Mindoro Resources Ltd

completed

Mindoro Resources Ltd. (“Mindoro” or the “Company”), through 100% owned subsidiary MRL Gold Phils. Inc (MRL Gold) owns 75% of the Agata nickel project. The project description remains largely as stated in the original ESRS with the following exceptions; staffing levels in the Philippines were reduced due to the 2009 downturn to about 30 currently (but expected to ramp up again). The proposed IFC investment in Mindoro is solely for funding ongoing resource drilling, feasibility and other studies, and exploration work with a limited footprint. The proposed IFC investment is approximately $2.1 million. IFC recognizes that the exploration project has the long-term potential to develop into a world class nickel resource and large-scale mine. The intent of a DSO operation would be as a first phase to generate cash flow for the Company as a step towards a potential larger scale development. For each phase of development IFC will require appropriate documentation meeting the IFC Performance Standards. Thus, an ESIA will be required for any DSO operation and a further ESIA for any larger scale development. The documentation at each stage will be subject to a full Free Prior Informed Consultative process. Any future IFC investments will be categorized according to impacts generated by that project.