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Aug 10, 2007
Philippine Projects Advancing On Schedule
EDMONTON, Alberta; August 10, 2007 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) is pleased to provide an update on activities from its projects in the Philippines. The 43-101 report for the Kay Tanda epithermal gold-silver prospect is well advanced and preliminary mine planning work is in progress. At the Agata Northern Nickel Laterite Project, preliminary design of the road and starter pit have been completed and the Environmental Compliance Certificate process is well advanced. Scoping studies are also in progress. Drilling is continuing at the Calo porphyry copper-gold prospect, and advanced drill target definition work is commencing on multiple porphyry copper-gold targets at the El Paso and Archangel projects. Discussions with potential joint venture partners for some of Mindoro's over 20 porphyry copper-gold projects are taking place.
KAY TANDA GOLD-SILVER PROJECT
Preparation of the NI 43-101 resource estimate report is advanced and is expected to be completed in late August or early September. The report is being prepared by Dr. B. Rohrlach, independent geological consultant in Australia, in conjunction with Golder Associates of Brisbane, Australia. As a result of a geostatistical overview by Golder Associates (see release dated June 12, 2007) a full National Instrument 43-101 resource estimate was commissioned and an Exploration Target defined for this initial area drilled to date. The Exploration Target, at a cut-off 0.3 grams per tonne (g/t) gold, 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.
At a cut-off at 0.5 g/t gold, the 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 mineralization is still open in several directions and to depth and, at a later date, further resource extension drilling is planned. In the meantime, the focus is evaluating and advancing Kay Tanda as an open-pit, heap-leach operation. A mining engineer, Mr. Dallas Cox BE (Min), with a great deal of open-pit gold mining experience in the SW Pacific region, has been working on preliminary mine planning and scoping work. Accelerated community relations programs and environmental base line studies are being carried out.
AGATA NICKEL LATERITE
The Northern Nickel Laterite project is being fast-tracked towards production. Preliminary designs have been completed for the starter pit, the mine haul road and waste dumps. A suitable site for the ore stockpile at tidewater and wharf facility have been located. A scoping study is in progress.
Despite a recent softening in the LME nickel price, there remains demand for the nickel laterite material grading about 1.1% nickel and 40% iron. As disclosed in the company's July 13, 2007 press release, Mindoro's Exploration Target for the various laterite horizons in the Northern Laterite Project is as follows:
Combined ferruginous overburden, limonite and saprolite horizons: 50 to 60 million wet metric tonnes (WMT) at a grade of 0.9 to 1.1 percent nickel and 28 to 32 percent iron. This includes the following division of tonnage between the overburden/limonite horizon and the saprolite horizon:
An area of nickel laterite mineralization has been identified in the south of the Agata Project (the Southern Nickel Laterite), located 1.5 km from the SR Metals Mine which is in operation and shipping nickel laterite ore to China.
Drilling at the Calo porphyry copper-gold prospect continues, and is currently on the seventh drill hole. Detailed drill target definition work is being carried out on multiple targets on the newly granted El Paso project, on the Archangel project, and elsewhere. Mindoro is discussing joint venture possibilities with several companies who have expressed interest in Mindoro's more than 20 copper-gold targets.
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. . Ni, Co, Fe, MgO and Al2O3 assays are performed by AAS after an HCl-HNO3-HClO4 digest, and SiO2 by gravimetric method. Normal Quality Control and Quality Assurance procedures are being carried out, using a system of duplicate, standard and blank samples.
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.
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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