Mindoro's 100 Million Red Mountain Shares to Be Released From Escrow
February 18 2014 - 7:00AM
Marketwired
Mindoro's 100 Million Red Mountain Shares to Be Released From
Escrow
EDMONTON, ALBERTA--(Marketwired - Feb 18, 2014) - Mindoro
Resources Ltd. (TSX-VENTURE:MIO)(ASX:MDO)(FRANKFURT:WKN 906167)
("Mindoro", or "the Company") advises that further to the Company's
October 18, 2013, news release, the amended agreements with Red
Mountain Mining Ltd. relating to the transfer of certain
contractual rights and technical services for the Batangas Gold
Projects have been finalized. Accordingly, the 100 million Red
Mountain shares (the "Shares") owned by Mindoro will be released
from voluntary escrow on March 4, 2014, upon expiration of the ten
day notice period required by the ASX.
The October 2013 news release also advised that Mindoro was no
longer contractually obliged to distribute a majority of the Shares
to its shareholders upon expiration of the escrow period, allowing
Mindoro to continue to hold or otherwise deal with the Shares in
the manner that Mindoro determines will return greatest value to
its shareholders.
Mindoro also advises that it will return four million Shares to
Red Mountain, pursuant to the Company reacquiring its contractual
rights to several tenements in the Philippines, including Tapian
San Francisco, as described in the October 2013 press release. The
return of the four million shares was subject to Red Mountain
shareholder approval, which was received on February 17, 2014.
As required under Mindoro's joint venture agreement with TVI
Research and Development ("TVIRD") in the Philippines, TVIRD has
undertaken due diligence with respect to acquiring an interest in
the Tapian San Francisco tenements.
Mindoro CEO, Tony Climie, stated, "We are very pleased to have
reacquired access to the high-potential gold and copper-gold
prospects within the Tapian San Francisco tenements. We anticipate
commencing work on the prospects in the second half of 2014, funded
either by joint venture or revenues generated upon commencement of
the Agata Project direct shipping ore operation."
On behalf of the Board of Directors,
Tony Climie, CEO
About Mindoro
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange
(MIO), Australian Securities Exchange (MDO) and Frankfurt Stock
Exchange (WKN 906167). Mindoro has a 75% interest and an option to
acquire the remaining 25% in the Agata Nickel Project, the Tapian
San Francisco Copper-Gold Project, and the Pan de Azucar
Sulphur-Copper-Gold Project, all in the Philippines. TVIRD has the
option to earn up to a 60% interest in the Agata and Pan de Azucar
Projects by meeting the earn-in requirements outlined in the June
24, 2013, release. Mindoro also holds a 14.5% stake in ASX listed
Red Mountain Mining (ASX:RMX), which has a 100% direct and indirect
interest in the Batangas gold and copper-gold projects.
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.
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 with respect to results of
exploration, 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. The Company does not
undertake to update forward-looking statements except where
required to do so by law.
For investor relations inquiries, please emailir@mindoro.com, or
telephone one of the following:Australia:Clayton Northey+61 3 9028
8187Canada:Penny Gould+780.719.8895Jeanny So, CHF Investor
Relations+1 416 868 1079 ext. 225Website: www.mindoro.com
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