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Jul 26, 2006
SR Metals Signs Confidentiality Agreement On Agata Nickel Laterite
EDMONTON, Alberta and Vancouver, British Columbia; July 26, 2006 -- Surigao Joint Venture partners Mindoro Resources Ltd. (TSX-V: MIO; Frankfurt: OLM) and Panoro Minerals Ltd. (TSX-V: PML; Frankfurt: PZM) report that a Confidentiality Agreement has been signed with SR Metals Inc., on the Agata nickel laterite project, Surigao Gold District, the Philippines.
BHP Billiton has notified the Surigao Joint Venture that it will not be proceeding with discussions to develop the Agata nickel laterite prospect. In a new development, SR Metals Inc. has expressed interest in negotiating an agreement with the Surigao Joint Venture and has signed a non-exclusive Confidentiality Agreement. SR Metals has commenced nickel laterite mining and production immediately south of the Agata Project, on what is believed to be an extension of the Agata nickel laterite.
Drill results from the due diligence program funded by BHP Billiton were reported on July 12, 2006. A significant number of intercepts close to and greater than one percent nickel were obtained, as shown in the table accompanying the July 12 release. The BHP data are being reviewed to evaluate the Agata nickel laterite resource potential.
At the current price of nickel of greater than US$ 10.00 per pound and at price ranges somewhat below US$ 10.00 per pound, material containing one percent nickel (containing 22 pounds of nickel per metric tonne) can be of economic interest. Such material is believed to have the potential to meet requirements for direct shipping to the closer markets of China, Japan, Korea, as well as processing plants being contemplated, or under construction, in the Philippines itself. Amongst other parameters, these consumers are seeking material with nickel grades of one percent nickel and above. Several expressions of interest in the Agata nickel laterite have already been received.
SR METALS INC.
SR Metals Inc., a Philippine mining company, has recently commenced nickel laterite production from the Tubay Project, the immediately adjacent claims south of Agata. The Tubay nickel laterite deposit is believed to be the extension of the Agata nickel laterite. The Tubay ore is being shipped directly to China for processing, and the first shipment was sent to China only nine months after SR Metals Inc. signed an agreement with the claim-holder.
Under the Confidentiality Agreement with the Surigao Joint Venture, SR Metals Inc. has the right to carry out due diligence on the Agata nickel laterite. The Surigao Joint Venture is under no obligation to conclude an agreement with SR Metals Inc., and will carefully evaluate all possible alternatives, including mining the nickel laterite itself, in order to maximize the potential benefits to its shareholders. An update on drilling of porphyry copper-gold targets at Agata will be released soon.
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.
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.
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 the right 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
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
This correspondence may contain forward-looking statements including management's assessments of future plans and operations, and expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production). The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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