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Feb 24, 2005
Encouraging Anomalies Defined on Newly Discovered Prospect: Associated High Gold Values in Float Boulders
Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: OLM) today announced that the recently completed geophysical surveys over the Lobo Project in the Philippines have defined coincident magnetic, resistivity and chargeability anomalies on a newly discovered prospect. The new Signal Prospect is located in the southwestern part of the project. Follow-up prospecting located mineralized float boulders over an extensive area with grades up to 72.64 grams per tonne (g/t) gold, and 432.30 g/t silver. Protection ground has been applied for along the strike projection and a drill rig is now being moved onto the Signal Prospect.
A drill rig is being mobilized from Manila this week and it is planned to commence drilling at Signal within two weeks. A second, larger drill rig will be mobilized to Lobo in late March to commence drilling the Pica porphyry copper-gold prospect.
"Both Signal and Pica are exciting targets and we are looking forward to getting drill holes into both," said Tony Climie, President of Mindoro. "Modeling of geophysical results, which will allow optimal drill target selection, is nearing completion."
The extensive coincident geophysical anomalies and widespread silicified mineralized float boulders, some with very high gold and silver values in an area of limestone geology, suggest this is replacement-type mineralization, possibly similar to the Carlin-type gold deposits in Nevada.
The geophysical survey results announced today define a 200 meter to 400 meter wide ground magnetic high that extends approximately two kilometers from the northeast to the southwest . This is flanked in the southwest by a 200 meter to 400 meter wide high chargeability anomaly that extends for 700 meters, and is open to the southwest. This anomaly is interpreted as being due to sulphide mineralization. It is flanked above by a 400 meter to 800 meter wide resistivity high, which extends for one kilometer to the northeast and is open in that direction. The resisitivity high is interpreted as being due to silicification. The geophysical crew will return to Lobo to complete coverage of the anomaly extensions.
Mapping indicates that the geology consists of limestone, intercalated clastic sediments and andesite partially overlain by younger overburden. Large numbers of silicified boulders were found over an area of 1.5 kilometers by 1.5 kilometers, above and adjacent to the geophysical anomalies. The silicified boulders consist of hematitic jasperoid, quartz-pyrite breccia with barite veining and massive quartz-replaced rock. The boulders are interpreted as silicified and replaced limestone. Important gold deposits, such as Carlin-type gold deposits can occur in limestones and inter-bedded sediments.
Rock chip samples were taken from 33 float boulders over a wide area within the boulder fields. Results ranged from 0.005 g/t to 72.64 g/t gold, from 0.50 g/t to 432.30 g/t silver and from 0.001 percent to 1.33 percent copper. A boulder assaying 42.60 g/t gold was found 200 meters from the boulder assaying 72.64 g/t gold, while a boulder assaying 8.99 g/t gold was found 400 meters distant from the former. A compilation map of the Lobo Project showing location of Signal prospect and the most significant mineralized boulders is shown on Mindoro's website at http://www.mindoro.com/s/Batangas_Maps.asp.
The map also shows the location of the Pica porphyry copper-gold prospect (see news release dated Nov. 22. 2004) and the epithermal mineralized vein breccia trends.
An application has been made for an additional tenement to cover the projected southwest extension of the Signal Trend. The application has been accepted by the mines department of the Philippines and is being processed.
The geophysical survey was carried out by McPhar Geoservices (Philippines), Inc. of Manila, an ISO 9001:2000 company headed by Canadian geophysicist, Peter Smith. Work is carried out under the supervision Tony Climie P. Geol., a "qualified person" as defined by National Instrument 43-101.
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.
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