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Nov 20, 2006
Results of Agata Project Drilling Project Reported
EDMONTON, Alberta and Vancouver, British Columbia; November 20, 2006 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) and Panoro Minerals Ltd. (TSX-V: PML; Frankfurt: PZM) today reported the results from a drilling program carried out on the Agata North and Agata South porphyry copper-gold drill targets on the Agata Project, Surigao Gold District, Philippines. Of five drill hole attempts, none reached the source of the respective strong target IP chargeability anomalies due to very bad ground conditions related to an intensely fractured and sheared ultra-mafic cap rock. Given the high potential of the targets, and the fact that porphyry copper-gold mineralization had previously been discovered by Mindoro on the Assmicor prospect at Agata, new strategies will be devised to successfully test these promising targets in 2007.
An August 05, 2005, news release described results to date on the Agata Project where IP surveys had defined a cluster of strong and extensive chargeability anomalies in a favorable structural setting near the intersection of cross-faults with the Philippine Fault. The two strongest anomalies, Agata North and Agata South, were selected for drill testing. Porphyry-related vein mineralization had previously been intersected by Mindoro in 1999 on the Assmicor prospect, confirming the porphyry potential of the Agata Project. At Assmicor, porphyry-type quartz-magnetite-chalcopyrite veining grading 0.70% Cu and 0.19 g/t Au was intersected over 2.5 meters, as well as several gold-mineralized intercepts in east-dipping intrusive sills. The mineralization and alteration are interpreted by the Joint Venture consultant, Dr. Bruce Rohrlach, as being related to a porphyry system nearby to the east and he has strongly recommended follow-up on this target.
Agata North is a strong chargeability anomaly, extending over two kilometers by 300 to 400 meters wide, with correlating copper-zinc-gold-in-soil anomalies, extensive rock alteration and fracturing, and several copper showings. The stacked anomalies are consistent with a porphyry copper-gold system at depth. Drilling commenced in November, 2005. After over three months and three lost holes, the deepest of which reached only 123 meters in highly broken, sheared and gougy ultra-mafics, a new drill contractor was selected. A fourth drill hole was attempted and was lost at 233 meters in the ultra-mafic cap. Agata North remains a very high priority porphyry copper-gold target with a strong sulphide concentration indicated below the ultra-mafic cap, and with abundant indications of a porphyry setting. Mindoro will be working with drill contractors to devise a method of completing a hole into the target zone during early 2007, likely by pre-collaring an open hole through the cap ultra-mafic using a tricone bit and heavy drill muds, followed by coring.
Agata South is also a strong chargeability anomaly, with flanking resistivity anomalies, and extending over two kilometers of strike. Porphyry-related alteration has been mapped near-by. Extensive copper-gold and zinc-in soil anomalies have been defined, as well as copper showings, and abundant epithermal gold prospects, some of which are being actively mined by artisanal miners. These multiple stacked anomalies point strongly to the presence of a porphyry copper-gold system at depth. A single hole was drilled, commencing in March. This intersected limestone and schist before intersecting ultra mafics at 180 meters. Considerable difficulties were again encountered in the ultra mafics, and after three months the hole was abandoned at 251 meters. Agata South is also a very high priority porphyry copper-gold target and the joint venture will persevere with drilling. In this case it is thought that the terrain will allow the target to be drilled from the west, thus avoiding the ultra-mafic sheet.
The Surigao Joint Venture holds one of the largest land positions 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 phase of work and budget has been completed, and planning is in progress for ongoing work.
Agata also covers an area of nickel-iron laterite mineralization which has been described in releases dated July 12 and July 26, 2006. Similar nickel-iron laterite is being mined on the Tubay project, nine kilometers to the south. The Surigao Joint Venture will be seeking ways to aggressively advance the Agata nickel-iron laterite prospect in the near future.
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). In addition to carrying out a major program of resource delineation drilling on its Kay Tanda gold project, 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 2006-2007.
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. 228
Mindoro Investor Relations - Europe
Richard Mayr, Argentuminvest GmbH
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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