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

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