Mindoro Files Annual Audited Financial Statements

Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167)(ASX:MDO)
("Mindoro", or "the Company") today announced the filing of the Company's annual
audited financial results for the year ended December 31, 2013. Highlights in
this news release should be read in conjunction with the Company's Annual
Audited Financial Statements and the Management Discussion and Analysis, which
are available on SEDAR at www.sedar.com. All dollar amounts are in Canadian
dollars unless otherwise stated. 


At December 31, 2013, Mindoro's cash balance was $198,000 and working capital
deficit was $1.1 million. After-tax loss of $20.0 million in 2013 represents an
increase compared to the net loss in 2012 of $8.8 million. The Company
recognized an impairment loss of $8.2 million on its investment in Red Mountain
Mining and $10 million loss on its Agata and Surigao Regional projects.
Operating expenses were lower in 2013 ($1,131,000) than in 2012 ($2,417,000) as
significant reductions were made in salaries and general and administrative
costs. 


Highlights During 2013:



--  An updated Resource Estimate filed for Agata North. 
    
--  Agata Nickel Project pilot plant was commissioned and pilot plant
    testing commenced. 
    
--  Agata high-iron laterite DSO Feasibility Study was released,
    demonstrating robust economics. 
    
--  Renegotiated an option to acquire additional 25% interest in the Agata
    projects from Minimax Mineral Exploration ("Minimax"). 
    
--  Negotiated the return of Tapian San Francisco tenements from Red
    Mountain Mining in exchange for return of four million Red Mountain
    shares. 
    
--  Raised $175,000 through private placement loans. 
    
--  Prime Resources Holding, Inc., ("PRHI") acquired 68.4% interest in
    Mindoro's joint venture partner, TVI Resource Development (Phils.), Inc.



Highlights Subsequent to 2013:



--  First nickel production from the Agata joint venture's pilot plant in
    Manila, Philippines. 
    
--  PRHI acquired 25% of Mindoro's common shares through secondary trades in
    the market. 
    
--  Mindoro sold 51.8 million Red Mountain shares for net proceeds of
    $879,000. 



Milestones Targeted for 2014:



--  Establish direct shipping ore ("DSO") production at Agata. 
    
--  Advance Agata preferred processing technology to pilot testing and
    complete a definitive feasibility study. 
    
--  Evaluate merits of using pyrite from the Pan de Azucar Project for
    sulphuric acid production at the planned Agata nickel laterite
    processing operation. 
    
--  Finalize the option agreement with Minimax to acquire its 25% interest
    in the Agata project. 



Commenting on the year end results, Mindoro's CEO Tony Climie said, "2013 was a
challenging year as we sought to rebuild value in the Company. Although delays
with the Agata DSO operation hindered our efforts, we are optimistic that 2014
will be a pivotal year for us. We are particularly pleased to welcome PRHI as a
strong local partner and a strong shareholder in our company. We believe PRHI's
investment sends a significant message of support for the Agata Project as well
as the underlying value of our Company." 


On behalf of the Board of Directors,

Tony Climie, CEO 

About Mindoro 

Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO), Australian
Securities Exchange (MDO) and Frankfurt Stock Exchange (WKN 906167). Mindoro has
a 75% interest and an option to acquire the remaining 25% in the Agata Nickel
Project, Mindanao, and the Pan de Azucar Sulphur-Copper-Gold Project, Iloilo.
TVIRD has the option to earn up to a 60% interest in these projects by meeting
the earn-in requirements outlined in the June 24, 2013, release. Mindoro also
holds a 6.4% stake in ASX listed Red Mountain Mining (ASX:RMX), which has a 100%
direct and indirect interest in the Batangas gold and copper-gold projects. 


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 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 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
For investor relations inquiries, please email
ir@mindoro.com, or telephone one of the following:
Australia:
Clayton Northey
+61 3 9028 8187


Canada:
Penny Gould
+780 719 8895


CHF Investor Relations
Jeanny So
+1 416 868 1079 ext. 225


Website:
www.mindoro.com
Mindoro Resources Ltd. (TSXV:MIO)
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