Two stage nickel development strategy, gold resource growth and copper-gold discovery upside

Transcription

1 A successful explorer with pathway to production Two stage nickel development strategy, gold resource growth and copper-gold discovery upside Established license to operate in the world class mining districts of the Philippines.

2 FORWARD LOOKING STATEMENTS This presentation may contain forward-looking statements including management's assessments of future plans and operations, expectations of future production, cash flow and earnings. 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 of estimates and projections relating to production). QUALIFIED PERSONS Mindoro s exploration programs are prepared and/or designed and carried out under the supervision of Tony Climie, P.Geo., who is a Qualified Person as defined by National Instrument and is a Competent Person as defined by the JORC Code, and who has reviewed and verified the pertinent disclosure of exploration related technical information contained in this news release. Mr. Climie is an executive and a director of Mindoro and is a member of the Alberta Professional Engineers, Geologists and Geophysicists Association. Mr. Climie has more than five years of experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he has undertaken. Mr. Climie has consented to the release of the pertinent exploration related technical information in the form and context in which it appears. Boyd Willis, FAUSIMM, who is a Qualified Person as defined by National Instrument , and a Competent Person as defined by the JORC Code, has reviewed and verified the disclosure of a development nature contained in this news release. Mr. Willis has more than five years of experience which is relevant to the activity which he has undertaken and he has consented to the release of the pertinent development related information in the form and context in which it appears. 2

3 MINDORO RESOURCES: A VALUE INVESTMENT HIGHLIGHTS Mindoro s focus is Philippines exploration and development with assets: Nickel Resources at Agata, Meas. and Ind. >1% Ni, 430,000t Ni Nickel two-stage development strategy to be funded by strategic partner Gold Resources at Batangas, *500,000 oz with high-grade upside Copper-gold-sulphur Exploration Target at Pan de Azucar Copper-gold porphyry, ten priority targets Mindoro s focus is taking our projects from discovery to production *tonnes and grade in body of presentation 3

4 CORPORATE PROFILE CAPITALISATION ($CDN) Exchange & Symbol TSX-V: MIO, ASX: MDO, FFT: OLM Shares outstanding 252m Fully diluted 291m Share price (06/02/12) $0.12 Market capitalisation (06/02/12) $30m Current treasury (06/02/12) $2.5m SHAREHOLDERS Acorn Capital 15.8% IFC (World Bank) 9.1% (10.6% incl. Asian Lion interest) Asian Lion Ltd 7.9% Lion Selection 6.9% (10.0% incl. Asian Lion interest) US Global 1.3% Directors 3.1% Top % 4

5 BOARD & MANAGEMENT Jon Dugdale Director, President & CEO 25 years gold and nickel discovery and investment Tony Climie Director Exploration & COO 42 years mineral exploration, co-founder of MIO Rob King VP Commercial, CFO & Corp Sec. 25 years financial/commercial with Placer/Barrick Rob Garden Chairman 32 years a QC in natural resources Howard Walker Executive Vice Chairman 36 years in mining, finance and investment John Tosney Director (Non Executive) 45 years mining engineer and gold project developer Chris de Guingand Director (Non Executive) 50 years commercial and marketing experience Oscar Reyes Director (Non Executive) 38 years in business ex Chairman & CEO Shell Philippines. Doug Frondall Director (Non Executive) 35 years accounting, management consulting. 5

6 PORTFOLIO OF PROJECTS IN KEY MINING DISTRICTS GOLD Batangas Projects (100% economic interest) Archangel (Gold) Lobo (Gold) El Paso, Calo, Talahib (Cu-Au) Didipio Cu-Au (Oceana Const.) MAP KEY Mindoro project Major Deposit Recent major discovery (within last 15 years) Nickel processing plant Fault COPPER-GOLD Pan de Azucar Project (75% economic interest) Valderama massive Cu-Au-Sulphide NICKEL Agata - Surigao Projects (75% interest, options for 100%) Agata Nickel Project Cu-Au Porphyry targets (American Tunnels, Tapian-SF) Coral Bay Nickel 21,000 Ni tpa (Sumitomo/Nickel Asia) Masbate Gold 200,000oz pa (CGA Mining) Taganito Nickel Project (Const.) (Sumitomo/Nickel Asia) Co-O Gold 100,000oz pa (Medusa Mining) Tampakan, Cu-Au, BFS (Xtrata/Indophil) 6

7 SURIGAO DISTRICT: AGATA NICKEL PROJECT AGATA NICKEL (75%, Option 100%) SURIGAO CITY MAP KEY Mindoro tenements / applications Luzon Manila TAPIAN Nickel laterite mineralization Nickel laterite mine Recent porphyry copper-gold discovery Porphyry copper-gold prospects Gold mine or prospect Fault Drilled area Tapian- SanFrancisco Cu-Au SILINGAN (BOYONGAN-BAYUGO) Copper-Gold, Philex 5b lbs Cu, 9 Moz Au Philippine Sea Mindanao 0km 10km N CANAGA Lake TAPIAN Mainit KARIHATAG TAGANITO Nickel Asia Sumitomo DSO + HPAL construction AGATA RESOURCES Combined Limonite & Saprolite BOLOBOLO Measured & Indicated 42.7M 1.01% Ni Inferred 2.4M 0.99% Ni Butuan Bay AGATA NORTH American Tunnels Cu-Au (Total 45.2M 1.01% Ni) 10 defined regional targets 5 drilled to date SRMI DSO AGATA SOUTH Resource: Sept 11 Horizon ktonnes Ni % Co % Fe % Ni (kt) Meas, Indicated Limonite 13, Saprolite 29, Inferred Limonite Saprolite 1, Total 45,

8 A 300m ASL AGATA NICKEL LATERITE CROSS SECTION 8900E 9000E 9100E 9200E FERRUGINOUS LATERITE 9300E LIMONITE 250m 200m AGL-146 AGL-500 AGL-142 AGL-499 AGL-140 AGL-498 AGL m 15.1m 25.3m 19.4m 26.8m 22.15m 16m 150m SAPROLITE 100m AGL-362 Drillhole number 46m Ferruginous Laterite Limonite Boulder Saprolite Saprolitic rock Bedrock End of hole Ni% Fe% Thickness of intercept (m) 50m 50m 0 AGATA NICKEL LATERITE PROJECT Cross Section Line 9550N 8

9 AGATA NICKEL PROJECT DEVELOPMENT OPTIONS STAGE 1: DSO AND THERMALLY UPGRADED SHIPPING ORE 1 1 Direct Shipping Ore (DSO) granted ECC, scoping study viability Cash flow positive in March 2011 PEA based on Capex of $8m, pricing increases since then 9 million wet metric tonnes shipped over 4 years 1a Thermal Upgrading Scoping Study (November 2011) Roasted sinter then magnetic separation Ni-Fe concentrate: 3-4% Ni, >65% Fe Capex for 600k tpa sinter production / 175k tpa concentrate: $88m Opex for 600k sinter tpa $32/t / Opex for 175k tpa $130/t (excluding mining cost) 1a STAGE 2 : MAJOR ACID LEACH PROCESSING OPERATION 2 Pre-Feasibility Study (PFS) Nov. 2011: HPAL-Atmospheric Leach (AL)-Saprolite Neutralisation Outstanding Metallurgy: HPAL 95% - 97% Ni <30 minutes; AL 95% - 98% Ni in 2-4 hours 1.8m tpa processed for 17,200t nickel in Mixed Hydroxide (40% Ni) for years Capex $940m (Including 14% estimate but no project contingency) Opex $2.60/ Ni lb with cobalt and power generation credits; Cash flow $150m per annum; payback 5.5 years; $10/lb nickel price: $380M; IRR 14% 2 Seeking a partner to fund stage 1 development and stage 2 feasibility (Deloitte Advising) The company s production objectives are intended to provide an indication of management s current expectations and are still conceptual in nature. It is uncertain that it will be established that these resources will be converted into economically viable mining reserves. Until a feasibility study has been completed, there is no certainty that these objectives will be met. 9

10 AGATA NICKEL PROJECT DEVELOPMENT PLAN Agata MPSA Agata (North) Nickel Laterite Resource Stage 1: Direct Shipping Ore (DSO) Capex $8m (March 2011 Scoping Study) 1.5m dry / 2.25m wet tonnes pa PFS Proposed Processing Plant PFS Proposed Residue Storage Stage 1a: Thermal Upgrading (Fe-Ni) Capex $88m (Nov 2011 Scoping Study) 600kt sinter / 175kt Ni-Fe con. pa Agata South Nickel Laterite Resource Stage 2: Hydromet Processing (PFS) Capex $940m (Nov 2011 PFS) 17,200t Ni in mixed hydroxide pa Mindanao Sea 0 1km SRMI Tubay Wharf SRMI Nickel DSO The company s production objectives are intended to provide an indication of management s current expectations and are still conceptual in nature. It is uncertain that it will be established that these resources will be converted into economically viable mining reserves. Until a feasibility study has been completed, there is no certainty that these objectives will be met. 10

11 AGATA NICKEL PROJECT DEVELOPMENT PLAN AGATA NICKEL PROJECT Preliminary Economic Assessment Nickel Resource Growth Further drilling to increase resource Stage 1: Test work and Economics Feasibility, Permitting then Construction Stage 1 Stage 2: Pre-feasibility Major Hydrometallurgical Project: Pilot Testing then DFS Strategic Partner The company s production objectives are intended to provide an indication of management s current expectations and are still conceptual in nature. It is uncertain that it will be established that these resources will be converted into economically viable mining reserves. Until a feasibility study has been completed, there is no certainty that these objectives will be met. 11

12 PAN DE AZUCAR PROJECT (75%) Massive sulphide sulphur-copper-gold deposit Defined Exploration Target: million tonnes, % sulphur, % copper Asparin Hill g/t gold Metallurgy for acid (Ni) and copper-gold leach 04 Plunging shallowly 16 north, open at depth More drilling and metallurgy required for resource Pabilona Hill Caution, the Valderama massive sulphide is currently an Exploration Target only. Detailed drilling will be required to convert the Exploration Target into NI compliant Ferraris resources. There is no guarantee that these Hill resources, if delineated, will be economic or sufficient to support a commercial mining operation. Until a feasibility study has been completed there is no certainty that the company's projections will be economically viable. 12 Valderam a Hill Bebs Hill N 27 Mt. Lo-oc 200m PAN DE AZUCAR PROJECT Luzon Manila BATANGAS PROJECTS Mindanao Quaternary alluvium Andesitic flow dome SURIGAO PROJECTS Andesite and dacite tuffs & volcanics Dacitic volcanics & volcaniclastics Interpreted fault Collapsed features / ring faults Creek Valderama zone Dill hole ( ) Drill hole (2011) MPSA boundary Boundary defined from drilling Boundary defined from geophysical and geochemical data Vuggy, leached, quartz alunite altered boulders Dark grey dark red ferruginous boulders Topography MAP KEY

13 PAN DE AZUCAR MASSIVE SULPHIDE MINERALIZATION 20,900N LS 21,000N 21,100N 21,200N 21,300N LONGITUDINAL SECTION (LOOKING NW) 21,400N 21,500N 21,600N 21,700N LS' 51.90m m 50 0 PDA-01. PDH-05 ) PDA-20 PDA-21 PDA-03. ). PDA-18 PDA-28. M ) M M M 2 PDA-12 PDA PDA-25 PDA ) PDA PDA-27 ) m M M M M M M m 94.5m o 98.0m 95.55m o 95.4m o 111.6m???? 130.5m HOLE NO. FROM (m) TO (m) RUN (m) Au g/t Ag g/t Cu % Zn % Sulphur% PDA PDA PDA PDA PDA PDA Including PDA PDA m 13

14 BATANGAS GOLD PROJECT & COPPER-GOLD TARGETS Objectives: High-grade gold resource growth Scoping Study on development Porphyry copper-gold targeting Crazy Horse, Taysan Copper Project El Paso 0 MAP KEY Mindoro tenements / applications Crazy Horse Resources Porphyry copper-gold prospects Resource area Epithermal vein trends Copper showing Historical mine / workings Other prospects Porphyry Cu-Au target 4km N Calo Luzon Talahib Marita Manila LOBO LOBO PROJECT - SW BRECCIA, High grade epithermal gold veins; 5km to test NI Resource Estimate Indicated: 270, g/t (56,380 oz) Inferred: 61, g/t (10,540 oz) Sea ARCHANGEL PROJECT NI Resource Estimate Indicated: 9,879, g/t (337,500 oz) Inferred: 3,741, g/t (97,200 oz) High-grade Intercepts at depth: eg 5.1 g/t Au Mindanao 14

15 BATANGAS, ARCHANGEL PROJECT 6km gold zone with porphyry at depth Bootin Drilling high-grade feeders to build resource Resources low-strip and excellent metallurgy Biga Crazy Horse Taysan Project LOBO GOLD PROJECT BATANGAS PROJECTS EL PASO PROJECT Porphyry Copper-Gold target at depth indicated by 6km x 1km IP geophysical anomaly and drilling XS 9350N Sea Marita Kay Tanda NI Resource Estimate Indicated: 9,879, g/t (337,500 oz) Inferred: 3,741, g/t (97,200 oz) High-grade Intercepts at depth: eg 5.1 g/t Au, 3.5 g/t Au, 4.03 g/t Au TALAHIB PROJECT Archangel MPSA boundary Younger cover rocks Extensively altered volcanics intruded by diorite and dacite Advanced argillic zones Resource area Epithermal gold-silver zones Porphyry-related stockworks Vein breccia MAP KEY Boulder field of mineralized massive silicified rocks Old mine working Copper showing Strong chargeability anomalies 0 ARCHANGEL PROJECT KAY TANDA GOLD RESOURCE 1 Km N 15

16 9400E BATANGAS, KAY TANDA PROJECT 9500E 9600E 9700E 9800E PULANG LUPA CROSS SECTION 9350N: Shallow Resource and Feeder Target Batangas Projects 1.53 g/t Au 4.03 g/t Au, g/t Ag 1.46 g/t Au, g/t Ag PL g/t Au 1.09 g/t Au PL-17 PLDH-01 PL-30 PL-16 PL-23 PL-31 PL-24 MAP KEY PL-22 50m 60m 51m 70m 60m 70m 82m 105.2m g/t Au 75m KT-07 Interpreted mineralization boundaries Quartz - gold breccia vein Drill hole Mineralized intercept 1.47 g/t Au 0.75 g/t Au Mineralized intercept (spiky/high grade) 75m End of hole 50m 16

17 BATANGAS, LOBO GOLD PROJECT Nagtoctoc High-grade gold shoots targeted 5km mapped epithermal? lode structures Drilling to build resource Crazy Horse Taysan Project LOBO GOLD PROJECT BATANGAS PROJECTS EL PASO PROJECT? Pica: High grade epithermal veins in 0.18% Cu, 0.30 g/t Au Balisong TALAHIB PROJECT ARCHANGEL PROJECT KAY TANDA GOLD RESOURCE? Pica Lobo shoot? 7.42 g/t Au? Old Lobo Copper Mine Camo shoot?, at surface, 488 g/t Ag, 1.8% Cu 114 g/t Ag, 0.36% Cu MAP KEY Alluvium Limestone Mineralized and altered volcanics?? Camo Mineralization shoot Epithermal vein breccia trend Silica cap Recent results eg LB-62: 8.8 g/t Au and 12.4 g/t Au Line 10185N Line 10170N Line 10155N Old Mine High-Grade shoot target? SW Breccia Mineral Resource: High Grade Shoot Indicated - 270, g/t Au; 56,380 oz Au Inferred - 61, g/t Au; 10,540 oz Au open to SW and depth 0 500m N 17

18 BATANGAS, LOBO PROJECT 10,100N 10,125N 10,140N 10,155N 10,172N 10,185N 10,200N 10,215N SOUTHWEST BRECCIA LONGITUDINAL PROJECTION B B Batangas Projects 170m ASL 150 TR OC channel TR LB LB LB LB LB MAP KEY 100 LB LB TR OC LB Trench Outcrop Drill hole number Gold grade g/t x true vein width in meter > 50 50? LB ? LB Drill hole (2011) 20m 18

19 BATANGAS, LOBO PROJECT SOUTHWEST BRECCIA CROSS SECTION 10172N 180m ASL 9,950E Trench: 19.1 g/t Au 10,000E g/t Au LB65-11 g/t Au Batangas Projects 160 LB61-11 LB m 4.67 g/t Au inc g/t Au 9.60 g/t Au m MAP KEY g/t Au m 85.00m 57.60m 52.25m 69.40m 8.82 g/t Au 57.30m inc g/t Au and 12.4 g/t Au inc g/t Au 6.30 g/t Au Quaternary agglomerate Quartz - barite - pyrite vein breccia Quartz - pyrite clay alteration Clay - pyrite - quartz chlorite magnetite alteration Quartz - clay - pyrite alteration Propylitized andesite wallrock (chlorite - clay - pyrite quartz calcite magnetite) Fault gouge g/t Au inc g/t Au LB-07 Drill hole Mineralized intercept g/t Au 20m 75m End of hole m 19

20 PORPHYRY COPPER-GOLD: AMERICAN TUNNELS AT-3 Trench 2.3 g/t Au Estrada Tunnel 2.8 g/t Au Pabling Tunnel 2.50 g/t Au Chalcopyrite (copper) veins + Assmicor Tunnel 5.7 g/t Au & 3.1g/t MAP KEY km N 20

21 GOLD AND COPPER-GOLD RESOURCE GROWTH PLAN GOLD AND COPPER-GOLD Pan de Azucar Cu-Au drilling Metallurgy, Scope *Resource Drilling *Scoping Study Batangas Gold drilling Resource Drilling-Scoping Study *Feasibility/Permits Porphyry Cu-Au Targets Targeting, *Drilling *More Drilling *subject to financing The company s production objectives are intended to provide an indication of management s current expectations and are still conceptual in nature. It is uncertain that it will be established that these resources will be converted into economically viable mining reserves. Until a feasibility study has been completed, there is no certainty that these objectives will be met. 21

22 KEY VALUE-DRIVING MILESTONES FOR 2012 Milestone Objective Timing 1 Pan de Azucar Target and Metallurgy Exploration Target, metallurgy Q Archangel gold resource drilling Define feeder structure resources Q Strategic Partnership for Agata Nickel Fund Stage 1 development, Stage 2 FS Q Batangas gold resource upgrade Significant gold resource increase Q Lobo (Batangas) gold target drilling Locate and define high-grade shoots Q Drill Porphyry Copper-Gold Targets Test key Cu-Au targets, discovery Q Batangas gold scoping study Viable gold project for Feasibility Q Next Steps, subject to delivery of above: Agata Nickel: develop DSO cash flow, complete DFS for processing plant Batangas Gold: Increase resource, commence FS and permitting Porphyry Targets: Drill definition of key discovery The company s production objectives are intended to provide an indication of management s current expectations and are still conceptual in nature. It is uncertain that it will be established that these resources will be converted into economically viable mining reserves. Until a feasibility study has been completed, there is no certainty that these objectives will be met. 22

23 SUMMARY Mindoro Resources is a Philippines focussed exploration and development company with: Nickel Resources at Agata, Measured and Indicated 1.01% Ni, 430,000t Ni Nickel two-stage development strategy to be funded by strategic partner, (advisor Deloitte) Gold Resources of *500,000 oz at Batangas, with upside: next development target Copper-gold-sulphur (acid) Exploration Target at Pan de Azucar Ten priority copper-gold porphyry targets Market Capitalisation 6 th February 2012: $30m Mindoro s focus is taking our projects from discovery to production *note, resources tonnage and grade in body of presentation TSXV: MIO ASX: MDO FFT: OLM Contact details at 23