Last C$0.03 CAD
Change Today -0.005 / -16.67%
Volume 530.0K
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As of 4:11 PM 04/15/14 All times are local (Market data is delayed by at least 15 minutes).

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03/12/14 - C$0.04
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mindoro resources ltd (MIO) Details

Mindoro Resource Ltd. engages in the acquisition, exploration, and development of mineral properties in the Philippines. The company primarily explores for nickel, copper, and gold. It holds 75% interest in the Agata nickel-cobalt project located in the Surigao district, Mindanao; and 100% interest in the Batangas properties covering a complex of porphyry related gold and copper-gold prospects at Kay Tanda (Archangel) and Lobo. The company also has 75% interest in the Pan de Azucar project located near Panay Island, as well as 10 porphyry copper-gold prospects at varying stages of advancement. Mindoro Resource Ltd. is headquartered in Calgary, Canada.

18 Employees
Last Reported Date: 03/31/14

mindoro resources ltd (MIO) Top Compensated Officers

Chief Executive Officer, President, Director,...
Total Annual Compensation: C$215.0K
Chief Financial Officer
Total Annual Compensation: C$82.7K
Compensation as of Fiscal Year 2012.

mindoro resources ltd (MIO) Key Developments

Mindoro Resources Ltd. Reports Audited Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Reports Impairment Charge for the Fourth Quarter of 2013

Mindoro Resources Ltd. reported audited earnings results for the fourth quarter and year ended December 31, 2013. For the period, the company reported after-tax loss of CAD 20.0 million in 2013 represents an increase compared to the net loss in 2012 of CAD 8.8 million. Loss for the period was CAD 19,971,000 compared to CAD 8,805,000 a year ago. Loss per share was CAD 0.067 compared to CAD 0.035 a year ago. The company spent CAD 868,000 in operating activities compared to CAD 3,594,000 in 2012. The company spent CAD 178,000 on exploration expenditures net of cost recoveries, compared to exploration expenditures of CAD 1,515,000 in 2012 For the quarter, the company reported loss before income tax of CAD 10,591,000 compared to income before income taxes of CAD 674,000 a year ago. Loss for the period was CAD 10,596,000 compared to income for the period of CAD 583,000 a year ago. Loss per share was CAD 0.036 compared to income per share of CAD 0.002 a year ago. The company received CAD 17,000 from operating activities through the collection of receivables, compared to spending CAD 1,453,000 in the fourth quarter of 2012. The company reported impairment charge for the fourth quarter of 2013. For the quarter, the company reported Impairment of exploration and evaluation assets was CAD 9,979,000 compared to CAD 322,000 a year ago.

Mindoro Resources Ltd. Auditor Raises 'Going Concern' Doubt

Mindoro Resources Ltd. filed its Annual on Mar 31, 2014 for the period ending Dec 31, 2013. In this report its auditor, PricewaterhouseCoopers LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

Mindoro Arranges Bridging Loan

Mindoro Resources Ltd. announced that it has entered into agreements with certain individuals to borrow an aggregate of up to $175,000. The loans bear interest of 15% per annum, payable quarterly, and the aggregate principal amount of the loans will be payable two years from the date of the advance. The loans may be prepaid, at any time without premium or penalty, with the consent of both the company and the lenders. The company intends to repay the principal amount of the loans and the interest from funds that become available from operations or any subsequent debt or equity financings. The proceeds of the loans will be used for general working capital.


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