gold spin-out to red mountain mining funds gold resource ... · gold spin-out to red mountain...

AGM 27th June 2012

Gold spin-out to Red Mountain Mining funds gold resource projects at Batangas, and TSF Nickel development to be funded through planned strategic partnership for DSO then processing DFS

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 (June 2012) $0.05 Market capitalisation (May 2012) $13m Current treasury (June 2012) $1m

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) full-voting shares in Red Mountain Mining and;

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

The initial 100m voting shares to be distributed to Mindoro shareholders in 12 months (following ASX escrow) with the additional 50m performance shares if granted to be distributed from 12 to 24 months from transaction.

Commercial loan:

Upon execution of sale agreement, Red Mountain Mining will enter into a secured loan agreement for 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%

*assumes no further capital raisings or options exercised in RMX.

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

• 6 km of gold and copper-gold porphyry targets • 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

Mineralized intercept

60m

PLDH-01 PL-30

105.2m

82m

28m @ 1.47 g/t Au

PL-22

9600

E

9800

E

9700

E

9500

E

9400

E

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 Mineralized intercept

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 Porphyry copper-gold prospects 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

Mindoro AGM for Shareholder vote on transaction (Australian timing) 28 June 2012

Completion of due diligence by Mindoro and Red Mountain Mining 29 June 2012

Execute Agreements (binding) 30 June 2012

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

Red Mountain Mining Shareholder Meeting 8 August 2012

Completion of Sale under Agreements, Satisfaction of Conditions Precedent and issue of 100m Consideration Securities to Mindoro 24 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 Q2/3 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

Porphyry copper-gold prospects

Gold mine or prospect

Fault

Drilled area

N 10km 0km

MAP KEY

TAPIAN

AGATA SOUTH

CANAGA

TAPIAN

KARIHATAG

BOLOBOLO

AGATA NORTH

AGATA NICKEL (75%, Options 100%)


AGATA NICKEL PROJECT MINERAL RESERVE, RESOURCE

19


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.

Note: *Mineral Reserves from December 2011 PFS Technical Report *Mineral Resources Released September 2011

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

Total potential DSO Limonite (13.7) (9.0) (0.89%) (0.11%) (46.5%)Including High Fe Limonite 6.4 4.2 0.86% 0.11% 48%Including Medium Fe Limonite 7.3 4.8 0.91% 0.11% 45%

Limonite to Upgrade / Atmospheric Leach 3.1 0.95% 0.11% 45%Saprolite to Hydromet Atmospheric Leach 23.3 1.10% 0.03% 12%Total Proven and Probable Reserve 35.4 1.03% 0.06% 24%

Measured and Indicated Resource RemainingLimonite Resource Remaining 1.4 0.80% 0.10% 43%Saprolite Resource Remaining 6.0 0.92% 0.03% 9%

Total Meas. and Indicated Resource 42.7 1.01% 0.05% 22%Inferred Resource

Limonite 0.7 0.79% 0.09% 40%Saprolite 1.7 1.03% 0.03% 12%

Total Inferred Resource 2.4 0.96% 0.05% 20%

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

1000

0E

9000

E

10000N

11000N

9000N

8000N

1100

0E

Min

dana

o 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%

1.09 /41.61 5.00

46m

Drillhole number

Ferruginous Laterite Limonite Boulder Saprolite Saprolitic rock Bedrock End of hole

AGL-362

AGATA NICKEL LATERITE PROJECT

Cross Section Line 9550N

9300E 8900E

0 50m

50m

9100E 9200E 9000E

2.00 1.08 /49.34 0.90 /50.00

13.15 11.45 4.00 1.41 /11.56 1.55 /18.00

2.90 0.63 /48.00

0.92 /53.00

0.69 /47.78

0.94 /51.47 5.15 1.10

1.87 /12.81 7.95 6.65

0.96 /11.00

4.85 0.53 /49.77

4.00

0.96 /53.48 5.30 4.25

1.43 /12.64 10.90

1.39 /15.90 7.15

1.29 /8.00

1.18 /40.00 1.15

0.90 /51.04 2.00

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 – granted for 25 years (1999 – 2024) • Environmental Compliance Certificate (ECC) – up to 2m DMT pa • Next step: Declaration of Mining Project Feasibility (DMPF) - 4-8 months targeted • Basic infrastructure for stage 1 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


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 targeted due to new acid recycling technology • Next step: partner funded pilot testing - Definitive Feasibility Study (DFS)

Bebs Hill

Mt. Lo-oc

Valderama 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 north and east • 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

? ? ? ?

M M M

∨ ∨

∨ ∨ ∨ ∨

∨ ∨

∨ ∨

∨ ∨ ∨

∨ ∨ ∨

∨ ∨

∨ ∨

∨ ± ± ±

∨ ∨ ∨ ∨

∨ ∨ ∨

∨

M M M

∨

∨

∨ ∨

∨ ∨

±

∨ ∨

∨

∨

∨

∨ ∨ ∨ ∨

∨

∨

∨

∨

∨ ∨ ∨

∨ ∨ ∨ ∨

∨ ∨

∨ ∨ ∨ ∨

∨ ∨

∨ ∨

∨

∨ ∨

∨

∨

∨

∨ M

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


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

ASX: MDO TSXV: MIO FFT: OLM

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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 spin-out to red mountain mining funds gold resource ... · gold spin-out to red mountain...

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