Mindoro Resources has repaid outstanding principal and interest in the amount of $399,176 due to TVI Pacific, pursuant to the Grid Promissory Note arranged in June 2013.
On April 28, 2014, Mindoro announced the Agata Mining Joint Venture with TVI Resource Development (Phils) (TVIRD), the Philippine affiliate of TVI, had received the Declaration of Mining Project Feasibility (DMPF) and clearance to develop a port facility for the proposed direct shipping ore operation of the high-iron laterite resources at the Agata project, in Agusan del Norte, Mindanao.
Receipt of the DMPF authorizes the project to proceed to development, including the extraction and sale of iron, nickel and other associated minerals in the contract area. Construction of the port facility may commence upon securing the permit to construct and the permit to operate.
Site development is expected to commence this month and shipping of the high-iron laterite would then commence through the third quarter of 2014, subject to receipt of remaining port approvals and financing.
In addition to the DSO operation, Mindoro also looks forward to progressing to the stage two atmospheric leach processing operation at Agata, where initial results from pilot testing have been most encouraging, and a bankable feasibility study is expected by year-end.
TVIRD and Mindoro have signed four joint venture agreements relating to the Agata and Pan de Azucar mining projects in the Philippines. TVIRD may earn up to a 60% interest in each of the joint ventures and is operator of the projects. The joint ventures present TVIRD and Mindoro with multiple growth opportunities for near and medium-term cash flow.