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Mar 30, 2006
Fourth Rig Moved To Nickel Laterite Prospect; Drilling to Start at Tapian San Francisco
EDMONTON, Alberta - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: OLM) today provided the following update on its exploration activities in the Philippines. All Surigao Projects are part of a joint venture with a private Philippines company and Panoro Minerals Ltd.
BHP Billiton has moved an additional rig onto Mindoro's Agata nickel laterite prospect, located in the Surigao Gold District of Northern Mindanao. This brings the total number of rigs now testing the prospect to four.
Drilling is expected to start in April on the Tapian San Francisco Project, also in the Surigao Gold District, to commence testing porphyry copper-gold prospects. Widespread porphyry--style alteration and copper showings have been defined and a trench in porphyry-style mineralization assayed one percent copper and 0.55 grams per tonne gold over 25 meters.
A drill rig has been moved onto the Agata South porphyry target and will commence drilling within a week.Mindoro plans to mobilize a reverse circulation drill rig to the Agata North porphyry target, where technical drilling difficulties have been encountered, to penetrate the very difficult ultra-mafic cap rock, to be followed by diamond drilling into the target below.
In the Batangas Region of Luzon, a large and extremely intense induced polarization chargeability anomaly is being defined at the Calo porphyry copper-gold prospect, along with porphyry related alteration and copper and gold showings. Tony Climie, P.Geol., President of Mindoro stated, "Calo is evolving into the best porphyry prospect we have seen in the Philippines. We are fast-tracking Calo to the drill stage and anticipate drilling by summer."
Drilling with a reverse circulation rig will start this week on the Kay Tanda gold zone, Archangel Project, where epithermal gold-silver mineralization is telescoped into a porphyry copper-gold system. Drilling has the objective of defining the gold-silver resource, and testing the porphyry-copper-gold system immediately below.
Drilling is continuing to evaluate the Pica porphyry copper-gold system, Lobo Project.
Programs are carried out under the supervision of Tony Climie, P.Geol., who is a qualified person as defined by National Instrument 43-101.
Mindoro is a Tier 1 Issuer trading on the TSX-V (MIO) and the Frankfurt Stock Exchange (OLM). The company has identified 22 porphyry copper-gold prospects and a nickel laterite prospect in the Philippines and has an aggressive strategy of drilling multiple targets in 2006.
FOR FURTHER INFORMATION, CONTACT:
Penny Gould, Executive Vice President
Marshall Farris, Ascenta Capital Partners Inc.
Toll Free: 1.866.684.4209 ext. 22
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