Ms. Penny Gould reports

MINDORO ANNOUNCES NEGOTIATIONS FOR BRIDGE LOAN AND CONVERTIBLE DEBENTURE FINANCING

Mindoro Resources Ltd. is negotiating with TVI Resource Development (Phils.) Inc. for a $400,000 bridge loan and a $2-million convertible debenture. Mindoro's board of directors has approved the following key terms of the bridge loan:

• An 8-per-cent per annum interest rate;
• Principal and accrued interest to be due on the earlier of Jan. 31, 2015, or upon receipt of the proceeds from a proposed $2-million convertible debenture issue to TVIRD;
• The bridge loan will be secured by the shares of stock of Mindoro's Philippine subsidiary, MRL Nickel Phils. Inc.

This bridge loan is subject to obtaining final approvals from the boards of Mindoro and TVIRD. Mindoro will issue a press release upon receiving final approvals, which are expected next week.

Mindoro has also undertaken negotiations to issue a $2-million convertible debenture to TVIRD on similar financial terms as the interim loan, except with a two-year term and a conversion feature in accordance with the rules of the TSX Venture Exchange. In the event that these negotiations are completed and all regulatory and board approvals are obtained, the final terms of the financing and expected use of proceeds will be disclosed in a press release.

Mindoro has joint venture arrangements with TVIRD on the Agata and Pan de Azucar projects in the Philippines, as detailed in Mindoro's press release of Oct. 1, 2012. TVIRD is also owned by Prime Resources Holdings Inc. (68 per cent) and TVI Pacific Inc. (31 per cent), which also own 26 per cent and 14 per cent, respectively, of Mindoro's issued and outstanding shares. As such, TVIRD is a non-arm's-length party, and any required regulatory approvals will be secured prior to finalizing the convertible debenture.

"We are pleased with the support shown by our joint venture partner as we look to fill the financial gap between the start of direct shipping ore operations at our Agata project in the Philippines and the receipt of revenue to Mindoro from those operations," stated Penny Gould, chief executive officer of Mindoro. "TVIRD has stepped up to offer financial support in the midst of very challenging market conditions for resource companies. Our objective is to finalize the bridge loan next week and the larger financing before the end of the year."

We seek Safe Harbor.