Prime Resources Holdings, Inc. acquires stake in Mindoro Resources Ltd.

Jan 16, 2014, 03:00 ET from Prime Resources Holdings, Inc.

MANILA, Jan. 16, 2014 /CNW/ - Prime Resources Holdings, Inc. ("PRHI") is pleased to announce that on January 15, 2014, it acquired 39,649,616 CHESS Depository Interests ("CDIs") of Mindoro Resources Ltd. ("Mindoro"). Each CDI represents an uncertificated unit of beneficial ownership in the common shares to Mindoro, with one CDI representing one underlying common shares in the capital of Mindoro. Mindoro is an Edmonton, Alberta based company which is engaged in the exploration and development of mineral properties in the Philippines.

PRHI has acquired ownership and control of 39,649,616 CDIs representing approximately 13.33% of the presently issued and outstanding common shares of Mindoro. Following completion of this acquisition, PRHI owns and controls 39,649,616 CDIs, or approximately 13.33% of the presently issued and outstanding common shares of Mindoro.

The securities were acquired in a single trade through the facilities of the Australian Stock Exchange at a price of $0.0209 per CDI (A$0.02142 converted into Canadian dollars using an exchange rate of $1.00 = A$1.0248, being the closing exchange rate reported by the Bank of Canada on January 15, 2014). PRHI has acquired the CDIs for investment purposes, and may acquire further CDIs or common shares of Mindoro, or dispose of its holdings of CDIs, both as investment conditions warrant. Mindoro is listed on the TSX Venture Exchange under the trading symbol "MIO" and on the Frankfurt Stock Exchange under the symbol "OLM". Mindoro's CDIs are also listed on the Australian Securities Exchange under the symbol "MDO".

PRHI is located at 3L Starmall Las Pinas, CV Starr Avenue Philamlife Village, Pamplona Las Pinas City, Philippines.

This press release has been issued by PRHI in order to comply with applicable Canadian securities legislation.

SOURCE Prime Resources Holdings, Inc.