EDMONTON, Alberta; December 3, 2010 - Mindoro Resources Ltd. (TSXV:
MIO; Frankfurt: WKN 906167) is pleased to advise that Gold Fields has
commenced drilling high-grade epithermal gold targets on Mindoro�s Lobo
gold-copper project, one of three projects comprising the Batangas joint ventures, Philippines. Approximately
2,200 meters of drilling is planned initially.
Two drill rigs have commenced drilling at the Old
Lobo Mine. Drilling will test depth extensions of the Old Lobo Mine, and
the immediately adjacent West Drift gold shoot on the Sampson epithermal
gold-copper trend. The Sampson Trend is one of two gold-copper epithermal
vein breccia trends at Lobo, together aggregating
from five to seven kilometers of strike length. The Lobo Mine was operated
by American interests in the 1960�s and copper and gold concentrates sent
to Japan.
In 2004, Mindoro scout drilling below the West
Drift shoot, immediately adjacent to the Lobo Mine, and intersected 18.9
meters of 7.42 grams per tonne (g/t) gold (12
meters estimated true width), including 4 meters of 29.46 g/t gold, at a
vertical depth of 120 meters in hole 38 (news release dated November 8th
2004).
In 2003-2004, Mindoro drill-defined a NI
43-101-compliant indicated resource at SW Breccia
on the adjacent and parallel Camo Trend, with an
estimated 270,000 tonnes at 6.49 g/t gold
containing 56,380 ounces (oz) gold and additional inferred resource of
61,000 tonnes at 5.35 g/t gold containing 10,540
oz gold. The mineralization is near-surface and is open at depth and to the
south-west.
The accompanying figure shows the location of the Camo and Sampson epithermal vein breccia
trends at Lobo, the location of the SW Breccia
resource, Old Lobo Mine, West Drift, as well as other significant
intersections made by Mindoro on its reconnaissance drill programs.
Gold Fields may earn up to 75 percent interest in
each of Mindoro�s El Paso, Lobo and Talahib
Projects by sole funding exploration and a feasibility study on each
project, subject to certain expenditures limits as described in Mindoro�s
May 5, 2009, press release.
Tony Climie, P.Geol,
is Mindoro�s Qualified Person as defined by National Instrument 43-101, who
is responsible for monitoring the supervision and quality control of
Mindoro's regional exploration programs and who has reviewed and verified
the technical information contained in this news release.
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO)
and the 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 controls major nickel laterite
resources in the Surigao District, Mindanao,
where the company is assessing the potential to develop a value added
direct shipping ore (DSO) operation to generate early cash flow as well as
large scale potential for an onsite processing plant.
Mindoro has NI 43-101 Mineral Resource estimates
on its Agata nickel-cobalt project totaling
Measured and Indicated 32.6 million dry metric tonnes
(DMT) at 1.04% Nickel and 0.05% Cobalt and Inferred 1.68 million DMT at
1.04% Nickel, 0.04% Cobalt. The Surigao regional
Exploration Target is 50 million to 70 million DMT at 0.9% to 1.2% Nickel
(see press releases dated January 11 and September 8, 2010). Drilling of
the Surigao nickel laterite
exploration target is in progress.
Mindoro also has NI 43-101 Mineral Resource
estimates on both its Lobo and Archangel (Kay Tanda)
gold-silver projects. Mindoro has identified 22 porphyry copper-gold
prospects and has three projects in the Batangas
area of southern Luzon which are the subject of a farm-in arrangement
whereby Gold Fields Ltd may earn 75 percent interest through direct project
expenditure.
Drilling on the American Tunnels project at Agata has confirmed potential for a near-surface,
bulk-tonnage gold target and deeper porphyry copper-gold targets and at Pan
de Azucar the company has commenced drilling of
copper-gold and massive pyritic sulphide
targets. Other gold and copper-gold targets in the Surigao region will be reviewed prior to developing
proposals for further drilling or joint venture.
For further information, contact:
Mindoro Head Office -
Canada
Mindoro Melbourn Office - Australia
Penny Gould, VP Investor
Relations Jon
Dugdale, President and CEO
Investor Relations --
Canada
Investor Relations - Europe
CHF Investor Relatons
Robert Sarcher, Director
Tel: 1.416.868.1079
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.
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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