|By Marketwired .||
|August 15, 2014 12:46 PM EDT||
EDMONTON, ALBERTA -- (Marketwired) -- 08/15/14 -- Mindoro Resources Ltd. (TSX VENTURE: MIO)(FRANKFURT:WKN 906167) is pleased to announce it has signed two option agreements to acquire an additional 25% interest in the Agata Project and an option to acquire an additional 25% interest in the Tapian San Francisco Project, from its Philippine partner, Minimax Mineral Exploration Corporation, all located within the Surigao mining region on the island of Mindanao, Philippines. Upon exercise of all options, Mindoro will hold a 40% direct and indirect interest in the Agata Project and 100% direct and indirect interest in the Tapian San Francisco Project.
The terms of two 2005 option agreements with Minimax were based on gold and copper production scenarios. As announced on September 23, 2013, an option to acquire the remaining 25% economic interest in the Agata Project was renegotiated to be more applicable to the economic scenario of high-iron Direct Shipping Ore ("DSO") operations and nickel processing. The terms of the two option agreements for the additional Agata interest announced today (the "Amended Option Agreements") replace the option terms announced in September 2013.
In October 2012, Mindoro, Minimax and TVI Resource Development Phils., Inc. ("TVIRD"), an affiliate of TVI Pacific Inc. (TSX: TVI)(OTCQX: TVIPF), signed two joint venture agreements relating to the Agata Project, whereby TVIRD may earn up to a 60% interest from Mindoro in each of the Agata Mining and Agata Processing Joint Ventures, while Mindoro would retain 15% and the remaining 25% would continue to be held by Minimax. Under the Amended Option Agreements, Mindoro may purchase Minimax's 25% interest in each of the Agata Mining and Agata Processing Joint Ventures for the following consideration:
Agata Mining Option:
i. US$60,000 payment upon signing the Amended Option Agreements; ii. US$60,000 to be paid 60 days from the date of signing; iii.US$250,000 to be paid on the 15th day of the 6th month after the first shipment of DSO; and iv. US$4,000,000 paid in five annual installments of US$800,000 to Minimax commencing on the 15th day of the 12th month after the first shipment of the DSO. v. Title to Minimax's shares in the Agata Mining Joint Venture will be transferred to Mindoro on a pro-rata basis with each installment payment. However, Mindoro will, immediately upon exercise, receive all the economic benefits, rights and obligations attached to Minimax's interest. The Agata Mining Option will automatically be exercised upon conclusion of the Restructure Period, as described below. vi. In the event that Mindoro fails to make any of the installment payments, Mindoro must return any Agata Mining Joint Venture shares previously transferred by Minimax. Minimax will retain any installment payments made to date and Mindoro will also retain any dividends already received from the Agata Mining Joint Venture.
Agata Processing Option:
i. Consideration in the amount of CDN$5.5 million will be used to offset an existing CDN$5.5 million Minimax debt due to MRL; ii. During the processing of ore originating only from the Agata Project, Minimax will receive a 0.5% Net Smelter Returns(1) (NSR) royalty during the lifetime of the processing operations, levied on 100% of production (the NSR does not apply to revenue generated from DSO operations); iii. The Agata Processing Option will be automatically exercised upon payment of the second installment pursuant to the Agata Mining Option.
(1) The term "Net Smelter Returns" is defined as the proceeds from the sale of mineral products after deducting insurance and transportation costs of the product from the processing plant to the purchaser of the processed product.
Tapian San Francisco Option
Mindoro may also purchase Minimax's 25% interest in the Tapian San Francisco Project, bringing Mindoro's total direct and indirect interest in the project to 100%, for the following consideration:
i. US$120,000 to be paid on the 15th day of the 9th month after the first shipment of DSO; ii. Consideration in the amount of CDN$678,000 will be used to offset an existing CDN$678,000 Minimax debt due to Mindoro; and iii.During the processing of ore originating from only the Tapian San Francisco Project, Minimax will receive a 0.5% gross smelter royalty from 100% of the net sales originating from only the Tapian San Francisco Project or the amount of US$100,000; whichever is higher.
The Agata Mining, Agata Processing, and Tapian San Francisco Option Agreements all contain a 60 day "Restructure Period" during which time, with the consent of both parties, the schedule of installment payments and allocation of debt may be modified if more favourable tax structures are identified.
Mindoro and Minimax will also undertake during the Restructure Period to negotiate further compensation for Minimax in the event that resources currently allocated for processing by the Agata Processing Joint Venture are instead commercialized as DSO material by the Agata Mining Joint Venture.
Agata DSO Offtake Agreements Signed
Mindoro is also pleased to announce that an offtake agreement has been signed by the Agata joint venture to sell one million metric tonnes of high-iron/low-nickel DSO material between September 2014 and September 2015. Advance payments of US$2 million have been received by the joint venture, which will be used to fund initial operating costs. The first shipment of DSO material is expected to occur before the end of the third quarter.
The Agata Project is located in Agusan del Norte province, within the Surigao mining region on the island of Mindanao, Philippines. The Surigao region is a major nickel producing region providing ore to processing plants in Australia, China, Korea and Japan. The region has hosted between thirteen and fifteen DSO operations since 2011 and exported 27 million wet metric tonnes in 2013.
Mindoro and TVIRD Joint Ventures
Mindoro and TVIRD have signed four joint venture agreements relating to the Agata and Pan de Azucar projects located in the Philippines, as previously announced on October 1, 2012. The projects present multiple growth opportunities for near and medium-term cash flow, including:
- near-term high-iron laterite DSO - medium-term lime production facility - near-term limestone DSO - medium-term nickel-processing plant
TVIRD may earn up to a 60% interest in each of the joint ventures and is operator of the projects. As at March 31, 2014, TVIRD had earned a 59% interest in the Agata Mining Joint Venture and a 45% interest the Agata Processing Joint Venture. To complete earning its interest, TVIRD must, in the case of the Agata Mining Joint Venture, achieve DSO operation within three years of entering into the joint venture agreement, and, in the case of the Agata Processing Joint Venture, complete the definitive feasibility study for a Nickel Processing Facility within four years of entering into the joint venture agreement.
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and Frankfurt Stock Exchange (WKN 906167). Mindoro has a 75% interest in the Agata Mining Joint Venture and 75% interest in the Agata Processing Joint Venture with options to acquire an additional 25% interest in both the Agata Mining and Processing Joint Ventures. Mindoro also holds 75% interest in the Pan de Azucar Sulphur-Copper-Gold Project, Iloilo. TVI Resource Development (Phils.), Inc. ("TVIRD") has the option to earn up to a 60% interest in Agata and Pan de Azucar projects by meeting the earn-in requirements outlined in the June 24, 2013, press release, which include funding the DSO operation into production and producing a bankable feasibility study for a nickel processing facility. Mindoro also holds 75% interest and an option to acquire an additional 25% in the Tapian San Francisco Copper-Gold Project, Mindanao.
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 contains forward-looking statements including management's assessments of future plans and operations, and expectations of future production, including the statements with respect to when Mindoro expects production and the direct shipping of high-iron laterite resources at the Agata project to commence. 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.
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Mar. 28, 2017 02:30 AM EDT Reads: 2,004
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Mar. 28, 2017 02:15 AM EDT Reads: 3,075
The modern software development landscape consists of best practices and tools that allow teams to deliver software in a near-continuous manner. By adopting a culture of automation, measurement and sharing, the time to ship code has been greatly reduced, allowing for shorter release cycles and quicker feedback from customers and users. Still, with all of these tools and methods, how can teams stay on top of what is taking place across their infrastructure and codebase? Hopping between services a...
Mar. 28, 2017 02:15 AM EDT Reads: 9,896
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
Mar. 28, 2017 02:15 AM EDT Reads: 3,092
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
Mar. 28, 2017 02:00 AM EDT Reads: 3,878
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Mar. 28, 2017 01:00 AM EDT Reads: 2,330
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
Mar. 28, 2017 12:45 AM EDT Reads: 963
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
Mar. 28, 2017 12:00 AM EDT Reads: 1,234
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, discussed how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a practic...
Mar. 28, 2017 12:00 AM EDT Reads: 8,357
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
Mar. 27, 2017 11:30 PM EDT Reads: 3,059
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 27, 2017 09:45 PM EDT Reads: 3,646
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, gave users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion with budd...
Mar. 27, 2017 09:45 PM EDT Reads: 3,050
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
Mar. 27, 2017 08:15 PM EDT Reads: 6,329
SYS-CON Events announced today that Ocean9will 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. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Mar. 27, 2017 07:45 PM EDT Reads: 2,200
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
Mar. 27, 2017 07:30 PM EDT Reads: 4,597