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Message: Mindoro Resources appoints Tosney as director

Mindoro Resources appoints Tosney as director

posted on Jan 14, 2009 07:21AM

Mindoro Resources appoints Tosney as director

2009-01-13 16:55 ET - News Release

Ms. Penny Gould reports


Mindoro Resources Ltd.'s Dr. Gerhard Kirchner has resigned from the board of directors and has been appointed to the company's advisory board, effective immediately. The company is grateful for Dr. Kirchner's dedication and his significant contributions over the 12 years that he has served as a director, including four years as chairman. Although Dr. Kirchner is retiring as a director, the company is pleased that his valuable expertise will continue to be available to the company as a member of Mindoro's advisory board.

The company has appointed John Tosney, MSc, PEng, as a director. Mr. Tosney has resigned as a member of Mindoro's advisory board, pursuant to his appointment as director. Mr. Tosney has extensive experience in the development of gold projects, being involved in feasibility studies, environmental assessments, licensing, construction, operations and decommissioning at the Star Lake, Jasper and Contact Lake mines in Saskatchewan.

Mr. Tosney's leadership skills and technical expertise have taken him from Saskatchewan Mining Development Corp. (1981) to senior management positions with Cameco Corp., president of Cigar Lake Mining Corp. and executive vice-president of COGEMA Resources Inc. (Areva Group). Mr. Tosney currently serves as a director of Golden Band Resources and as executive adviser at Areva Resources Canada Inc.

Mr. Tosney has also for many years played a leading role as an industry representative on many committees dealing with mine development issues. In 2005, he received the outstanding achievement award by the Association of Professional Engineers and Geoscientists of Saskatchewan. Mr. Tosney holds a BSc (honours) in mining engineering from Nottingham University and an MSc in management studies from Durham University.

"While Dr. Kirchner's presence as a director will be missed, we certainly understand his desire to spend more time with family and friends in his native Austria. We are, on the other hand, very pleased that he has agreed to be available to us on our advisory board, where we can continue to draw upon his encyclopedic mining knowledge," commented Rob Garden, Mindoro's chairman. "Dr. Kirchner strongly recommended John Tosney to fill the vacancy that his departure has created. I have known John for more than 20 years and worked with him extensively over that period. I know that John will be an energetic board member and an enthusiastic supporter of our many promising projects in the Philippines."

The company has granted incentive stock options to Mr. Tosney to purchase 100,000 common shares at an exercise price of 18 cents per share for a five-year term. Options will vest over one year, with one-half of the options vesting in each six-month period following the date of issue. Granting incentive stock options provides long-term incentive to the company's key personnel and further ensures that the interests of the company's personnel are aligned with the interests of the company's shareholders. The grant of options is subject to regulatory approval.

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