Mindoro Resource, a Canadian based mid-tier mining company producing nickel, cobalt, gold and copper on China's doorstep with mineral resources and license to operate in the world class mining districts of the Philippines, has received encouraging results from Agata Nickel Project, located in southern Philippines.

The results show this project can bring better economics for direct shipping ore production and the potential to produce a high quality nickel iron concentrate.

In addition, this project is expected to be a low operating cost, 20 year project with a posted tax NPV of US$380 million and IRR of 14% assuming US$10 per pound nickel, 8% discount rate, including estimated contingency of 14% but excluding project contingency.