Ms. Penny Gould reports

MINDORO JV COMPLETES THREE NICKEL LATERITE DSO SHIPMENTS IN APRIL FOR US$4.2 MILLION

Agata Mining Ventures Inc. (AMVI), in which Mindoro Resources Ltd. holds a 40-per-cent interest, completed three shipments of nickel laterite direct shipping ore (DSO) during April, 2015, for expected gross proceeds of $4.2-million (U.S.), from the Agata project, located in northern Mindanao, the Philippines.

The project operator and 60-per-cent owner of AMVI, TVI Resource Development (Phils.) Inc. (TVIRD), has advised that, going forward, AMVI is adjusting its shipment schedule to make up to two shipments of higher-nickel-grade saprolite and up to two shipments of high-iron/low-nickel limonite per month, based on market prices and demand.

However, in light of currently depressed prices and low demand for all grades of nickel laterite in the Philippines, TVIRD has also advised that, for May, AMVI plans to make just one DSO shipment, consisting of saprolite. As at the end of April, limonite ore grading up to 0.9 per cent nickel and 49 per cent iron traded at $12 (U.S.) per tonne, down 50 per cent from early 2014, while saprolite containing 1.6 per cent nickel traded at $32 (U.S.) per tonne, down 40 per cent since the end of 2014. AMVI is closely monitoring market conditions and will continue adjusting its shipment schedule as necessary to ensure continued operational profitability.

"Although prices for DSO are currently depressed, we are pleased to see AMVI has commenced shipping the higher-value saprolite," stated Penny Gould, chief executive officer of Mindoro. "We would anticipate AMVI's proposed shipping schedule going forward and a potential turnaround in nickel prices, if realized, to further enhance AMVI's underlying value and Mindoro's 40-per-cent interest."

April shipment summary

Details of the April, 2015, DSO shipments and expectations of gross revenues to be received (subject to final assays and price adjustments) are as follows:

• Eleventh shipment totalling 55,803 wet metric tonnes (wmt) of ore containing 0.87 per cent nickel and 48.17 per cent iron was completed on April 9, 2015, for expected gross revenue of $641,700 (U.S.);
• Twelfth shipment totalling 56,801 wmt of ore containing 0.84 per cent nickel and 49.01 per cent iron was completed on April 16, 2015, for expected gross revenue of $653,000 (U.S.);
• Thirteenth shipment totalling 60,369 wmt of saprolite containing 1.73 per cent nickel and 21 per cent iron was completed on April 27, 2015, for expected gross revenue of $2.9-million (U.S.).

Commercial production of nickel laterite direct shipping ore commenced in October, 2014. To date, a total of 13 shipments of nickel laterite DSO have been completed by AVMI containing a total of 641,361 wmt of limonite ore and 60,369 wmt of saprolite for total gross proceeds of $11.23-million (U.S.).

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