Updated Resource estimate released for Agata North Nickel Laterite Project



    EDMONTON, Aug. 12 /CNW Telbec/ - Mindoro Resources Ltd. (TSXV: MIO;
Frankfurt: WKN 906167) is pleased to report results of an updated National
Instrument 43-101 compliant mineral resource estimate for its Agata Nickel
Laterite Project, Philippines.
    The estimate for combined Measured and Indicated Resources is
4.95 million wet metric tonnes (WMT) grading 1.18 percent nickel,
0.074 percent cobalt and 28 percent iron, at a cut-off grade of 0.80 percent
nickel. Contained nickel is approximately 92.4 million pounds. In addition,
the Inferred Resource estimate is 4.37 million WMT grading 1.26 percent
nickel, 0.047 percent cobalt and 20 percent iron, also at a cut-off grade of
0.80 percent nickel. Contained nickel is approximately 92.5 million pounds.
The estimate covers approximately 25 percent of the Agata North nickel
laterite prospect. Step-out drilling is in progress at 100 x 100 meter centers
using six drill rigs. Updated resource figures will be released as they come
to hand.
    Tony Climie, CEO of Mindoro, commented, "This updated resource estimate
represents an increase of 36 per cent over the estimate released on April 30
of this year. Results are continuing to reinforce our expectations of defining
a significant nickel laterite resource on our Surigao Projects, potentially
justifying establishing a local processing plant to maximize economic returns
to all stakeholders. Processing technologies which may be especially suited to
our laterites include atmospheric (tank) leaching, or ferronickel smelting
which could potentially utilize power from a "mini-hydro plant" constructed on
an adjacent large river".

    Mineral Resource Estimate

    The Mineral Resource model was generated by Dallas Cox, BE (Min), an
independent qualified person as defined by NI 43-101. A total of 228 drill
holes, comprising 4,507 meters of diamond drill core and 4,480 assay samples,
have been used for the estimate. An Inverse Distance Squared grade estimation
method was utilized within tightly constrained lithological and grade domains.
Mr. Cox has indicated that the density of drilling and continuity of
mineralization is sufficient to classify the estimated resource and has
verified and authorized the technical information detailed in this release.
The accompanying maps show the area of the current resource in relation to the
Agata North Project and the location of the holes drilled to date. Both dry
metric tonnes (DMT) and wet metric tonnes (WMT) are quoted. The NI 43-101
compliant Technical Report will be filled on SEDAR within 45 days.

    
    Summary of the Mineral Resource Estimate:

    Resource @ 0.8 % Ni cutoff grade
    -------------------------------------------------------------------------
                                Mil.      Mil.       Ni%       Co%       Fe%
    Category    Laterite        WMT       DMT
                Horizon
    -------------------------------------------------------------------------
    Measured    Limonite        0.85      0.55      1.07     0.117        44
                -------------------------------------------------------------
                Saprolite       0.58      0.47      1.30     0.031        13
    -------------------------------------------------------------------------
    Indicated   Limonite        1.88      1.22      1.06     0.117        44
                -------------------------------------------------------------
                Saprolite       1.63      1.31      1.30     0.031        13
    -------------------------------------------------------------------------
    Combined    Limonite        2.73      1.78      1.06     0.117        44
     Measured   -------------------------------------------------------------
     + Indica-  Saprolite       2.22      1.77      1.30     0.031        13
     ted        -------------------------------------------------------------
                Sub-Total       4.95      3.55      1.18     0.074        28
    -------------------------------------------------------------------------
    Inferred    Limonite        1.14      0.74      1.04     0.105        43
                -------------------------------------------------------------
                Saprolite       3.23      2.58      1.32     0.030        13
                -------------------------------------------------------------
                Sub-Total       4.37      3.33      1.26     0.047        20
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                     Contained Ni
                Laterite      --------------------------
    Category    Horizon       tonnes              pounds
    -------------------------------------------------------------------------
    Measured    Limonite       5,914          13,037,809
                -------------------------------------------------------------
                Saprolite      6,037          13,309,802
    -------------------------------------------------------------------------
    Indicated   Limonite      12,976          28,606,163
                -------------------------------------------------------------
                Saprolite     16,975          37,423,819
    -------------------------------------------------------------------------
    Combined    Limonite      18,889          41,643,972
     Measured   -------------------------------------------------------------
     + Indica-  Saprolite     23,012          50,733,621
     ted        -------------------------------------------------------------
                Sub-Total     41,902          92,377,593
    -------------------------------------------------------------------------
    Inferred    Limonite       7,741          17,065,435
                -------------------------------------------------------------
                Saprolite     34,211          75,421,718
                -------------------------------------------------------------
                Sub-Total     41,952          92,487,153
    -------------------------------------------------------------------------

    - Total metal contents in the reported resources represent metal in the
      ground and have not been adjusted for metallurgical recoveries and
      other factors which will be considered in later study.

    - Mineral resources which are not mineral reserves do not have
      demonstrated economic viability.

    - The tonnage and nickel grades above have been rounded to the nearest
      2nd decimal, and iron grades to the nearest whole number, which may
      have resulted in minor discrepancies.

    - The estimate of mineral resources may be materially affected by
      environmental, permitting, legal, title, taxation, socio-political,
      marketing, or other relevant issues.

    - It is uncertain if further exploration will result in upgrading the
      Inferred mineral resource to an Indicated or Measured mineral resource
      or the Indicated mineral resource to a Measured Resource category.
    

    Mr. Dallas Cox has 26 years of experience in open pit mine technical
services, mine operations and management in Australia, China, Indonesia and
the Philippines. His engineering, mine design and development experience in
the Philippines includes the Rusina Mining Limited Acoje nickel project, the
Platinum Group Metals Corporation Caga4 nickel project, the Red5 Limited Siana
gold project, the Metals Exploration Limited Runruno gold-molybdenum project,
the Filminera Resources Masbate gold project and the Mindoro Resources Limited
Kay Tanda gold project.

    ABOUT THE AGATA NICKEL LATERITE PROJECT

    Location in the Prolific Surigao Copper-Gold and Nickel District

    The Agata Nickel Laterite Project is situated on the Agata Project,
Surigao Gold District, northern Mindanao, the Philippines. The Surigao Gold
District is not only a current and historical gold producing district but,
with the discovery of a cluster of porphyry copper gold deposits by Anglo
American, it also has high potential to become a major copper-gold camp.
Mindoro has multiple gold and copper-gold targets in the Surigao District at
varying stages of drill evaluation.  The Surigao Region is now emerging as a
major nickel laterite district. There are currently several deposits either in
production, providing Direct Shipping Ore (DSO) to markets and processing
plants in China, Japan, Korea and Australia. Sumitomo and Philippine partner
Taganito have recently announced plans to construct a processing plant in the
Surigao District.

    Agata North Mineral Resource Estimate and Exploration Target

    On April 30, 2008, Mindoro announced an early-stage 43-101 compliant
mineral resource estimate for the Agata Nickel Laterite Project. The estimate
is herein updated as above. The latest resource estimate covers about 25% of
the Agata North laterite as mapped to date. Based on the more complete drill
data now at hand, the Exploration Target is revised to 30 to 40 million WMT
(down from 40 to 60 million WMT) at a grade of 0.9% to 1.5% nickel and 18% to
28% iron. This does not include other areas of laterite mineralization on the
Agata Project, nor other Mindoro Projects in the Surigao District.
    The potential quantity and grade of the exploration target described
above is conceptual in nature. There has been insufficient exploration to
define mineral resources other than those disclosed in this release, and it is
uncertain if further exploration will result in the targets delineating
additional mineral resources or that these 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.

    Enhanced Value, On-Site Processing Alternatives

    While sulphide nickel deposits have dominated historical nickel
production, the future belongs to nickel laterite deposits. Once regarded as
too difficult metallurgically, break-throughs and technological refinements,
still in their relative infancy, are leading rapidly to a new generation of
much larger nickel production centers from laterite deposits. The Agata
Project with its excellent infrastructure, proximity to tide water and the
markets that really count, is attractively placed for potential development.
    While much of the Surigao District nickel laterite production has been as
DSO to processing plants in Japan, Australia and China, several attractive
alternatives are emerging for local processing, which include; constructing an
on-site blast or electric arc furnace for nickel pig iron production (a low
grade ferronickel product); ferronickel smelting (a ferronickel smelter
recently commenced operation not far away in NW Mindanao); heap-leaching, for
which pilot testing on another Philippine laterite deposit has produced
promising results; atmospheric (tank) leaching; and an improved generation of
High Pressure Acid Leach (HPAL) plants. HPAL technology is currently being
used with great success by Sumitomo on its Philippine Coral Bay operation, and
shows considerable promise for the local processing of Surigao ores. In fact,
Sumitomo recently announced plans to proceed with permitting to construct an
HPAL plant in the Surigao District.
    As noted in a February 7, 2008, news release, there is abundant evidence
of the beginning of a trend for local/on-site processing of Philippine
laterite ores and the growth of a large high-value industry in the
Philippines. Mindoro expects that the prolifically nickel laterite-mineralized
Surigao District will be an important part of this evolution.
    While options are being kept open for DSO production in the short term,
on-site processing offers much more exciting and high value opportunities.
Construction of a local processing plant, rather than simply shipping out raw
product, would greatly increase the returns to all stakeholders; including
Mindoro's shareholders, its Philippine partner, the local people, local
government units, and to the Philippines itself.
    Programs are carried out under the supervision of Tony Climie, P.Geol.,
CEO and COO of Mindoro, who is a qualified person as defined by National
Instrument 43-101. Previous sample preparation and assaying were performed by
McPhar Laboratory of Manila, an ISO 9001/2000 accredited laboratory. Ni, Co,
Fe, MgO and Al(2)O(3) assays are performed by AAS after an HCl-HNO(3)-HClO4
digest, and SiO(2) by gravimetric method. More recent results were from
Intertek Testing Services Phils, XRF analysis are performed to determine total
element concentrations (13 elements). Normal Quality Control and Quality
Assurance procedures are being carried out, using a system of duplicate
samples. MRL has conducted assays verification by using standard samples and
re-assaying of field, coarse and pulp duplicates.

    ABOUT MINDORO

    Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and
the Frankfurt Stock Exchange (WKN 906167). In addition to advancing the Agata
Nickel Laterite Project, Mindoro has announced an initial 43-101 compliant
gold-silver mineral resource estimate on its Kay Tanda gold-silver project,
and is proceeding to advance this project. The company has also identified
22 porphyry copper-gold prospects in the Philippines and is currently involved
in several advanced joint venture discussions.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

    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 of
estimates and projections relating to production). 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.




For further information:

For further information: INVESTOR RELATIONS - CANADA: Mindoro Resources
Ltd.: Penny Gould, President, penny@mindoro.com, (780) 413 8187,
1-877-413-8187, www.mindoro.com; Renmark Financial Communications Inc.:
Barbara Komorowski, bkomorowski@renmarkfinancial.com; Jason Roy,
jroy@renmarkfinancial.com, (514) 939-3989, Fax: (514) 939-3717,
www.renmarkfinancial.com; INVESTOR RELATIONS - EUROPE: ARGENTUMINVEST GmbH:
Richard H. Mayr, info@argentuminvest.com, +49.9421.568899-0, Fax:
+49.9421.568899-4

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