MIO Mindoro Resources Ltd (delisted)

Mindoro Resources Ltd. (TSX VENTURE:MIO) (ASX:MDO) (FRANKFURT:WKN 906167)
("Mindoro", or "the Company") advises that its joint venture partner, TVI
Pacific Inc. (TSX:TVI) (OTCQX:TVIPF), has provided the following update on the
test work results for the Agata Nickel Laterite Project. The positive results of
Beijing General Research Institute of Mining & Metallurgy (BGRIMM) pilot plant
marks another key step forward for the Agata North project, located in the
mining district of Agusan in northern Mindanao.


Mindoro currently has a 75% interest in the Agata Project and an option to
acquire an additional 25% interest (see press release dated September 23, 2013).
TVI is operator of the project and may earn 60% interest in the processing joint
venture by producing a bankable feasibility study.


Highlights:



--  Pilot scale testing of Agata laterite by BGRIMM is complete. 
    
--  Results confirm excellent leachability obtained during bench-scale
    testing. 
    
--  93.5 - 94.5% Ni extraction obtained over the 2-stage leaching process. 
    
--  Favourable acid consumption in the range of 48-50 t acid/t Ni leached. 
    
--  Vendor testwork completed and all design parameters obtained for pre-
    leach thickener, Counter-Current Decantation and residue filtration
    design. 
    
--  8,000 L Pregnant Leach Solution produced from BGRIMM leaching campaign
    and shipped to producer for offtaker evaluation. 
    
--  TVI's Philippine pilot plant commissioned and production of NHP to
    commence in the 2nd half of October 2013. 



On June 5, 2013, Mindoro and TVI announced the positive results of the bench
scale tests indicating that the Agata laterite is highly amenable to acid
leaching. The next step was to then run a continuously operated pilot plant at
BGRIMM's research facility in China, in order to test and obtain design data for
feed screening/classification/thickening, primary and secondary leaching,
counter-current decantation (CCDs), residue neutralization and residue
filtration. 


The BGRIMM pilot plant operation was conducted from May to July 2013 and the
results are encouraging and in line with expectations as obtained from positive
bench-scale test work.


Approximately 8,000L of the nickel-rich liquor from the BGRIMM pilot leaching
plant was shipped to the Philippines for use as the feed stock to the joint
venture purification and recovery pilot plant, established to produce a Nickel
Hydroxide Product (NHP, containing about 50-53% Ni). 


Some of this liquor was also tested at BGRIMM in a continuous pilot plant
campaign configured to produce a Mixed Hydroxide Product (MHP) containing at
least 36% Ni. This will allow the Agata JV to evaluate the process option of
producing MHP compared to NHP.


Key outcomes:



--  An overall nickel extraction of 93.5 - 94.5% may be consistently
    achieved at an acid consumption of 48-50 t acid/t Ni leached. This has
    been shown as a result of an extensive BGRIMM pilot plant campaign, in
    which 4,300 kg of feed material was leached.  
    
--  Leaching performance achieved is near identical to that obtained during
    the bench-scale test campaigns conducted at BGRIMM and the in-house
    facility in Manila. 
    
--  The 2-stage leaching process proposed is robust and yielded similar
    results for the variety of laterite types tested. 
    
--  The leaching pilot plant operation allowed determination of other
    circuit design data such as residence time, operating temperature, feed
    slurry density, etc. 
    
--  Vendor settling tests confirmed fast settling nature of the feed ore,
    and leach residue. Acceptable underflow density obtained means that the
    leach circuit can be operated at 35-40% solids and the Counter-Current
    Decantation (CCD) circuit can be designed to achieve 98-99% recovery of
    soluble Ni over 7 CCD stages. All design data for pre-leach and CCD
    thickener design has been obtained. 
    
--  Limestone and lime consumption were determined from the continuously
    operating pilot plant for the neutralization of the washed leach
    residue. Additionally, residence time and other design parameters were
    obtained. 
    
--  Vendor settling tests have confirmed the expectation that the filtration
    rate of the washed and neutralized leach residue is slow, but feasible
    to incorporate this unit operation in the full scale plant flowsheet.
    All data to allow the design of the residue filtration have been
    obtained. 
    
--  A Mixed Hydroxide Product (MHP) containing an average of 36% nickel was
    produced by treating the pregnant leach solution (PLS) with soda
    ash/caustic soda. It was shown that it is possible to produce an MHP
    containing greater than 40% Ni, if a 2-stage precipitation circuit is
    used. 
    
--  8,000L of the BGRIMM pilot plant PLS has been shipped to Philippines for
    processing at TVI's downstream metal purification and recovery pilot
    plant. A higher value Nickel Hydroxide Product (NHP) will be produced at
    this facility. 



To view the photo associated with this press release, please visit the following
link: http://media3.marketwire.com/docs/905299.jpg.


Additional details of the BGRIMM pilot plant campaign are available with this
release on Mindoro's website (www.mindoro.com) and SEDAR (www.sedar.com).


Mindoro and TVI Joint Ventures

Mindoro and TVI have signed four joint venture agreements, previously announced
on October 1, 2012, relating to the Agata and Pan de Azucar mining projects
located in the Philippines on the islands of Mindanao and Panay, respectively.
The joint ventures present Mindoro with multiple growth opportunities for
near-term and medium-term cash flow generating potential. Under the agreements,
TVI has the ability to earn up to a 60% interest and will act as operator of the
projects.


Mining Project Opportunities within the Agata Tenement



--  near-term high iron (Fe) laterite direct shipping ore (DSO) operation 
--  near-term limestone DSO operation 
--  medium-term lime production facility 
--  medium-term nickel processing plant project 



Prior extensive pre-feasibility and engineering works have been conducted on the
Mindoro properties. These reports can be accessed on Mindoro's website at
www.mindoro.com or on SEDAR at www.sedar.com. 


An updated National Instrument 43-101 technical report on the Agata project was
filed on April 10, 2013, and is available on SEDAR and on Mindoro's website.


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.
TVI Pacific Inc. 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 20.8% 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 FURTHER INFORMATION PLEASE CONTACT: 
Mindoro Resources Ltd. - Australia:
Clayton Northey
+61 3 9028 8187
ir@mindoro.com


Mindoro Resources Ltd. - Canada:
Penny Gould
+780.719.8895
ir@mindoro.com
www.mindoro.com


CHF Investor Relations
Jeanny So
+1 416 868 1079 ext. 225

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