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
Agata high iron direct shipping ore ("DSO") project located in Agusan del Norte,
Mindanao, the Philippines. 


Mindoro currently has a 75% interest in the Agata DSO project and an option to
acquire an additional 25% interest (see press release dated September 23, 2013).
TVI is operator and may earn 60% interest in the project by achieving a DSO
operation with Mindoro carried to production.


Port Loading Facility and Infrastructure

Further to development plans and initial pre-development activities announced as
being underway on February 13, 2013, all land required for the road network has
now been acquired in coordination with the local government, while 90% of land
required under the current design of the Port facility has been acquired. The
planning and design of port construction, roads and other infrastructure is
proceeding. 


Most roads and ramps currently constructed are temporary and predominantly
confined to within the pit. Further refinements have also been made to the pit
design to consider non-contiguous mining areas, zones less than 1.5 meters
thick, and areas on slopes considered too steep to mine.


The Port design, consisting of a causeway, will allow for two barges to be
moored and loaded simultaneously. The causeway will also serve as a temporary
ramp for the delivery of equipment, construction and heavy lift materials. The
current design is under review to decrease capital cost.


Permitting Status 

The Agata DSO Project is well into the permitting stage with the Mining
Feasibility Studies and the Final Exploration Report being reviewed by the Mines
and Geosciences Bureau. The Environmental Protection and Enhancement Program and
the Final Mine Rehabilitation and Decommissioning Plan will soon be submitted
for reviewed by the Mine Rehabilitation Fund Committee, followed by the
Contingent Liability and Rehabilitation Fund Committee. Final approval of the
Declaration of Mining Project Feasibility is then expected to follow, which will
allow the project to move into development. The Agata high iron DSO project
already has an existing Environmental Compliance Certificate. 


DSO Market 

The region in which the Agata DSO Project is situated, in north-eastern
Mindanao, hosts approximately fifteen DSO operations at present that
cumulatively exported 17.3 million wmt and 19.2 million wmt in 2011 and 2012,
respectively. Discussions are underway with off-takers who have expressed
interest in the Agata DSO product. 


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 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. 


In addition to the DSO project, opportunities at Agata include: 



--  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



The National Instrument 43-101 Compliant Mineral Resource estimate released on
April 10, 2013 (available on www.sedar.com and www.mindoro.com) shows the Agata
DSO project to have reported Proven and Probable Reserves of 9.70 million wmt
grading of 48% Fe with 0.9% Ni.


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


Mindoro Resources Ltd. - Canada:
Penny Gould
+780.719.8895


CHF Investor Relations
Jeanny So
+1 416 868 1079 ext. 225
ir@mindoro.com
www.mindoro.com

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