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Jun 11, 2007
Initial Geostatistical Report for Kay Tanda Received: Exploration Target Released
EDMONTON, Alberta; June 11, 2007 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) is pleased to report that it has received the results of an initial geostatistical estimate from Golder Associates for the area drilled as of March 2007, at the Kay Tanda epithermal gold-silver prospect, Archangel Project, the Philippines. The intent of the Golder study was an initial geostatistical overview estimate of the mineralization drill-defined to date and, if results justified, to proceed with a full National Instrument 43-101 estimate and report. As a consequence of this preliminary estimate, a full National Instrument 43-101 resource estimate has been commissioned and an Exploration Target defined for this initial area drilled to date.
At a cut-off 0.3 grams per tonne [g/t] gold, the immediate Exploration Target is from 35 to 40 million tonnes of open-pitable material at a grade of 0.76 to 0.80 g/t gold and 2.4 to 2.8 g/t silver, containing between 860,000 and 1,000,000 ounces of gold and 2.7 million to 3.6 million ounces of silver. This Exploration Target may be revised upwards at a later date as extension drilling continues with two diamond drill rigs at Kay Tanda.
At a cut-off at 0.5 g/t gold, the immediate Exploration Target is from 15 to 20 million tonnes of open-pitable material at a grade of 1.1 to 1.4 g/t gold and 3.0 to 3.4 g/t silver, containing from 530,000 to 900,000 ounces of gold and from 1.45 to 2.2 million ounces of silver.
The NI 43-101 report is being carried out by Dr. Bruce Rohrlach, geological consultant to Mindoro and Golder Associates in Brisbane, Australia. It is hoped that the final NI 43-101 resource estimate will be completed and released in late July 2007.
The reader is cautioned that the potential quantity and grade of the Exploration Target described is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource. Until a feasibility study has been completed there is no certainty that the Company's projections will be economically viable.
ABOUT KAY TANDA
Epithermal gold-silver mineralization at Kay Tanda is associated with extensive and intense quartz stockworks, veins and hydrothermal breccias, with accompanying base metal sulphides. Kay Tanda is reflected by an induced polarization chargeability anomaly that is about 1.5 kilometers by 1.4 kilometers in extent, which is part of a much larger chargeability anomaly which extends over six kilometers along strike to the northeast. To date, drilling has been conducted only at Kay Tanda, which is interpreted as intermediate to low sulphidation epithermal quartz-carbonate-gold-silver-base-metal mineralization telescoped into the top of an underlying porphyry copper-gold system.
Mindoro has completed over 140 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 stockwork mineralization. This is strongly to partially oxidized to depths of 40 to 60 meters and non-oxide below this. Drilling, especially at deeper levels, has encountered at least five steeply-dipping, much higher-grade zones with bonanza grades to 100 g/t gold and over 1,000 g/t silver, 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. The high-grade mineralization appears to occur 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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