Private equity fund Asian Lion increases stake in Mindoro Resources


Asian Lion, a US$34 million private equity fund focused on investing in junior mining companies, has increased its equity stake in Asian focused mineral explorer Mindoro Resources (TSX-V:MIO).  The commodity focused fund has acquired approximately 1.923 million shares and a equal amount of warrants.  Before the acquisition, Asian Lion held 9.985 million shares in the company, or 7.52%.  Post acquisition, Asian Lion holds 7.84% of Mindoro`s paper on an undiluted basis.

The share purchase was made for consideration of $400,000, or 20.8 cents per share.

Mindoro recently completed a $4 million financing, which included approximately $2.1 million from IFC (International Finance Corporation), a member of the World Bank.

The capital raised will be directed at the company`s Agata Nickel-Cobalt project in the Philippines, where the company is seeking to develop a direct shipping ore (DSO) operation.  Agata contains a NI 43-101 compliant measured and indicated resource of 26.92 dry metric tonnes grading 1.1% nickel and 0.06% cobalt, plus an inferred resource of 3.79 million tonnes grading 1.06% nickel and 0.05% cobalt.

The company also has a number of additional projects, and a farm-in agreement in place with Gold Fields (JNB:GFI, NYSE:GFI) on three copper-gold projects, where drilling is currently underway. Gold Fields can earn up to 75% by financing exploration on the projects.

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