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Oct 11, 2006
Mindoro Receives Calo Exploration Permits
EDMONTON, Alberta; October 11, 2006 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) today is very pleased to announce that Mindoro Resources Ltd.'s Philippine subsidiary, MRL Gold Phils., Inc. and its partner Egerton Gold Phils., Inc., have been granted two Exploration Permits (EPs) covering the Calo Prospect, Batangas Province, Philippines.
The EPs were awarded at a signing ceremony attended by Mindoro Director Mr. Oscar Reyes, MRL Gold and Egerton Gold representatives, Secretary Angelo Reyes and other officials of the Department of Environment and Natural Resources (DENR), as well as Director Horace Ramos and officials of the Mines and Geosciences Bureau, and Director Virgilio Vitug and officials of the Public Affairs Office.
Two high-profile mine tailings incidents in recent years, involving Canadian and Australian mining companies, have led to a tighter screening process for exploration and mining companies in the Philippines. In conjunction with major initiatives to revitalize the Philippine mining industry, which have been taken by the Government of the Philippines and DENR, under the new leadership of Secretary Reyes, applicants are also required to commit to responsible environmental and social programs related to their exploration programs.
In awarding the EPs, Secretary Reyes said, "The issuance of these new permits sends a clear signal to investors that the government's revitalization program for mining is on track", and, "we want serious investors with corporate social and environmental responsibility".
"We strongly endorse the new policies of the DENR and its initiatives to revitalize mining in the Philippines. We are very pleased to be one of the first companies to be granted EPs under the new requirements. We believe this to be in recognition of our long-standing commitment to strong environmental, information dissemination and social programs over our ten years exploring in the Philippines", said Tony Climie, president of Mindoro.
The two Calo EPs, covering 6,867 hectares, are located five kilometers south of Phelps Dodge's Taysan porphyry copper-gold deposit, and extend to Mindoro's Lobo Project in the southeast. The Calo EPs are mostly covered by younger volcanic cover, but erosional windows expose multiple high-sulphidation copper and gold occurrences, and porphyry copper-gold related alteration. Four diamond drill holes on Mindoro's Pica Prospect, just to the east of the Calo EPs, intersected porphyry copper-gold mineralization, including 213 meters of 0.18 percent copper and 0.3 grams per tonne gold in hole 2 (release dated Dec. 16, 2005). Mindoro believes that Pica is just the eastern margin of a much larger and more intense porphyry copper-gold system centered under Calo.
An aggressive exploration program at Calo is commencing immediately, leading to a major drill program to start within three months. Results will be reported as work progresses.
Mindoro was also awarded an EP covering 316 hectares near its Tapian San Francisco Project in Surigao del Norte Province. This is part of a joint venture with Panoro Minerals Ltd. of Canada, and Minimax Mineral Exploration Corporation of the Philippines.
Programs are carried out under the supervision of Tony Climie, P.Geol., who is a qualified person as defined by National Instrument 43-101.
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). The company is focused on the Philippines and is currently drill-defining a gold resource on its Kay Tanda Prospect, and has identified 22 porphyry copper-gold drill targets, as well as a promising nickel-iron laterite prospect in the Philippines.
FOR FURTHER INFORMATION, CONTACT:
Executive Vice President
Ascenta Capital Partners Inc.
Toll Free: 1.866.684.4209 ext. 228
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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