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Feb 23, 2005
Clarification of Kay Tanda Disclosure
As a result of a review by the British Columbia Securities Commission, we are issuing the following press release to clarify our previous disclosure.
Mindoro received a resource estimate prepared Dr. David Bailey, P. Geo, geological consultant of Vancouver, BC, on the Company's Kay Tanda prospect, Archangel project in the Philippines. The full report was filed on SEDAR on January 22, 2003 and the inferred resource estimate disclosed in a press release dated January 24, 2003.
A review of the Archangel report by the British Columbia Securities Commission has identified a number of deficiencies, including certain key assumptions and parameters used to estimate the resource, and the overall compliance of the estimate and the report with NI 43-101. Accordingly, the Company advises that the previous disclosure of mineral resources for Kay Tanda is not supported by an NI 43-101 compliant report and does not comply with NI 43-101. The Kay Tanda resources and the previously filed report should not be relied upon.
It is understood that the key assumptions questioned by BCSC are the cut-off grade relating primarily to the non-oxide (sulphide) mineralization, which was selected by Dr. Bailey at 0.2 grams pre tonne gold, and whether or not the continuity of mineralization has been reasonably established. Further evaluation will be carried out on Kay Tanda with the objective of establishing a reasonable cut-off grade. Mindoro intends to carry out further detailed evaluation and re-logging of drill core and RC cuttings, as well as geological mapping and structural work to elucidate the continuity of mineralization between drill holes. A major geophysical program is currently in progress, which may elucidate the matter of continuity further. If necessary, Mindoro will conduct closer-spaced, infill drilling with the objective of clarifying the question of continuity of mineralization. Further work is also in progress to better understand the distribution of oxide versus sulphide mineralization, and the mineralogical and metallurgical characteristics of each.
A major program of induced polarization and ground magnetic surveying has been in progress at Archangel since early January and will continue until mid-March, having been expanded several times. This is directed at evaluating the near-surface, epithermal gold-silver mineralization at Kay Tanda and its extensions, and the porphyry copper-gold potential of Archangel. Preliminary results will be reported in the near future.
Mindoro is a Tier One Company trading on the TSX Venture Exchange (TSXV: MIO) and the Frankfurt Stock Exchange (OLM). The Company is exploring for gold and gold-copper in the prolifically mineralized magmatic arcs of the Asia-Pacific Region. Mindoro has been active in the Philippines since 1996 and is presently focused on six promising projects in politically stable jurisdictions of the Philippines.
For further information, contact:
Penny Gould, Executive Vice President
Marshall Farris, Ascenta Capital Partners Inc.
Toll Free: 1-866-684-4209
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
You can view the Next Press Releases item: Thu Feb 24, 2005, Encouraging Anomalies Defined on Newly Discovered Prospect: Associated High Gold Values in Float Boulders
You can view the Previous Press Releases item: Thu Feb 10, 2005, Further Drill Results from Lobo Project
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