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Sep 28, 2000
Porphyry Gold-Copper Prospect Defined on Same Structure as Boyungan Discovery
Structural studies indicate a major controlling fault of the Boyungan discovery of Philex/Anglo American extends directly through Mindoro's Tapian San Francisco Project, 10 km to the southwest (see attached map or refer to Mindoro website). Strong and extensive copper and gold anomalies and gold prospects are associated with this fault at Tapian San Francisco. Features of a porphyry gold-copper system are recognized at Tapian San Francisco and geological setting is believed to be similar to the gold-copper porphyry system at Boyungan. Mindoro management considers Tapian San Francisco has potential for a similar discovery.

Tony Climie, P.Geol., President of Mindoro Resources Ltd. ("Mindoro") advises that Mindoro released early and partial exploration results from its Tapian San Francisco ("Tapian S/F") Project, Surigao Gold District, Mindanao, on November 10, 1997. Final and complete results were not released because, in the opinion of Mindoro management, the existing stock market conditions rendered program results non-material. However, the recent discovery by the Philex/Anglo American joint venture at Boyungan (Philex release of September 15, 2000), just 10 km northeast of Tapian S/F, on structural trend, mandate a complete reporting of what are now considered very significant results in the light of this discovery.

Only 20% of Tapian S/F, in the southeast portion, was covered by systematic work. This work focussed on areas of old gold workings and mines. Complete results for the Phase I work are briefly summarized below:

Geology consists of volcanics, unconformably overlying limestone and ultramafics, all intruded by intermediate intrusives. The volcanics, and related intrusions are Pliocene age, the important mineralizers in the district. In the north, intrusives have been unroofed by erosion. In the south, near Gold Hill, related dikes, extensive hydrothermal alteration, widespread mineralization and geochemical anomalies in volcanics indicate the intrusives likely occur at shallow depths.

Alteration was determined from petrological studies by E. Comsti, M.Sc. (Terradata Service Manila). Hydrothermal alteration is extensive and pervasive. Alteration assemblages are propylitic, phyllic, calc-silicate, argillic and potassic. Hydrothermal breccias are common. Therefore, alteration characteristic of porphyry copper-gold systems is present. Abundant hydrothermal pyrite and magnetite is present. Trace to 2% chalcopyrite occurs in 4 of 14 rock samples submitted for studies.

A total of 1,063 soil samples were submitted to McPhar Geoservices Manila for analyses of gold, copper, arsenic, zinc and lead. Analyses were by standard procedures on the fine (-80 mesh) fraction. Results ranged from 5 parts per billion (ppb) to 10,100 ppb gold (average 58.3 ppb), 5 parts per million (ppm) to 1,700 ppm copper (average 171 ppm), 1 ppm to 2,160 ppm arsenic (average 69 ppm), 5 ppm to 1,600 ppm zinc (average 143 ppm), 5 ppm to 15,900 ppm lead (average 65 ppm).

Results defined large and strong copper soil anomalies (greater than 200 ppm copper) semi-continuously over an area of 1.5 km by 1.0 km, termed the Gold Hill Prospect. Distinct northeast to southwest trends are apparent. The Gold Hill copper anomaly contains two major gold in soil anomalies (greater than 50 ppb gold); extending over 1.0 km by 0.4 km, and 0.4 km by 0.4 km. Coincident strong arsenic and zinc anomalies are associated.

Systematic rock sampling of the abundant old gold mines and workings was not undertaken. However 54 rock samples, mostly grabs of float and outcrop (assayed by McPhar Geoservices) were collected. These varied from 0.01 to 16.2 grams per tonne (g/t) gold (average 0.4 g/t gold). Copper mineralization was visually and petrologically identified in numerous locations, however, copper analyses were not performed.

18 stream sediments were collected in an area termed Riverside Prospect approximately 800 m to the north of Gold Hill. Fine (-80 mesh) fraction was analysed by McPhar Geoservices for gold, copper, arsenic and zinc. Results ranged from 5 to 1,043 ppb gold (average 136 ppb), 50 to 133 ppm copper (average 75.4 ppm), 2 to 162 ppm arsenic (average 40.4 ppm) and 41 to 113 ppm zinc (average 75 ppm). These define a broad anomalous zone of coincident gold, copper, arsenic and anomalies extending over approximately 1.75 km by 1.3 km. No soil geochemistry, or systematic geological work has yet been performed over this prospect.

A Radarsat interpretation performed by DOZ Technologies of Quebec, and Mindoro's field work, indicate a strong northeast-southwest fault control of mineralization and anomalies at the Gold Hill and Riverside Prospects. A major northeast-southwest trending fault bounds the Boyungan Discovery along its northern side. The southwestern extension of this fault is obvious on topographic maps and can be traced along major rivers 10 km to the southwest, where it extends directly into the Riverside Prospect. The fault then extends a further 4.5 km through Tapian S/F and out into the Mindanao Sea. It is believed this fault is a major control of Boyungan and the mineralization at Tapian S/F.

(see attached map).

Mindoro is a Canadian mineral exploration company focussing on gold and gold-copper exploration in the Asia Pacific region. Mindoro trades on the Canadian Venture Exchange under the symbol MIO.

For further information, contact Penny Gould, Executive Vice President.
Phone: (780) 413-8187
Fax: (780) 426-2716
The Canadian Venture Exchange has neither approved nor disapproved the information contained herein.

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