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Jul 04, 2006
Further Encouraging Gold-Silver Mineralization Drilled at Kay Tanda and Pulang Lupa: Resource and Scoping Studies Planned
EDMONTON, Alberta; July 4, 2006 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: OLM) today reported that the company is continuing to receive encouraging gold-silver results from reverse circulation drilling on the Pulang Lupa epithermal gold-silver zone, adjacent to the Kay Tanda gold-silver zone, located in the Archangel Project, the Philippines. Recent highlights include:
Management is confident that the Pulang Lupa / Kay Tanda zones contain a significant gold-silver resource. We plan to continue in-fill drilling to provide further confidence in internal continuity and carry out additional drilling outside the presently known mineralized area, where mineralization is open in several directions, and on the adjacent un-drilled Lumbangan zone. A National Instrument 43-101-compliant resource estimate will then be prepared later this year. Additional column leach testing on representative material will be undertaken in the near future to obtain design parameters for mine and plant. A scoping study will be commissioned on completion of the current drill program. If results are positive, the company will conduct a full feasibility study with the objective of advancing the project to development.
SUMMARY OF DRILL RESULTS
Drill results from PL-04 to 13 are summarized below. Results from KT-1 to 3, KT-4 to 9, KT 10 to 13 and PL-01 to 03 were reported on May 3, May 23, and June 16, 2006, respectively. Oxide mineralization extends to a depth of 40 to 70 meters. Near-surface gold-silver intersections are believed to represent near-horizontal zones of mineralization and to approximate true thicknesses. The narrower, higher-grade intersections below are probably veins whose orientation and width will require more drilling to establish.
A plan showing location of all drill holes drilled to date, as well as a cross section through each of Pulang Lupa (A-A') and Kay Tanda (B-B'), appears below.
PULANG LUPA RC HOLES 4 - 13
Kay Tanda and Pulang Lupa are classical low-sulphidation gold-silver systems. The upper funnel-shaped part consists of low-grade, potentially bulk-mineable gold-silver mineralized quartz stock-works, which is mostly oxidized. This is being evaluated for its open-pit, heap-leach potential. Lower down, high-grade veins have been intersected in a number of drill holes.
Intense porphyry copper-gold related phyllic (quartz-sericite-pyrite) and SCC (sericite-clay-chlorite) alteration plus abundant quartz veins/veinlets with low-grade copper-lead and zinc mineralization, continues to be encountered in all holes immediately below the overprinting epithermal gold-silver zone. This porphyry prospect constitutes a follow-up target for a future diamond drill program.
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, using 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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