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Sep 29, 2005
Phase Three Interest Earned in Agata Project 2005 Drilling Program Commences
EDMONTON, AB; September 29, 2005 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: OLM) today announced that it has earned its Phase Three interest in the Agata Project in the Philippines. This brings Mindoro's total interest in the project to 75% with the remaining 25% held by Minimax Mineral Exploration Corp., a private Filipino company. The Agata Project is part of Mindoro's Surigao group of projects, a 25,000 ha land package located in northern Mindanao. Panoro Minerals Ltd., a Canadian company, is earning a 40% interest in Mindoro's Surigao properties by funding $2 million in exploration expenditures. At production, both Mindoro and Panoro could have a 42.5% interest, with Minimax retaining the remaining 15%.
The 2005 drill program has commenced on Agata with the award of a 2,000 meter drilling contract to Diamond Drilling Corporation of the Philippines. Construction of an access road to the Agata North and Agata South porphyry targets has also advanced considerably. Drilling is anticipated to commence before the end of October, first on the Agata North target, followed by drilling on the South Target.
At Agata North, strong and extensive chargeability anomalies were defined earlier this year by induced polarization, with correlating copper-zinc-gold-in-soil anomalies, extensive rock alteration and fracturing, and several copper showings. The stacked anomalies are consistent with a porphyry copper-gold system at depth.
A large and very strong chargeability anomaly, with flanking resisitivity anomalies, was also defined at Agata South. Mindoro has defined extensive copper-gold and zinc in-soil anomalies, as well as copper showings, and porphyry-related alteration was also mapped nearby. Abundant epithermal gold prospects exist, some of which are being actively mined by artisanal miners. These multiple stacked anomalies strongly suggest the presence of a porphyry copper-gold system at depth.
All work is carried out under the supervision Tony Climie P. Geol., President of Mindoro, 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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