Name and Location
Agata iron/nickel laterite project, Agusan del Norte province, Philippines.

Client
The Agata project is a joint venture (JV) of TVI Pacific and 75% owner, Edmonton-based Mindoro Resources.

Project Description
The Agata project has a measured and indicated resource of 33.9-million tonnes grading 1.1% nickel and an inferred resource of two-million tonnes at 1.04% nickel.

The iron/nickel laterite project is being advanced in two stages under the JV.

The JV partners intend to develop a near-term high-iron laterite direct shipping ore (DSO) operation and a limestone DSO operation.

Later in the project’s life, the JV partners plan to build a lime plant and a nickel processing plant, for which pilot testing is under way.

Net Present Value/Internal Rate of Return
Not stated.

Value
The Agata project will require a capital investment of about $10.1-million.

Duration
Not stated.

Latest Developments
Mindoro Resources has completed the first shipment of high-iron/low-nickel DSO from the Agata project.

The shipment of 54 181 wet metric tonnes (wmt) of limonite ore, containing 0.70% nickel and 49% iron, left the Port of Payong-Payong, in Agusan del Norte, on October 19.

Under terms of the offtake arrangement between subsidiary Agata Mining Ventures (AMVI) and Tewoo Hoperay (Singapore), AMVI expects to receive gross revenue of $890 000 for the shipment.

Upon final exercising of a 25% option in the Agata project, Mindoro will hold a 40% direct interest in AMVI, a joint venture (JV) company in which TVI Resource Development (TVIRD) also holds a 60% interest.

Meanwhile, Agata output remains steady and the operation has a remaining inventory of about 26 669 wmt of limonite ore with nickel and iron content levels between 0.7% and 0.9%, and 48% and 49% respectively.
The operation is expected to ship about 55 000 wmt of DSO about every three to four weeks, with shipping rates expected to accelerate rapidly to 2.5-million wmt a year in 2015.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Mindoror Resources, tel +1 780 413 8187, fax +1 403 290 8197 or email ir@mindoro.com.
TVI Pacific, tel +1 403 265 4356, fax +1 403 264 7028 or email tvi-info@tvipacific.com.