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A
Successful Explorer with License to Operate in the Philippines
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MINDORO
DRILLS FURTHER STRONG NICKEL INTERSECTIONS FROM BOLOBOLO
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- Further thick,
high-grade intersections from Bolobolo
including 15.8m at 1.27% nickel
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EDMONTON, ALBERTA, January 24,
2011 - Mindoro Resources Ltd. (TSXV: MIO; ASX: MDO; Frankfurt: WKN
906167) is pleased to announce further strong drill results of
potential economic interest from the Bolobolo
nickel target located in the Surigao nickel
district of NE Mindanao, the Philippines. Significant intercepts
include 15.8 meters (m) of 1.27% nickel, 13m of 1.26% nickel and
10.2m of 1.12% nickel.
�We are very pleased with the Bolobolo results in terms of thickness, grade and
close proximity to the coast for potential shipping,� said Mindoro�s
President and Chief Executive Officer Jon Dugdale.
A total of 318 holes for 3,600m
have been completed from the 7,000m to 10,000m program which is
systematically testing the company�s regional nickel targets with the
objective of converting the exploration targets to resources. The
regional nickel targets are located to the north of Mindoro�s Agata nickel-cobalt project, where the company
already has a NI 43-101 compliant mineral resource estimate with
Measured and Indicated resources of 32.6 million dry metric tonnes (DMT) at 1.04% Nickel and 0.05% Cobalt,
and Inferred resources of 1.68 million DMT at 1.04% Nickel, 0.04%
Cobalt.
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Highlights from the most
recent twenty drill holes at Bolobolo are
summarized below:
The weighted average thickness
and grades for these twenty new holes are:
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Detailed mapping has indicated
the dimensions of the Bolobolo nickel laterite mineralization are approximately 1.2 km
by 1 km. Due to the promising results, drilling has been closed in to
50m centers to enable a resource estimate to be made.
Results for an additional
thirteen holes have also been received from the Karihatag
target, immediately to the east of Bolobolo.
The target area is approximately 900 meters by 500 meters and
drilling is proceeding on 50 meter centers. The weighted average
thickness and grades of the latest holes is 3.2m at 0.8%
nickel.
A table of results from the most
recent 33 drill holes, comprising 472 meters, from Bolobolo and Karihatag
is available with this release on Mindoro�s website.
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On behalf of the board of
directors,
Jon Dugdale,
President and CEO
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For further information about
Mindoro, please contact:
Australia: Jon Dugdale,
President and CEO, Tel +61 3 9615 5055
Email: jon@mindoro.com
Nathan Ryan, NWR Communications, Tel: +0420 582 8877
Email: nathan@mindoro.com
Canada: Penny Gould,
VP Investor Relations, Tel +780 413 8187 or 1 877 413 8187
Email: penny@mindoro.com
Germany: Robert Sarcher, Aprendo
Capital, Tel: +49 821 6089051
Email: robert@mindoro.com
Website: www.mindoro.com
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ABOUT MINDORO
Mindoro is a Tier 1 Issuer
trading on the TSX Venture Exchange (MIO), Australian Securities
Exchange (MDO) and Frankfurt Stock Exchange (WKN 906167). Mindoro is
focused on nickel, copper and gold exploration in the Philippines
with a strategy of advancing early-stage opportunities to production
or joint venture.
Mindoro has NI 43-101 Mineral
Resource estimates on its Agata
nickel-cobalt project
and NI 43-101 Mineral Resource estimates on its Lobo and Archangel
(Kay Tanda) gold-silver projects, as well
as an additional 22 porphyry copper-gold prospects. Senior gold
producer, Gold Fields, may earn 75% interest in three of Mindoro�s
projects at Batangas through direct project
expenditure.
Mindoro is assessing the
potential to develop a value-added direct shipping ore (DSO) nickel
operation to generate early cash flow as well as large scale
potential for an onsite processing plant in the Surigao
District, Mindanao, where the company controls major nickel laterite resources and is drill testing regional
targets. An integrated preliminary economic assessment on the Agata nickel laterite
project is expected to be completed in the first quarter of 2011,
leading to commencement of a prefeasibility study into an integrated
on site nickel processing project.
Three drill programs are
currently in-progress on the Company�s projects including regional
nickel drilling at Surigao; copper-gold
drilling at Pan de Azucar and gold and
copper-gold drilling by Gold Fields at Lobo (Batangas).
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Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
The Company�s DSO and large
scale production objectives are intended to provide an indication of
management�s current expectations and are still conceptual in nature.
It is uncertain that sufficient resources will be established and if
established that these resources will be converted into economically viable
mining reserves. Until a feasibility study has been completed, there
is no certainty that these objectives will be met.The
potential quantity and grade of the Exploration Target is also
conceptual in nature; it is uncertain if further exploration will
result in the Exploration Target being delineated as a mineral
resource and there is no guarantee that these resources, if
delineated, will be economic or sufficient to support a commercial
mining operation.
Tony Climie,
P.Geol, is Mindoro�s Qualified Person as
defined by National Instrument 43-101 and is a competent person as
defined by the JORC Code, who is responsible for monitoring the
supervision and quality control of Mindoro's exploration programs and
who has reviewed and verified the technical information contained in
this news release. Mr. Climie is an
executive and a director of Mindoro and is a member of the of the
Alberta Professional Engineers, Geologists and Geophysicists
Association. Mr. Climie has more than five
years of experience which is relevant to the style of mineralization
and type of deposit under consideration and to the activity which he
has undertaken. Mr. Climie has
consented to the release of the technical information in the form and
context in which it appears.
The Company�s resource estimates
were originally prepared in accordance with Canadian National
Instrument 43-101 Standards of Disclosure for Mineral Projects of the
Canadian Securities Administrators (�NI 43-101�) and the Canadian
Institute of Mining, Metallurgy and Petroleum classification
system. NI 43-101 is a rule developed by the Canadian
Securities Administrators that governs how Canadian issuers disclose
scientific and technical information about mineral projects and which
is broadly equivalent to the JORC Code in Australia. All
resource information is also expressed in terms of the JORC Code.
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 with respect to
results of exploration, 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. The Company does not undertake to update
forward looking statements except where required to do so by law.
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