MIO Mindoro Resources Ltd (delisted)

Mindoro Resources Ltd. (TSX VENTURE:MIO) (ASX:MDO) (FRANKFURT:WKN 906167)
("Mindoro", or "the Company") advises that its joint venture partner, TVI
Pacific Inc. (TSX:TVI) (OTCQX:TVIPF), has entered into a letter of interest (the
"Proposal"), which sets out certain terms of proposed transactions involving
Prime Asset Ventures, Inc., an arm's-length Philippines corporation ("PAVI"). 


The proposed transactions consist of a private placement to PAVI of common
shares of TVI and the acquisition by PAVI of an effective 68.42% interest in
TVI's indirect subsidiary, TVI International Marketing, Ltd., through which
TVI's Philippines assets, including an option to earn 60% interest in Mindoro's
Agata and Pan de Azucar Projects, are held. 


The Proposal includes the issuance to PAVI of TVI International Marketing shares
for USD $11.5 million. PAVI will pay another USD$10 million to purchase
previously issued TVI International Marketing shares from a second TVI
subsidiary, resulting in the effective 68.42% interest. PAVI will also directly
purchase 33,333,333 common shares of TVI at a price of USD $0.03 per share for
USD $1 million in the aggregate.  


TVI advises that the USD $11.5 million received from the issuance of TVI
International Marketing Shares to PAVI are expected to be used for working
capital and to advance various projects, including, most notably, the
development of the Agata direct shipping ore (DSO) project, under joint venture
with Mindoro, and located in Agusan del Norte, Mindanao, the Philippines.  


Under the Proposal, both TVI and PAVI have the right to conduct due diligence
inquiries in respect of each other until close of business (Manila, Philippines
time) on Thursday, November 7, 2013.  


Mindoro urges its shareholders and other interested parties to read TVI's
October 21, 2013, press release, available on TVI's website (www.tvipacific.com)
and SEDAR (www.sedar.com), which contains additional information about the
Proposal, conditions and due diligence terms. 


Mindoro welcomes the potential participation of a strong local partner in
developing the Agata DSO Project and meeting our production objectives in early
2014. 


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.
TVI Pacific Inc. 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 20.8% 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: 
Mindoro Resources Ltd. - Australia:
Clayton Northey
+61 3 9028 8187
ir@mindoro.com


Mindoro Resources Ltd. - Canada:
Penny Gould
+780.719.8895
ir@mindoro.com
www.mindoro.com


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

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