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Mar 15, 2005
Geophysical Surveys Define Porphyry Copper-Gold Targets at Archangel
Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: OLM) today announced preliminary results from a major ongoing geophysical program at the Archangel Project in the Batangas Province of the Philippines. The objective of the induced polarization (chargeability and resistivity) survey was to define porphyry copper-gold targets: to date, a total of 51 line kilometers of induced polarization and magnetic geophysical surveying has been completed.
"We are extremely pleased with the results to date at Archangel; they are beyond our expectations," said Tony Climie, President of Mindoro. "The Archangel results strongly suggest the occurrence of multiple porphyry copper-gold systems on the property."
The surveying commenced in early January and initially only four reconnaissance lines were planned in the southwestern part of the project, near the Ahit high-sulphidation epithermal copper-gold prospects and the nearby Balibago prospect, where porphyry-style alteration is associated with copper showings (please see the Archangel Project maps on our website at http://www.mindoro.com/s/Batangas_Maps.asp). When strong chargeability and resisitivity anomalies were defined on all four lines, the survey was extended along the strike to the northeast to cut the anomalies off.
The survey team is now working five kilometers from the starting point, having defined semi-continuous chargeability and resistivity anomalies extending over that distance. These anomalies are consistent with the reflection of multiple porphyry copper-gold systems at depth. The strongest anomalies are being defined in the northeastern area, known as Marita, where strongly silica-illite-altered quartz diorite boulders have been located. These boulders contain quartz-stockworks and disseminated copper mineralization, which suggest a porphyry copper-gold setting (an independent petrographic report was conducted by E. Comsti, M.Sc. of Terradata, Manila).
"Remarkably, we were the first company to put together a land package covering the entire five kilometer-plus mineralized trend at Archangel and run systematic geophysics over it," said Mr. Climie, "We look forward to what will obviously be a very large drill program commencing later this year."
Mindoro can earn a 75 percent interest in the Archangel and Lobo Projects, with its partner, Egerton Gold Philippines Inc., retaining 25 percent. The geophysical survey is being 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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