The above reports were compiled by Mindoro and most completed to 43-101 standards. The above reports were not compiled under TVI's direction; however, the work and its results are considered relevant to the current project planning process.
AGATA MINING PROJECT
The Agata mining project, located on the Island of Mindanao, includes the following opportunities:
- a near-term high Fe laterite DSO operation
- a near-term limestone DSO operation
- a medium-term lime production facility
- a medium-term nickel processing plant project
Historical estimates of mineral resources and mineral reserves at Agata are set out in the technical report entitled "Technical Report for the Agata Nickel Laterite Project, Mindanao, Philippines" dated 20 December 2011 prepared by Ausenco for Mindoro (the "Agata Report"). Key assumptions, parameters and methods used to prepare the historical estimates are set out in the Agata Report, which uses the categories required by NI 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The historical estimates in the Agata Report and referred to in this news release are believed by the Company to be relevant and reliable for the preparation and execution of development plans but the qualified person named at the end of this news release has not verified or done sufficient work to classify the historical estimates as current mineral resources or mineral reserves and is not treating the historical estimates as current mineral resources or mineral reserves. To upgrade or verify the historical estimates as current mineral resources or mineral reserves would require the completion of a new technical report.
The historical drilling by Mindoro referenced in the Agata Report was 682 drill holes for 12,252 metres in the main Agata North resource and 199 holes for 2,605 metres in Agata South resource.High Fe and Limestone DSO Operations/Lime Production Facility Both the high Fe DSO and the limestone DSO operations are near-term opportunities that have the potential to generate strong cash flows beginning in late 2013 (contingent on, among other things, receipt of permits in a timely manner). The high Fe laterite and limestone deposits occur up to one (1) kilometre from the coast, which is expected to positively impact transportation costs due to the close proximity of the mine pit to the port.