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Apr 04, 2007
Further Drill Results Reported from Kay Tanda and Geostatistical Resource Estimate Commissioned
EDMONTON, Alberta; April 4, 2007 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) today reported results from a further eighteen reverse circulation drill (RC) holes and partial results of four core (DH) holes from the Kay Tanda epithermal gold-silver prospect, located in the Archangel Project, the Philippines. The latest drill results are from a combination of infill and extension drilling. Although mineralization is still open in most directions, Mindoro considers it has established a foundation on which to move on to an advanced evaluation of the project's economic potential. Accordingly, a geostatistical resource estimate has been commissioned which will form the basis to proceed with a full NI 43-101 resource estimate.
Drill highlights include (intersections are believed to approximate true thicknesses):
Although the mineralization is open in most directions, Golder Associates in Brisbane, Australia, has been commissioned to carry out an initial indicator kriging resource estimate on that part of the prospect drilled to date. This will form the basis to proceed with a full NI 43-101 resource estimate.
SUMMARY OF LATEST RESULTS
The table below summarizes results of the latest drilling. (Based on a cut-off grade of 0.3 g/t gold)
The maps below show the location of all drill holes to date and the distribution of gold values in grams per tonne (g/t) times intercept length in meters for each hole. Using a cut-off of 0.3 g/t gold, mineralization intercepts for each drill hole are summed and plotted in contour form. Mindoro considers the contoured areas defined by numbers greater than 15 (g/t gold x length of intercept) to be of particular interest. This map format illustrates the distribution of mineralization and provides information on mineralization centers, structural controls and mineralization trends. Two assay cross sections (A-A' and B-B') can also be viewed below.
ABOUT KAY TANDA
Low sulphidation epithermal gold-silver mineralization at Kay Tanda is associated with extensive and intense hydrothermal breccias, quartz stockworks, with accompanying base metal sulphides, reflected by an induced polarization chargeability anomaly that is about 1.5 kilometers by 1.4 kilometers in extent. This is part of a much larger chargeability anomaly trend, which strengthens markedly to the north along strike, especially at the Marita Prospect. Only a relatively small part of the Kay Tanda chargeability anomaly has been drill-tested to date. This is interpreted as part of a much larger mineral system consisting of epithermal gold-silver and base-metal mineralization telescoped into an underlying porphyry copper-gold system.
Mindoro has completed over 120 reverse circulation (RC) and ten core drill holes at Kay Tanda. Almost all holes have encountered near-surface, generally flat-lying to gently-dipping blanket-like low-grade mineralization, which is partially to strongly oxidized to depths of 40 to 60 meters and non-oxide below this. Drilling, especially at deeper levels, has encountered at least four steeper-dipping and much higher-grade zones, with bonanza grades to 100 g/t gold and over 1,000 g/t silver, in places, which are interpreted as structurally controlled upflow, or "feeder" zones. Further drilling and structural studies are in progress to determine the nature and controls of the high-grade zones. Mineralization is thought to be related to swarms of hydrothermal breccias, and prospect-scale quartz stockworking, with the high-grade occurring preferentially at elevations below 150 meters (ASL) within a boiling zone. Few holes have penetrated to this depth to date. Such upflow zones can be associated with bonanza mineralization and constitute some of the world's best epithermal gold-silver deposits.
Programs are carried out under the supervision of Tony Climie, P.Geol., who is a qualified person as defined by National Instrument 43-101. Sample preparation and assaying is performed by McPhar Laboratory of Manila, an ISO 9001/2000 accredited laboratory. . Gold assays were by 50 gm fire assay fusion; where gold assays greater than 3 ppm were by gravimetric finish, and by AAS where the gold values were less than that threshold. Silver was determined by AAS after an HCl-HNO3-HClO4 digest. 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 (WKN 906167). The Company is carrying out three major drill programs: resource delineation drilling on the Kay Tanda epithermal gold-silver prospect, reconnaissance drilling on the Calo porphyry copper-gold prospect, and advancing a significant nickel laterite prospect towards production; in addition to holding another 22 identified porphyry copper-gold prospects 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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