Subscribe for Updates:
Enter your email below to receive email updates
Dec 12, 2005
Drilling to be Undertaken on Agata Nickel Laterite
EDMONTON, Alberta and Vancouver, British Columbia - Mindoro Resources Ltd. (TSX-V: MIO; Frankfurt: OLM) and Panoro Minerals Ltd. (TSX-V: PML; Frankfurt: PZM) are pleased to report that the Surigao Joint Venture has selected BHP Billiton, from among several interested parties, to drill the Agata nickel laterite prospect in the Philippines. The Agata Project is part of the Surigao Joint Venture, comprised of Mindoro, Panoro and a private Philippine company, Minimax Mineral Exploration Corp. Work will commence immediately.
BHP Billiton has been granted the exclusive right, for 180 days, to undertake a drilling and evaluation program to determine the nickel laterite potential of the Agata Property. The program will consist of 32 drill holes, totaling approximately 640 meters. Should the evaluations prove to be positive, the Surigao Joint Venture and BHP Billiton will enter into negotiations for the sale and purchase of nickel ore (the "Offtake Agreement"). The total cost of the exploration program would be deducted from future laterite ore shipments at 5% of the FOB Price of the nickel ore, until fully repaid in a manner that is mutually agreeable. There is no obligation for either the Surigao Joint Venture or BHP Billiton to enter into or conclude an Offtake Agreement. In the event that the parties are unable to enter into or conclude an Offtake Agreement, the cost of the exploration program will be shouldered by BHP Billiton.
BHP Billiton has an international nickel business and is involved in the exploration, mining, processing and marketing of nickel and cobalt.
As reported in a news release dated January 10, 2005, surface rock and laterite samples were previously collected from an area of nickel laterite covering about 300 hectares, located within a much more extensive area of nickel laterite mineralization. Nickel contents ranged from very low to a high of 2.09%, with most of the values exceeding 0.5%. Test pit laterite samples ranged from 0.8% to 2.21% nickel. The area is mantled by a chocolate brown to brownish yellow colored laterite that appears to extend several kilometers to the south and north from the area investigated. Samples collected show typical values for nickel and iron that normally cap secondary nickel enriched zones.
Agata is an extensively mineralized project with epithermal gold prospects and at least three porphyry copper-gold prospects (see Mindoro releases dated August 5 and September 29, 2005). Drilling is currently in progress on the Agata North porphyry copper-gold prospect. With the discovery of several major porphyry copper-gold deposits, the Surigao Gold District has become an exciting and extremely active exploration area, attracting international attention. There has been a recent upsurge in nickel exploration in the Surigao District, and the Philippines generally, in response to high nickel and cobalt prices.
Exploration on the Agata Property is carried out under the supervision of Tony Climie, P.Geol., who is a qualified person as defined by National Instrument 43-101, and President of Mindoro.
A map of the Surigao Gold District showing the Surigao Joint Venture projects and other significant prospects and discoveries is available on Mindoro's website at http://www.mindoro.com and Panoro's website at http://www.panoro.com.
Mindoro is a well-financed Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (OLM). Mindoro has identified 19 porphyry copper-gold prospects and a nickel laterite prospect in the Philippines and is dedicated to pursuing an aggressive strategy of drilling multiple targets in 2005-2006. Recent drilling confirmed the Pica porphyry copper-gold discovery on the Lobo Project, where drilling continues, and drilling is underway on a second porphyry prospect on the Agata Project.
Panoro Minerals Ltd. is a Canadian mineral exploration company trading on the TSX Venture Exchange (PML) and on the Frankfurt Stock Exchange (PZM). Panoro's strategic focus is on exploring for large-potential gold and copper/gold deposits in countries with the corresponding geological potential and where acceptable political and economic conditions are present
For further information, contact:
Mindoro Head Office
Penny Gould, Executive Vice President
Panoro Head Office
Helmut Wober, President
Mindoro Investor Relations
Marshall Farris, Ascenta Capital Partners Inc.
Toll Free: 1.866.684.4209
You can view the Next Press Releases item: Fri Dec 16, 2005, Porphyry Copper-Gold Mineralization Extended to Depth in Pica Drill Hole Two, Drill Hole Three Has Commenced
You can view the Previous Press Releases item: Fri Dec 2, 2005, Continuing Positive Metallurgical Test Results from Archangel Gold-Silver Prospect
You can return to the main Press Releases page, or press the Back button on your browser.