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Re: Press Release - Thursday, February 05, 2009
Drilling Commences On Mindoro'S Kay Tanda Gold Resource
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EDMONTON, Alberta; February 5, 2009 - Mindoro Resources Ltd. (TSXV:
MIO; Frankfurt: WKN 906167) is pleased to advise that the drill rig has
arrived and drilling is commencing on the Kay Tanda epithermal
gold-silver resource, Archangel Project, Philippines. The drill
program is being carried out by Avocet Mining PLC. pursuant to a
Memorandum of Agreement signed with Mindoro on September 23, 2008,
which will allow Avocet to earn up to a 75 percent interest in
Mindoro's Archangel Project.
The drilling programme will consist of up to 17
Diamond drill holes
with a total metreage of 2,240 meters. Avocet has the right to cancel
or modify holes as needed, subject to completing a minimum 1,500
metres. The drilling, part of a six month due diligence program, was
to be completed by May 28, 2009, however, due to prior delays in
mobilizing the rig, Mindoro is granting Avocet a three month extension
to the program.
The drilling program aims to upgrade the existing NI 43-101 compliant
resource estimate by finding more high-grade gold zones. Many
high-grade gold intercepts encountered in the previous drill program
were not included in the resource estimate due to lack of information
on geological controls. This drilling program will attempt to
understand the gold grade distribution and orientation of the
epithermal vein zones by drilling across (at right angles to) the
previous drilling pattern. The drill holes will also target potential
parallel veins that may have been missed by previous drilling.
ABOUT KAY TANDA
Mindoro has completed 147 reverse circulation and 26 core drill holes
at Kay Tanda. Almost all holes encountered near-surface, generally
flat-lying to gently-dipping blanket-like low-grade stockwork
mineralization. This is strongly to partially oxidized to depths of 40
to 160 meters and non-oxide below this. Drilling, especially at deeper
levels, encountered at least five steeply-dipping much higher-grade
zones with bonanza grades to 246 g/t gold and over 1,000 g/t silver
which are interpreted as structurally controlled upflow, or "feeder"
zones. These feeder zones appear to trend NW to SE, at right angles to
the dominantly NE to SW trending lower grade stockwork system.
On February 6, 2008, Mindoro released a NI 43-101 compliant mineral
resource estimate reporting a total inferred resource of 11,599,000
tonnes at 0.70 g/t gold and 3.0 g/t silver (262,000 contained ounces
gold) and a total indicated resource of 3,365,000 tonnes at 0.88 g/t
gold and 8.0 g/t silver (95,000 contained ounces gold).
Many gold mineralized intercepts, including much of the bonanza grade
material, were not included in the resource estimate due to wide drill
spacing, averaging 50 meter centers, and lack of information on
geological controls. High grade intercepts were top-cut to 9 or 10 g/t
gold. Additional drilling is required to understand these geological
controls and potentially increase both the grade and tonnes of the
gold-silver resource.
Tony Climie, P.Geol, is the Qualified Person responsible for monitoring
the supervision and quality control of Mindoro's programs and who has
reviewed and verified the technical information contained in this news
release.
ABOUT AVOCET
Avocet is a mining company listed on the AIM market of the London Stock
Exchange (Ticker: AVM). The Company's principal activities are gold
mining and exploration in Malaysia (as 100 per cent owner of the Penjom
mine, the country's largest gold producer), and Indonesia (as 80 per
cent owner of the North Lanut gold mine and Bakan project in North
Sulawesi). The Company has a number of other advanced mining and
exploration projects in South East Asia.
ABOUT MINDORO
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO)
and the Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on
copper-gold and nickel exploration in the Philippines with a strategy
of advancing early stage opportunities to production or joint venture.
Mindoro has NI 43-101 resource estimates on its Agata North
nickel-cobalt project and on both its Lobo (SWB) and Archangel (Kay
Tanda) gold-silver projects. Mindoro has identified 22 porphyry
copper-gold prospects and has a Memorandum of Understanding with Avocet
Mining and a Letter of Agreement with Gold Fields covering its Batangas
projects.
Mindoro is well positioned to capitalize on the global demand for gold
in 2009 with plans underway to drill the Kay Tanda and Lobo gold
projects, funded by Avocet and Gold Fields, and drill the American
Tunnels gold project. Additional 2009 objectives include finalizing one
to two additional joint venture arrangements on Mindoro's porphyry
copper-gold prospects at Pan de Azucar and Surigao and identifying a
suitable partner to fund development of the significant Agata North
nickel resource.
For further information, contact:
INVESTOR RELATIONS - CANADA
Mindoro Resources Ltd.
Penny Gould, President: penny@mindoro.com
Tel: 780.413.8187 or Toll Free: 1.877.413.8187
www.mindoro.com
Renmark Financial Communications Inc.
Barbara Komorowski: bkomorowski@renmarkfinancial.com
Jason Roy: jroy@renmarkfinancial.com
Tel: 514.939.3989
www.renmarkfinancial.com
INVESTOR RELATIONS - EUROPE
Robert Sarcher: robert@mindoro.com
Tel. 49 821 6089051
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
This release may contain forward-looking statements including
management's assessments of future plans and operations, and
expectations of future production. These statements are based on
current expectations that involve a number of risks and uncertainties,
which could cause actual results to differ materially from those
anticipated. These risks include, but are not limited to, the risks
associated with the mining and exploration industry (e.g. operational
risks in development, exploration and production; delays or changes in
plans with respect to exploration or development projects or capital
expenditures; the uncertainty of reserve estimates; the uncertainty of
estimates and projections relating to production and the uncertainty of
the availability of capital). The assumptions used in the preparation
of such statements, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
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Copyright (c) 2009 MINDORO RESOURCES LTD. (MIO) All rights reserved.
For more information visit our website at http://www.mindoro.com/ or
send mailto:info@mindoro.com
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