGATA *MINERAL RESOURCE Combined Limonite & Saprolite

Measured & Indicated 42.7M DMT @ 1.01% Ni

Inferred 2.4M DMT @ 0.99% Ni

10 defined regional targets

5 drilled to date

BOYONGAN-BAYUGO

Copper-Gold Project

Philex

SRMI

DSO

18

Manila

Luzon

Mindanao

TAGANITO

Nickel Asia – Sumitomo

HPAL, in construction

SURIGAO MINING DISTRICT: KEY PROJECTS

Mindoro tenements / applications

Nickel laterite mineralization

Nickel laterite mine

Recent porphyry copper-gold discovery


Gold mine or prospect

Fault

Drilled area

N

10km 0km

MAP KEY

TAPIAN

AGATA SOUTH

CANAGA

TAPIAN

KARIHATAG

BOLOBOLO

AGATA NORTH

AGATA NICKEL (75%, Option 100%)


AGATA NICKEL PROJECT MINERAL RESERVE, RESOURCE

19

*Inventory / Reserves M WMT M tonnes Ni % Co % Fe %

Direct Shipping (8.9) (5.9) (1.05%)

Hi Fe Limonite 1.7 1.1 0.8% 0.10% 49%

Nickel Pig-Iron Limonite 5.9 3.8 0.95% 0.10% 48%

High Grade Saproilite 1.4 1.0 1.8% 0.03% 13%

Limonite to Upgrade / AL 7.1 0.9% 0.10% 43%

Saprolite to Hydromet AL 22.4 1.1% 0.03% 12%

Total Reserve 35.4 1.03% 0.05% 24%

Limonite Resource Remaining 1 0.8% 0.10% 43%

Saprolite Resource Remaining 9 0.9% 0.02% 9%

Total Resource 45 1.0% 0.05 22%


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.

SRMI Mine

Mindanao

Sea

Agata Nickel Laterite Project

Agata South Nickel Laterite

Project

Mindoro Tenements: MPSA & Application

Nickel laterite resource

Completed drill holes to date

Trench

River / creek

Road

Trail

N 0 200m

Aug 19, 2010

10000E

9000E

10000N

11000N

9000N

8000N

11000E

Min

danao S

ea

XS 9550N

AGATA NICKEL LATERITE PROJECT

MAP KEY

AGATA NICKEL PLAN (GRADE X THICKNESS)

20

< 2

LEGEND

10 - 20

2 - 10

Ni % X meter

> 30

20 - 30

LEGEND

AGATA NICKEL LATERITE CROSS SECTION

21

A

Thickness of intercept (m)

Fe%

Ni%

46m

Drillhole number

Ferruginous Laterite

Limonite

Boulder

Saprolite

Saprolitic rock

Bedrock

End of hole

AGL-362

AGATA NICKEL

LATERITE PROJECT

Cross Section Line 9550N

9300E 8900E

0

50m

50m

9100E 9200E 9000E

250m

150m

AGL-140

AGL-146 AGL-500

22.15m

26.8m 19.4m

25.3m 15.1m

20m

AGL-499 AGL-142

AGL-341

16m

AGL-498

200m

300m ASL

100m

LIMONITE

FERRUGINOUS LATERITE

SAPROLITE

22





Ideal Location:

• Ore body is <1km from sheltered, deep ocean

• Wharf facilities located on adjacent property, SR Metals

• No trees or population on reserve

Key Permits:

• MPSA – “Mining Lease” granted for 25 years (1999 – 2024)

• Environmental Compliance Certificate (ECC) – up to 2m DMT pa

• Next step: Declaration of Mining Project Feasibility (DMPF) - 4-6 months

• Basic infrastructure for stage 1 (SR Wharf) constructed during DMPF

Scoping Study (Mar 11), to be upgraded to Feasibility study during permitting:

• $8M Capex, 9m WMT (2.25m WMT pa) / 6m DMT over 4 years (1.5m DMT pa)

STAGE 1: AGATA DIRECT SHIPPING OPERATION

AGATA NICKEL PROJECT: STAGE 1 DSO FOR CASHFLOW

23

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: ACID LEACH PROCESSING OPERATION

AGATA NICKEL PROJECT STAGE 2 PROCESSING

Sumitomo/Nickel Asia Coral Bay HPAL

processing operation, US$550m Capex

2002 -2004, 21,000t Ni pa @ <$2.50/lb

Opex to Intermediate Product

Pre-Feasibility Study (PFS) Nov 11: HPAL - Atmospheric Leach (AL)

• Outstanding Metallurgy:

- HPAL 95% - 97% Ni <20 minutes

- Atmospheric Leach (AL) 95%-98% Ni in 2-4 hours

- Saprolite Neutralisation: 85% Ni from “spent” acid

• 1.8m tpa processed, 17,200t nickel in MHP (40% Ni), 15-20 years

• Capex $940m (Including 14% estimate but no project contingency)

• Opex $2.60/ Ni lb with cobalt and power generation credits

• Cash flow $150m per annum; payback 5.5 years

• NPV(8%) @ $10/lb nickel price: $380M; IRR 14%

Flow sheet being modified to lower Capex Atmospheric Leach

• Lower Capex, 10,000t to 15,000t Ni pa in intermediate product (MHP or MS)

• Similar Opex due to new acid recycling technology

• Next step: partner funded pilot testing - Definitive Feasibility Study (DFS)

Bebs Hill

Mt. Lo-oc

Valderam

a Hill

Pabilona

Hill

Asparin

Hill

Ferraris

Hill

11

23

24 14

22

25 26

10 09

08

12

19 17

18

05

03

06

07 13 15 20

21

02

01

16

04

200m 0

N

27

28

30

29

31

32

Manila

Luzon

Mindanao

PAN DE AZUCAR PROJECT

BATANGAS PROJECTS

SURIGAO PROJECTS

Quaternary alluvium

Andesitic flow dome

Andesite and dacite tuffs & volcanics

Dacitic volcanics & volcaniclastics

Interpreted fault

Collapsed features / ring faults

Creek

Dill hole (2001-2002)

Drill hole (2011)

MPSA boundary

07

19

Boundary defined from drilling

Boundary defined from geophysical and

geochemical data

Vuggy, leached, quartz alunite altered

boulders

Dark grey – dark red ferruginous boulders

Topography

Valderama zone

MAP KEY

PAN DE AZUCAR PROJECT (75%)

• Massive sulphide sulphur-copper-gold deposit

• Defined Exploration Target: - 8 – 12.7 million tonnes, - 35 – 40% sulphur, - 0.4 – 0.6% copper - 0.5 – 0.7 g/t gold

• Metallurgy for acid (Ni) and copper-gold leach • Plunging shallowly north, open at depth • More drilling and metallurgy required for resource

Caution, the Valderama massive sulphide is

currently an Exploration Target only. Detailed

drilling will be required to convert the

Exploration Target 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.

24

.

o o

. .

o

. .

. .

.

0

-50

50

21,700N 21,600N

PDA-23

111.6m

21,500N 21,400N

95.4m

PDA-14 PDA-22 PDA-12

95.55m

130.5m

PDA-18 PDA-03

21,100N

50m

PDA-20

36.8m

94.5m 98.0m

21,200N 21,300N

PDA-01

90.65m

21,000N 20,900N

) )

PDA-27 PDH-05

? ? ?

?

2 2

M M M

2

M M

M

2 2

2 2 2

2

M

2 M M

M

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 35.6 94.9 59.3 0.90 3.45 0.45 0.45 39

PDA-20 1.6 33.3 31.7 1.15 6.12 0.48 28

PDA-21 2.8 42.0 39.2 1.00 15.71 1.89 2.02 42

PDA-22 10.0 23.0 13.0 0.62 8.61 2.53 40

PDA-22 38.1 85.6 47.5 0.75 1.01 0.09 41

PDA-25 11.1 87.1 76.0 0.64 4.54 0.38 34

Including 23.1 40.0 16.9 0.59 3.06 1.01 36

PDA-28 9.2 13.1 3.9 0.78 55.31 5.30 5.11 38

PDA-28 20.75 75.55 54.8 0.77 11.52 1.17 0.68 40

PAN DE AZUCAR MASSIVE SULPHIDE MINERALIZATION

LONGITUDINAL SECTION (LOOKING NW)

)

PDA-21 PDA-25 ) )

PDA-28

25

PARTNER FUNDED NICKEL TIMETABLE

Timetable Date

Strategic funding partnership to be established for stage 1 and 2 of Agata June 2012

Final permitting and feasibility Stage 1 DSO; Update processing economics Q3/4 2012

Stage 1 DSO production, cash flow anticipated, subject to financing above Q1 2013

Stage 2 Processing pilot testing of new atmospheric leach flow sheet Q1 2013

Stage 2 Processing DFS Q3/4 2013

Subject to DFS: Financing and construction of nickel processing plant. 2014

26

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.

Mindoro Resources: Philippines focussed, three key discoveries to be advanced towards development:

Spin-out of Batangas gold resources and Cu-Au porphyry targets to Red Mountain Mining:

- funding for gold drilling and scoping study

- release of value in gold focused vehicle, MIO shareholders to hold up to 65%

Strategic partner funding sought for Agata nickel two stage development strategy:

- stage 1 DSO cash flow possible within 9 months (Q1 2013)

- stage 2 pilot testing and DFS for “cut-down” atmospheric leach processing plant

Copper-gold-(Sulphur/pyrite) resource target at Pan de Azucar to be drilled (subject to finance)

Focused strategy on taking projects from discovery to production

IN SUMMARY:

Contact details at www.mindoro.com

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