Mindoro Resources Ltd. ("Mindoro", or "the Company") today advised that joint venture partner, TVI Pacific Inc. ("TVI") and its Philippine operating affiliate, TVI Resource Development (Phils.), Inc. ("TVIRD"), announced the first nickel production from the joint venture's pilot plant at Intertek Minerals Philippines in Manila, for the Agata North project, Agusan del Norte Province, northern Mindanao.
TVI Pacific Chairman, President, & CEO, Cliff M. James, said this is another significant milestone that has allowed us to successfully validate both production and cost efficiencies of our process, adding that the technical program is on track to provide metallurgical data required to design the proposed full-scale pilot plant.
Highlights of the Pilot Plant Results
- Prior to NHP production, 8,000L of Fe and Ni rich Pregnant Leach Solution ("PLS") was purified via TVIRD's continuous counter-current ion exchange ("IX") pilot plant, successfully validating the viability of this IX purification process as well as establishing all design parameters for full-scale plant design.
- NHP impurities such as Fe, Ca and Mg are low, thereby resulting in a versatile refined intermediate nickel product that may be directly processed to nickel oxide or nickel metal with no further refining required.
- A Nickel Hydroxide Product (NHP) filter cake was produced from TVIRD's pilot plant on February 7th, 2014 with a 52% to 54% Ni grade.
- IX Ni recovery from PLS to eluate was 99.3%.
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The successful pilot testing is an important step in producing the bankable feasibility study, currently in progress. For further details, see TVI's March 17, 2014, press release, available on TVI's website (http://tvipacific.com/) and SEDAR (www.sedar.com).
Mindoro and TVIRD Joint Ventures
Mindoro has four joint venture agreements with TVI's Philippine affiliate, TVIRD, whereby TVIRD may earn up to 60% interest in the Agata and Pan de Azucar projects, located in the Philippines on the islands of Mindanao and Panay. TVIRD will act as operator of the projects. The joint ventures present Mindoro with multiple growth opportunities for near and medium-term cash flow generating potential. Opportunities at Agata include:
- near-term high iron (Fe) laterite direct shipping ore (DSO) operation
- near-term limestone DSO operation
- medium-term lime production facility
- medium-term nickel processing plant project
A National Instrument 43-101 Compliant Mineral Resource estimate released on April 10, 2013 (available on www.sedar.com and www.mindoro.com) shows the Agata DSO project to have reported Proven and Probable Reserves of 9.70 million wmt grading of 48% Fe with 0.9% Ni. The joint venture is currently seeking the final required permits to allow the DSO operation to commence. Prime Resources Holdings, Inc., a Philippines corporation and wholly-owned subsidiary of Prime Asset Ventures, Inc., holds a 68.42% direct equity interest in TVIRD. See Mindoro's October 1, 2012, and June 24, 2013, press releases for further joint venture details.
On behalf of the Board of Directors,
Tony Climie, CEO