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Aug 02, 2007
Mindoro Receives El Paso Exploration Permit
EDMONTON, Alberta; August 2, 2007 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) today is very pleased to announce that Mindoro Resources Ltd.'s Philippine subsidiary, MRL Gold Phils. Inc., has been granted an Exploration Permit (EP) covering the El Paso Prospect, Batangas Province, Philippines. The EP covers two large and strong IP chargeability anomalies, favorable intrusive rocks with extensive porphyry-related alteration, as well as abundant copper showings from which excellent trench results have been obtained. Drill testing is planned later in 2007 or 2008, once ground work has been completed and priority drill targets defined.
The El Paso EP, covering 6,315 hectares, is located 11 kilometers southeast of Phelps Dodges's Taysan porphyry copper-gold deposit and seven kilometers northeast of Mindoro's Pica porphyry copper-gold prospect.
Main features of El Paso are shown on the compilation map below. El Paso is immediately north of the major west-northwest-trending structural boundary that separates older northeastern batholithic terrain (San Juan Diorite), and the younger southern volcanic terrain. This major boundary is an especially favorable structural setting which served to localize mineralizing intrusions, including Taysan. The area is underlain largely by San Juan Diorite with islands of metavolcanics, intruded by younger quartz diorite and andesite porphyry intrusions, and overlain in places by younger Quaternary volcanic tuff. Extensive porphyry-related phyllic and intermediate argillic alteration has been mapped, as well as potassic alteration in places.
Widespread copper-gold mineralization occurs associated with the younger andesite porphyry and quartz diorite intrusions, as well as the older, more-eroded San Juan Diorite. The mineralization associated with the former is the principal target. In the southwest part of the El Paso prospect, copper ± gold mineralization had been known historically and was tested with shallow drill holes by a previous operator in the mid-nineties. Results are unknown. However, the area tested by drilling is not associated with significant IP anomalies and is considered to represent copper ± gold mineralization on the periphery of the porphyry copper-gold system.
Subsequent IP surveys by Mindoro defined two large and strong chargeability anomalies, known as Calantas and Mulawin, approximately two kilometers east of the copper showings. Each is about two kilometers by one kilometer in extent with chargeability values ranging from 20 to over 50 msec, against a background of 4 to 8 msec.
A thin cover of volcanic ash obscures much of the area, but scattered outcrops indicate geology consists of stocks of younger fine-medium grained, quartz diorite and andesite porphyry intruding metavolcanics. Independent petrology confirms that alteration consists of quartz-sericite-chlorite and sericite-clay-chlorite. These alteration assemblages are common to Philippine porphyry systems and are usually transitional to the core potassic zone at depth. The petrology also confirms the presence of quartz veining with magnetite and the copper minerals chalcopyrite and bornite. A channel sample from the metavolcanics yielded 0.24% copper over 15 meters. This suggests the strong chargeability anomaly below is of considerable potential. High molybdenum values of 806 parts per million over a 10 meter trench are associated with a younger quartz diorite stock at Calantas, and also suggest a porphyry source.
The results of a trenching and channel sampling program at El Paso, originally disclosed in an October 4, 2005, press release, appear in the following compilation map and table. High copper values in the 1% plus range were outlined in most trenches over lengths from three meters to 30 meters.
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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). The Company is carrying out three major drill programs: resource delineation and expansion drilling on the Kay Tanda epithermal gold-silver prospect where a NI 43-101 compliant resource estimate is in progress; reconnaissance drilling on the Calo porphyry copper-gold prospect; and advancing a significant nickel laterite prospect towards early 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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