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Apr 04, 2005
Drilling Underway at Signal. Drill Rig Moving to Porphyry Target at Pica.
EDMONTON, AB; April 4, 2005- Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: OLM) today announced that drilling is in progress on the Signal Prospect and that a drill rig is currently moving onto the Pica Prospect, a porphyry copper-gold target. Both prospects are at the Lobo Project in the Philippines.
"We are very pleased to have commenced what is going to be a major drill campaign on multiple projects," said Tony Climie, President of Mindoro. "We have run geophysical programs on five projects over the past eight months that have lined up a remarkable number of drill targets. The success of the geophysical programs delayed drill start-up on several projects because interpretation and drill target prioritization needed to be completed. We now have at least 10 separate porphyry copper-gold targets to drill-evaluate and Pica is just the first of these to see a drill rig."
Drilling has been in progress for approximately two weeks on the Signal Prospect. The target is defined by coincident resistivity, chargeability and magnetic anomalies. High gold values were obtained from adjacent float boulders and these are believed to be from near-surface, replacement gold mineralization in limestone (see the company's news release dated Feb. 23, 2005). A geophysical crew has been moved back to Lobo to extend coverage of the Signal anomalies, which are open and have not yet been closed off.
Construction of an access road to the Pica Prospect is almost complete and a large-capacity drill rig is en route to site. Drilling will commence later this week. As reported on March 8, 2005, Pica is one of two areas at Lobo where geophysical surveys gave strong indications of buried porphyry copper-gold systems. The anomalies consist of a flat-lying resistive layer (possible silica cap) overlying a high chargeability body (possible sulphides). Coincident magnetic anomalies support this interpretation.
The second porphyry copper-gold target at Lobo is the newly-defined Calumpang Prospect, immediately to the northeast of Pica, which will be drilled after Pica. Work is carried out under the supervision Tony Climie P. Geol., and 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
Phone: (1-780) 413-8187
Fax: (1-780) 426-2716
Marshall Farris, Ascenta Capital Partners Inc.
Phone: (1-604) 628-5800
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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