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Aug 16, 2000
Tiris Project Update
- Tiris Project Advanced to Drill Stage
- Goldfields Australia Withdraws Due to Major Budget Cutbacks
- Discussions Commence With Several International Gold Producers
Tony Climie, P.Geol., President of Mindoro Resources Ltd. ("Mindoro"), provides the following update on Mindoro's Tiris Project, Sumatra, Indonesia. As announced on May 3, 2000, Goldfields Limited of Australia ("Goldfields") was granted an option to farm-in to the Tiris Project. During its due diligence period, extending over seven months, Goldfields carried out three field trips and completed extensive re-assaying of Mindoro's samples, as well as check sampling, additional sampling and mapping. Goldfields subsequently informed Mindoro that results of its due diligence had been positive and it wished to proceed with negotiating a full joint venture agreement. Subsequently, on August 4, 2000, Goldfields advised that, due to sudden major cutbacks to its exploration budget, involving extensive exploration staff layoffs and project cuts in Australia, it will not be proceeding with its first entry into Indonesian exploration, and, therefore, with the Tiris Project.
TIRIS PROJECT ADVANCED TO DRILL STAGE
Mindoro management has just received a summary of Goldfields' due diligence results. These have advanced the project significantly, essentially bringing it to the drill stage. Work focused on the Harimau Prospec t , one of many prospects on the Tiris Project. The Harimau Prospect is a very large and strong epithermal gold-silver system, containing multiple zones of gold-silver mineralization, that has been defined to date over an area in excess of two by five kilometers. Gold grades in excess of 1 gram per tonne (g/t), and up to 10.6 g/t, mostly from float, are widely distributed across the prospect. Silver grades range up to 520 g/t. Within the Harimau Prospect, Mindoro previously defined three large gold in soil anomalies, the largest being the Selatan Targe t (see news releases of Mar. 2, May 6, July 27, and Nov. 19, 1998 and Jan. 28, 1999). Due to the very large size of the mineral system, Mindoro's soil geochemical sampling of the Selatan Target had been on wide spacings (200 by 50 meters). Goldfields carried out infill work on Selatan, analyzing a total of 670 soil samples from this and other targets. Analysis were performed by Intertek Testing Services in Jakarta using standard techniques. Results ranged from 5 parts per billion (ppb) to 1,963 ppb (1.96 g/t) gold. Mindoro has not yet received results for other metals. As defined by the greater than 50 ppb gold in soil contour, the Selatan Target alone covers an area of approximately 1.7 by 1 kilometers. The infill work by Goldfields defined four zones of greater than 250 ppb gold within the Selatan Target. The largest zone is approximately 700 by 250 meters and the second largest is approximately 500 by 100 meters. Outcrop is absent within these zones and they will be the focus of future drilling.
In comparison to the nearby Rawas Mine, 15 kilometers from Selatan, mineralized zones (averaging 3-4 g/t gold) were defined by soil contours of just 100 ppb gold. The Selatan zones, at 250 ppb gold, are defined by values greater than two and a half times those at Rawas. Selatan is clearly a high priority drill target.
DISCUSSIONS COMMENCE WITH INTERNATIONAL GOLD PRODUCERS
Mindoro management considers the Harimau Prospect, with its multiple targets, including Selatan, to be one of the highest potential undrilled gold-silver systems anywhere. In recent months, Mindoro received expressions of interest in Tiris from several international gold producers. Mindoro's agreement with Goldfields had prohibited negotiations on Tiris with other companies, however, discussions have now commenced with these interested parties. Management is optimistic an acceptable joint venture partner will emerge from these discussions. Mindoro holds the Tiris Project 100%.
INTEREST RECEIVED IN PHILIPPINES PROJECTS
Mindoro has also received expressions of interest from international gold producers in the Philippines projects: Agata, Pan de Azucar and Tapian. Several companies are reviewing data and a field evaluation by one company is in progress at this time. 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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