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Aug 01, 2006
Additional Positive Drill Results from Kay Tanda and Pulang Lupa
EDMONTON, Alberta; August 1, 2006 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: OLM) today reported additional encouraging gold grades from a further eight drill holes, including 20 meters of 1.09 grams per tonne (g/t) gold and 28 meters of 0.95 g/t gold, from the adjacent Kay Tanda and Pulang Lupa epithermal gold-silver prospects, located in the Archangel Project, the Philippines.
Mindoro is continuing to receive encouraging gold-silver results from an ongoing reverse circulation drilling program, with thick intersections of low-grade, near-surface, oxide gold-silver mineralization. Previous results are reported in releases dated May 3, May 23, June 16, July 4, and July 25, 2006. The drill holes extend the near-surface mineralization significantly beyond the previously known limits. Highlights from the recent drilling at Kay Tanda (KT) and Pulang Lupa (PL) are:
SUMMARY OF DRILL RESULTS: Kay Tanda Holes KT-17 To 21 and Pulang Lupa PL-14 To 16
(Based on economic cut-off grade of 0.3 g/t gold)
N/R: Not yet received
ABOUT KAY TANDA
Kay Tanda, including the semi-contiguous Pulang Lupa zone, is part of a large zone of epithermal gold-silver mineralization associated with quartz stock-working and hydrothermal breccias in andesitic and dacitic volcanics and intrusives. As drill-defined to date, mineralization extends over a strike length of more than 900 meters and has an average width of approximately 350 meters. Mineralization is open in several directions. A drill-hole location plan, and two cross sections, accompanied the July 4, 2006 news release, and will shortly be updated. Similar mineralization has been located at the Lumbangan and Marita zones to the north-east which are yet to be drill-tested.
Near-surface mineralization is in the form of a quartz stockwork blanket commonly extending right from surface, and averaging in thickness from 30 meters to 40 meters. Grades typically fall within a range of 0.5 to 0.8 g/t gold and 1 to 3 g/t silver. The mineralization is oxide down to a depth of 50 to 70 meters. Below this, the non-oxide mineralization is generally in the form of stockworks or higher grade veins, which attain bonanza grades in places (eg. 70 g/t gold over 1 meter in hole KT-4). At this time, focus of the evaluation is on the near-surface mineralization.
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.
Fax: 780.426.2716 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.
This release 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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