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Oct 05, 2006
Results of Initial Three Drill Holes From Tapian San Francisco Project Reported
EDMONTON, Alberta and Vancouver, British Columbia; October 5, 2006 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) and Panoro (TSX-V: PML; Frankfurt: PZM) today reported the results from the first three diamond drill holes on the C6 and C9 targets, two of nine porphyry copper-gold targets , located on the Tapian San Francisco (TSF) Project, Mindanao Island, Philippines.
All holes intersected porphyry copper-gold related alteration, pyritization and anomalous copper and gold values within a series of narrow intrusive dykes and sills intruded into volcanics, limestone and ultra-mafics. The intrusive dykes and sills are interpreted to dip eastward and coalesce within a porphyry copper-gold system at depth several hundred meters further to the east. Results are therefore considered encouraging and future drilling will step-out eastwards to vector in to the interpreted center of the porphyry copper-gold system.
An August 05, 2005 news release described results to date on the TSF Project, located about eight kilometers from the Boyongan and Bayogo porphyry copper-gold deposits of Anglo American-Philex Gold, and in a similar structural setting. A cluster of nine chargeability anomalies, capped by resistivity high anomalies was defined in areas of abundant intrusive activity. These are coincident with extensive and intensive hydrothermal alteration, including phyllic, sericite-clay-chlorite (SCC) and potassic alteration, with abundant copper and gold showings. Three diamond core holes, totaling 1,176 meters were drilled on the C6 and C9 targets between early May and late September 2006, by Australian drill contractor United Philippines Drilling Co. Inc. Results are summarized below. A geology and drill location map as well as an interpreted cross section (9400N) through holes CDH-02 / 03 is posted on Mindoro's website at www.mindoro.com and Panoro's website at www.panoro.com.
Hole No. CDH-01
9702N, 9492E. Azimuth 295°. Dip -60°. 620.8 meters depth.
The hole was drilled to test porphyry-related copper-gold mineralization below a trench that assayed 1% copper and 0.55 grams per tonne (g/t) gold over 25 meters in a monzonite porphyry body, and continue to depth to test the C6 chargeability anomaly to grid west. The hole intersected ultra-mafics, calc-schist, andesitic and basaltic volcanics and tuff intruded by monzonite porphyry and diorite porphyry dykes and sills with associated pyritization, potassic alteration overprinted by phyllic alteration. Although anomalous copper, gold and molybdenum were intersected, with associated porphyry-related alteration in dykes and sills, no significant mineralization was encountered. The drill hole likely overshot, or intersected a narrow section of the east-dipping mineralized sill. The chargeability anomaly is attributed to pyrite mineralization distal to a porphyry system.
Hole No. CDH-02
9401N, 9497E. Azimuth 115°. Dip -55°. 188.8 meters depth.
The hole targeted the C9 chargeability anomaly, 300 meters south of Hole CDH-01. It intersected ultra-mafics intruded by monzonite porphyry and diorite porphyry dykes or sills, and a mineralized hydrothermal breccia. Porphyry-related alteration [potassic overprinted by phyllic and propylitic alteration] was encountered in the dykes and sills as well as weak copper and gold mineralization including 12 meters of 0.10 % copper (139.2 to 151.2 meters), and 4.9 meters of 0.1% copper and 0.18 g/t gold (157.2 to 162.1 meters). The hole was terminated before the target depth in bad ground.
Hole No. CDH-03
Local grid 9335 N. 9727E. Vertical. Dip - 65º. 366.8 meters depth.
The hole was drilled further east to search for the source intrusion of the mineralized and potassic-altered dykes and sills encountered in CDH-02, and to test the C9 chargeability anomaly It intersected intercalated limestone, sediments and ultra-mafics intruded by multiple narrow intrusive sills and dykes. From 1% to 3% pyrite and minor chalcopyrite is present in the dykes and sills associated with porphyry-related alteration (potassic overprinted by phyllic and propylitic). Copper and gold are anomalous but no significant mineralization was intersected.
The Surigao Joint Venture has one of the largest land holdings in the Surigao Gold District where there have been several significant porphyry copper-gold discoveries in recent years (maps can be seen on Mindoro's website). The Surigao Joint Venture partners are Mindoro, Minimax Mineral Exploration Corp., a private Philippine company, and Panoro Minerals Ltd., the current funding partner. The current phase of work and budget has been completed. As operator, Mindoro will be recommending further drilling during 2007 to locate the interpreted center of the porphyry copper-gold system, as well as the drill testing of additional targets at TSF.
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.
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 - Canada
Trent Dahl, Ascenta Capital Partners Inc.
Toll Free: 1.866.684.4209 ext. 28
Mindoro Investor Relations - Europe
Richard Mayr, Argentuminvest GmbH
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