|By Marketwired .||
|April 1, 2014 01:03 AM EDT||
EDMONTON, ALBERTA -- (Marketwired) -- 04/01/14 -- Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167)(ASX:MDO) ("Mindoro", or "the Company") today announced the filing of the Company's annual audited financial results for the year ended December 31, 2013. Highlights in this news release should be read in conjunction with the Company's Annual Audited Financial Statements and the Management Discussion and Analysis, which are available on SEDAR at www.sedar.com. All dollar amounts are in Canadian dollars unless otherwise stated.
At December 31, 2013, Mindoro's cash balance was $198,000 and working capital deficit was $1.1 million. After-tax loss of $20.0 million in 2013 represents an increase compared to the net loss in 2012 of $8.8 million. The Company recognized an impairment loss of $8.2 million on its investment in Red Mountain Mining and $10 million loss on its Agata and Surigao Regional projects. Operating expenses were lower in 2013 ($1,131,000) than in 2012 ($2,417,000) as significant reductions were made in salaries and general and administrative costs.
Highlights During 2013:
-- An updated Resource Estimate filed for Agata North. -- Agata Nickel Project pilot plant was commissioned and pilot plant testing commenced. -- Agata high-iron laterite DSO Feasibility Study was released, demonstrating robust economics. -- Renegotiated an option to acquire additional 25% interest in the Agata projects from Minimax Mineral Exploration ("Minimax"). -- Negotiated the return of Tapian San Francisco tenements from Red Mountain Mining in exchange for return of four million Red Mountain shares. -- Raised $175,000 through private placement loans. -- Prime Resources Holding, Inc., ("PRHI") acquired 68.4% interest in Mindoro's joint venture partner, TVI Resource Development (Phils.), Inc.
Highlights Subsequent to 2013:
-- First nickel production from the Agata joint venture's pilot plant in Manila, Philippines. -- PRHI acquired 25% of Mindoro's common shares through secondary trades in the market. -- Mindoro sold 51.8 million Red Mountain shares for net proceeds of $879,000.
Milestones Targeted for 2014:
-- Establish direct shipping ore ("DSO") production at Agata. -- Advance Agata preferred processing technology to pilot testing and complete a definitive feasibility study. -- Evaluate merits of using pyrite from the Pan de Azucar Project for sulphuric acid production at the planned Agata nickel laterite processing operation. -- Finalize the option agreement with Minimax to acquire its 25% interest in the Agata project.
Commenting on the year end results, Mindoro's CEO Tony Climie said, "2013 was a challenging year as we sought to rebuild value in the Company. Although delays with the Agata DSO operation hindered our efforts, we are optimistic that 2014 will be a pivotal year for us. We are particularly pleased to welcome PRHI as a strong local partner and a strong shareholder in our company. We believe PRHI's investment sends a significant message of support for the Agata Project as well as the underlying value of our Company."
On behalf of the Board of Directors,
Tony Climie, CEO
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. TVIRD 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 6.4% 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.
Did you know that you can develop for mainframes in Java? Or that the testing and deployment can be automated across mobile to mainframe? In his session at @DevOpsSummit at 20th Cloud Expo, Vaughn Marshall, Sr. Principal Product Owner at CA Technologies, will discuss and demo how increasingly teams are developing with agile methodologies using modern development environments and automating testing and deployments, mobile to mainframe.
Apr. 24, 2017 11:30 AM EDT Reads: 929
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Apr. 24, 2017 11:00 AM EDT Reads: 213
Developers want to create better apps faster. Static clouds are giving way to scalable systems, with dynamic resource allocation and application monitoring. You won't hear that chant from users on any picket line, but helping developers to create better apps faster is the mission of Lee Atchison, principal cloud architect and advocate at New Relic Inc., based in San Francisco. His singular job is to understand and drive the industry in the areas of cloud architecture, microservices, scalability ...
Apr. 24, 2017 11:00 AM EDT Reads: 3,249
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Apr. 24, 2017 10:30 AM EDT Reads: 264
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Apr. 24, 2017 10:15 AM EDT Reads: 4,741
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Apr. 24, 2017 10:00 AM EDT Reads: 1,944
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Apr. 24, 2017 09:30 AM EDT Reads: 325
Apr. 24, 2017 09:00 AM EDT Reads: 312
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Apr. 24, 2017 08:45 AM EDT Reads: 357
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Apr. 24, 2017 08:45 AM EDT Reads: 321
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
Apr. 24, 2017 08:45 AM EDT Reads: 278
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across supply chain networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost and time for product recall as well as advance trade. Are you curious about Blockchain and how it can provide you with new opportunities for innovation and growth? In her session at 20th Cloud Exp...
Apr. 24, 2017 08:30 AM EDT Reads: 1,549
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Apr. 24, 2017 08:00 AM EDT Reads: 5,044
The goal of Continuous Testing is to shift testing left to find defects earlier and release software faster. This can be achieved by integrating a set of open source functional and performance testing tools in the early stages of your software delivery lifecycle. There is one process that binds all application delivery stages together into one well-orchestrated machine: Continuous Testing. Continuous Testing is the conveyor belt between the Software Factory and production stages. Artifacts are ...
Apr. 24, 2017 08:00 AM EDT Reads: 886
Back in February of 2017, Andrew Clay Schafer of Pivotal tweeted the following: “seriously tho, the whole software industry is stuck on deployment when we desperately need architecture and telemetry.” Intrigue in a 140 characters. For me, I hear Andrew saying, “we’re jumping to step 5 before we’ve successfully completed steps 1-4.”
Apr. 24, 2017 07:30 AM EDT Reads: 1,452