Mindoro Files Annual Audited Financial Statements
April 01 2014 - 12:03AM
Marketwired
Mindoro Files Annual Audited Financial Statements
EDMONTON, ALBERTA--(Marketwired - Apr 1, 2014) - Mindoro
Resources Ltd. (TSX-VENTURE:MIO)(FRANKFURT:WKN 906167)(ASX:MDO)
("Mindoro", or "the Company") today announced the filing of the
Company's annual audited financial results for the year ended
December 31, 2013. Highlights in this news release should be read
in conjunction with the Company's Annual Audited Financial
Statements and the Management Discussion and Analysis, which are
available on SEDAR at www.sedar.com. All dollar amounts are in
Canadian dollars unless otherwise stated.
At December 31, 2013, Mindoro's cash balance was $198,000 and
working capital deficit was $1.1 million. After-tax loss of $20.0
million in 2013 represents an increase compared to the net loss in
2012 of $8.8 million. The Company recognized an impairment loss of
$8.2 million on its investment in Red Mountain Mining and $10
million loss on its Agata and Surigao Regional projects. Operating
expenses were lower in 2013 ($1,131,000) than in 2012 ($2,417,000)
as significant reductions were made in salaries and general and
administrative costs.
Highlights During 2013:
- An updated Resource Estimate filed for Agata North.
- Agata Nickel Project pilot plant was commissioned and pilot
plant testing commenced.
- Agata high-iron laterite DSO Feasibility Study was released,
demonstrating robust economics.
- Renegotiated an option to acquire additional 25% interest in
the Agata projects from Minimax Mineral Exploration
("Minimax").
- Negotiated the return of Tapian San Francisco tenements from
Red Mountain Mining in exchange for return of four million Red
Mountain shares.
- Raised $175,000 through private placement loans.
- Prime Resources Holding, Inc., ("PRHI") acquired 68.4% interest
in Mindoro's joint venture partner, TVI Resource Development
(Phils.), Inc.
Highlights Subsequent to 2013:
- First nickel production from the Agata joint venture's pilot
plant in Manila, Philippines.
- PRHI acquired 25% of Mindoro's common shares through secondary
trades in the market.
- Mindoro sold 51.8 million Red Mountain shares for net proceeds
of $879,000.
Milestones Targeted for 2014:
- Establish direct shipping ore ("DSO") production at Agata.
- Advance Agata preferred processing technology to pilot testing
and complete a definitive feasibility study.
- Evaluate merits of using pyrite from the Pan de Azucar Project
for sulphuric acid production at the planned Agata nickel laterite
processing operation.
- Finalize the option agreement with Minimax to acquire its 25%
interest in the Agata project.
Commenting on the year end results, Mindoro's CEO Tony Climie
said, "2013 was a challenging year as we sought to rebuild value in
the Company. Although delays with the Agata DSO operation hindered
our efforts, we are optimistic that 2014 will be a pivotal year for
us. We are particularly pleased to welcome PRHI as a strong local
partner and a strong shareholder in our company. We believe PRHI's
investment sends a significant message of support for the Agata
Project as well as the underlying value of our Company."
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, Mindanao,
and the Pan de Azucar Sulphur-Copper-Gold Project, Iloilo. TVIRD
has the option to earn up to a 60% interest in these projects by
meeting the earn-in requirements outlined in the June 24, 2013,
release. Mindoro also holds a 6.4% 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.
Tony Climie P.Geol., is the CEO of Mindoro Resources Ltd and
has sufficient experience which is relevant to the style of
mineralization and type of deposit under consideration and to the
activity which he is undertaking to qualify as a qualified person
as defined by National Instrument 43-101. Tony Climie consents to
the inclusion in the report of the matters based on the information
in the form and context in which it appears.
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 8895CHF Investor RelationsJeanny
So+1 416 868 1079 ext. 225Website:www.mindoro.com
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