A drilling program at Mindoro Resources’ Agata North Nickel Laterite project in the Philippines continued to expand the resource

Results have been received for a further 23 drill holes from the Phase 2 drill program on Agata North. For the 18 drill holes within the area of mineralization, the limonite horizon averages 1.09% nickel, 0.12% cobalt and 44.55% iron over an average thickness of 3.26 metres.

The underlying saprolite horizon averages 1.16% nickel and 12.35% iron over an average thickness of 4.84 metres. Grades and thicknesses are consistent with those previously reported and continue to be of potential economic interest.

Objectives of the ongoing drill program are to completely drill out the Agata North resource, leading to an evaluation of the most applicable processing technologies and selection of the optimal method to advance the project.

Results of a further 75 drill holes are awaited and drilling is ongoing with four drill rigs. Current drill spacing is on 100 metre centres, adequate for at least inferred resource category and likely indicated resource category for much of the mineralization.

On August 12 Mindoro reported an updated NI 43-101 mineral resource estimate from Agata North. The estimate for combined measured and indicated resources is 4.95 million wet metric tonnes (WMT) grading 1.18% nickel, 0.074% cobalt and 28% iron, at a cut-off grade of 0.80% nickel and containing about 92.4 million pounds nickel.

In addition, the inferred resource estimate is 4.37 million WMT grading 1.26% nickel, 0.047% cobalt and 20% iron, also at a cut-off grade of 0.80% nickel and containing about 92.5 million pounds nickel.

A total of 228 drill holes, comprising 4507 metres of diamond drill core and 4480 assay samples, were used for the estimate. This estimate covers about 25% of the area of the Agata North laterite as mapped to date.

www.mindoro.com