The Bolobolo prospect is approximately 40 km from Butuan City. It lies south of the Tapian Main prospect. The prospect is under an Exploration Permit application filed on October 31, 2006.

Porphyry deposits in the Surigao District are controlled by the intersection of northeast to southwest-trending faults with north-northwest trending splays of the major Philippine Fault system. Due diligence work by Mindoro defined, amongst many other structural targets, one such structural intersection set in the Bolobolo area. A small ground reconnaissance program was carried out in 2005 to determine its potential significance.

Altered and mineralized float boulders and outcrops were located over a wide area at Bolobolo. Widespread propylitic alteration, potentially the outer halo of a porphyry system, was defined in volcanics. Within this propylitic halo, outcrops and boulders of intense argillic, phyllic and calc-silicate alteration were located. Phyllic alteration (quartz-sericite-pyrite), which is characteristically proximal to the main mineralized core of porphyry systems, is intense, structurally controlled, and can be traced over three km and observed up to 200 m wide.

A float boulder of calc-silicate located in a stream contains abundant disseminations of chalcopyrite and bornite, as well as high-density quartz-bornite-magnetite veinlets. A representative grab sample assayed 1.34 % copper, 17.1 g/t silver. A float boulder of similar alteration and mineralization found in a stream, approximately 1.6 km to the south, assayed 0.96 % copper and 4.9 g/t silver.

In a third stream, approximately 3 km to the northeast, a boulder of silicified limestone assaying 1.92 % copper (grab sample) was also found. Calc-silicate mineralization characteristically occurs in limestone near Philippine porphyry copper-gold deposits.

Follow-up work is planned as priorities allow.

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November 08, 2005

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