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May 03, 2006
Kay Tanda Drilling Encounters Significant Gold and Porphyry Related Alteration
EDMONTON, Alberta: May 3, 2006 -- Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: OLM) today reported that significant gold and silver values were intersected in the first three holes drilled on the Kay Tanda epithermal gold prospect, located in the Archangel Project, Philippines. Hole three intersected nine meters of 0.54 g/t gold, 17 meters of 1.78 g/t gold and five meters of 2.07 g/t gold. Intense porphyry copper-gold related alteration was encountered immediately below the epithermal gold zone. A drill rig has also commenced testing the Balibago porphyry copper-gold target, which is located about one kilometer from Kay Tanda.
A reverse circulation drill rig has completed five drill holes on the Kay Tanda epithermal gold-silver prospect. Based on historical work on the prospect, target grade is in the range of 0.7 to 0.9 g/t gold and 2 to 5 g/t silver. Drilling is being carried out on 100 meter-spaced centers and the current program will comprise approximately 20-25 holes. Significant results of the first three drill holes, each 100 meters apart on section 9,800N, are summarized below. Maps and sections will be placed on the Mindoro website once the program is more advanced.
Beneath the epithermal gold-silver zone, all holes have encountered strong phyllic alteration, with abundant pyrite and increasing trace copper (chalcopyrite) mineralization with depth. A diamond core rig will be used at a later date to evaluate the porphyry copper-gold target.
SUMMARY OF DRILL RESULTS
Intersections are believed to approximate true thicknesses of mineralization.
Near-surface mineralization occurs over a large area at Kay Tanda, exceeding 800 meters along strike, with widths ranging from 200 to over 400 meters. Previous metallurgical tests were positive and Kay Tanda is being investigated for its open-pit, heap-leach potential. The current drill program has the objectives of defining the gold-silver resource, collecting samples for further metallurgical testing, and gain information on the porphyry-copper-gold system immediately beneath for later diamond drilling.
A diamond core drill rig has commenced testing the Balibago porphyry copper-gold prospect, also on the Archangel 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. Normal Quality Control and Quality Assurance procedures are being carried out, utilizing a system of duplicate, standard and blank samples
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (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
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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