At a 0.5 g/t gold cut-off, the immediate Exploration Target is from 15 to 20 million tonnes of open-pitable material at a grade of 1.1 to 1.4 g/t gold and 3.0 to 3.4 g/t silver, containing from 530,000 to 900,000 ounces of gold and from 1.45 to 2.2 million ounces of silver.

*The reader is cautioned that the potential quantity and grade of the Exploration Target described is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource. Until a feasibility study has been completed there is no certainty that the Company's projections will be economically viable.

Kay Tanda: NI 43-101 Mineral Resource Estimate

In February of 2008, Mindoro reported results for a National Instrument 43-101 compliant mineral resource estimate for that part of its Kay Tanda epithermal gold-silver prospect drilled to date. The Mineral Resource Report was completed jointlyby Dean Fredericksen, Principal Consultant, of Ravensgate Mineral Industry Consultants of Australia, who carried out the Mineral Resource estimate, and Dr. Bruce Rohrlach, geological consultant, also of Australia, who completed the geological and quality control / quality assurance components of the report.

The Mineral Resource estimate has been estimated by Ordinary Kriging inside as series of primary mineralization domains interpreted at >0.15 and >0.25 g/t gold for Pulang Lupa and Kay Tanda respectively. A later mineralization event is evident in the drilling results and is characterized by a strong gold-base metal signature with locally "bonanza" relatively high gold grades. This mineralization has not been included in the Mineral
Resource estimate at this stage, given that the geological controls on distribution and continuity of the mineralization are not yet certain. The Mineral Resources have been reported above a cutoff of 0.4 g/t gold for oxide and transitional material and above a cut-off of 0.6 g/t gold for fresh material. "Top cuts" were applied for Pulang Lupa at 9 g/t gold and for Kay Tanda at 10 g/t gold, and these result in a significant reduction in the mean grade of the composites of approximately 15% and 17% in the Pulang Lupa and Kay Tanda domains respectively.

WIREFRAME MODEL OF KAY TANDA MINERALIZATION


To date, from 40 to 67 percent of the previously defined Exploration Target, at a cut-off of 0.5 grams per tonne (g/t) gold, has been converted to resources. Summary results are:

Resource at 0.4 g/t Au cutoff for oxide and transitional material and 0.6 g/t Au for fresh material:

Category	Deposit	Contained Au ounces	Tonnes	Au (g/t)	Ag (g/t)
Indicated	Pulang Lupa	95,000	3,365,000	0.88	8.00
Total Indicated		95,000	3,365,000	0.88	8.00
Inferred	Pulang Lupa	24,000	1,007,000	0.73	15.10
nbsp;	Kay Tanda	238,000	10,592,000	0.70	1.90
Total Inferred		262,000	11,599,000	0.70	3.00

• Mineral resources which are not mineral reserves do not have demonstrated economic viability.
• The tonnage and contained ounces figures above have been rounded to the nearest thousand and gold grades to the nearest 2nd decimal, which may have resulted in minor discrepancies.
• The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

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. Additional drilling is required to understand these geological controls and further upgrade the resource estimate. Mindoro has received an expression of interest from a company with considerable gold mining expertise in the region, to advance and potentially codevelop Kay Tanda, and negotiations were at an advanced stage at the time of writing.

The figure entitled "Wireframe Model of Kay Tanda Mineralization" above, shows graphically the mineralization included in the resource estimate, and mineralized intercepts not included in the resource estimate due to uncertainties on continuity due to wide drill spacing or lack of geological domain information. With more drilling andgeological work, there is considerable potential to expand the resource. Mindoro considers that the original Exploration Target remains valid.

While we would like to have achieved our defined Exploration Target ounces at this early stage of evaluation, we are confident that with additional drilling and geological work we will significantly increase the resource at Kay Tanda. In particular, as we gain a better understanding of the high grade zones and bring these into the resource, we have the potential to significantly increase grade. We agree with our consultants that there is excellent potential to unlock at Kay Tanda and on our adjacent ground, both for epithermal gold-silver and porphyry copper-gold deposits.

Dr. Rohrlach concluded:

The Kay Tanda and Pulang Lupa prospects are interpreted to form part of a substantially larger mineralizing system which to date remains to be fully explored. Mindoro's Resource delineation drilling at Kay Tanda and Pulang Lupa has focused within a relatively small area that is contained within the shallow portions of the southwest quadrant of an otherwise extensive IP chargeability anomaly at Kay Tanda-Pulang Lupa that is approximately 1.6 kilometers wide. This is one of four recognised mineralization centres along the Archangel corridor, and there are several potential avenues for adding substantial ounces of gold-silver to the preliminary resource base at Kay Tanda-Pulang Lupa.

The present indicated component of the resource is contained entirely within the Pulang Lupa prospect. Additional tonnages of material that are presently classified as an inferred resource at Pulang Lupa as well as the significantly larger Kay Tanda inferred resource could be largely converted to the indicated resource category with relatively modest amounts of additional drilling that would better define grade continuity.

The majority of the high-grade and locally bonanza grade intersections at depth, which relate to the younger base-metal-rich mineralizing event, are not accounted for in the present resource calculation due to insufficient understanding of their orientation, thus preventing reliable estimation domains to be defined. These deeper, high-grade and locally bonanza-grade quartz carbonate-base metal vein arrays are an important exploration target in the deeper parts of the Kay Tanda system that have potential to markedly improve any economic outlook of Kay Tanda.

There is geological reason to believe that the deeper base-metal vein systems trend NNW, near orthogonal to the older and shallower Au-Ag quartz stockworks which have a prominent northeast control. Using carefully targeted diamond drillholes oriented orthogonal to the current drilling, Mindoro is well placed to rapidly test the orientation of these bonanza veins. Once their orientation is confirmed, Mindoro would then be able to more rapidly delineate the zones of bonanza grade and trace them along strike, thus incorporating them into the resource estimate at Kay Tanda and Pulang Lupa. This would have potential to substantially improve the result of any future economic analysis.

Extensive areas of excellent potential for both porphyry Cu-Au mineralization and additional epithermal mineralization occur within the broader Archangel property and particularly in and around the Kay Tanda mineralizing centre.

There is good potential for delineation of contiguous extensions of the shallow Kay Tanda quartz-Au-Ag stockwork mineralization to the ENE of Kay Tanda along the zone of argillic alteration (defined by Pima surveys and which coincides with Au anomalism in soils) that trend toward the Marita prospect. This zone passes through the prospective north and south Lumbangan areas where IP anomalies are strong and where Pima data indicates the presence of Fe-oxides at surface and high-temperature illite alteration.

The area contiguous with and directly North and NNE of Kay Tanda has potential for underlying porphyry mineralization. The presence of intense chloritesericite (SCC) alteration and anhydrite veining at depth in diamond holes that lie near the northeast margin of the Kay Tanda prospect, and the location of the center of the 1.6-km-wide IP chargeability anomaly that lies near the northeast margin of the Kay Tanda drill grid suggest that a porphyry target may lie at depth proximal to the northeast margin of the Kay Tanda deposit.


• Kay Tanda: Geology and Mineralization
• Kay Tanda: Exploration Target
• Kay Tanda: Metallurgy