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Mar 12, 2001
EXTENSIVE NEW LAND ACQUISITIONS NEAR MAJOR BOYONGAN COPPER-GOLD
Tony Climie, P.Geol., President of Mindoro Resources Ltd. ("Mindoro") is pleased to announce further land acquisitions near the exciting new Boyongan copper-gold discovery of the Anglo American/Philex Gold joint venture, Surigao Gold District, Mindanao, Philippines. Impressive copper-gold grades over significant intervals and areal extent have been outlined (see Philex Gold releases of March 6, 2001, November 7 and September 15, 2000). Two remarkable intersections are reported; hole 6, with 329 meters of 0.9% copper and 2 grams per tonne (g/t) gold (bottomed in mineralization) and hole 14, 300 meters to the northeast, with 205 meters of 1.67 % copper and 3.46 g/t gold (partial results only available from this hole). Although at an early stage of evaluation, initial results suggest this is a very large and high grade porphyry copper-gold deposit in the league of the Grasberg (Indonesia), Ok Tedi (PNG) and Far Southeast (Philippines) copper-gold deposits. It is believed that Boyongan is emerging as an extremely significant exploration success with important implications for Mindoro.
Mindoro has been exploring four projects in the Surigao Gold District since 1997 and has defined numerous promising gold and copper-gold prospects (see web site for summary of these prospects). Upon the initial news of the Boyongan discovery, Mindoro's Philippines partner, Apical Mining Corporation (an affiliate of Minimax Mineral Exploration Corporation), made application for extensive additional land holdings in the district over extensions of the favorable geological settings. The Mines and Geosciences Bureau has accepted and recorded these applications, which will now be processed routinely through to the formal approval stage.
These new applications are for a Mineral Production Sharing Agreement totaling 8,019 hectares (ha) immediately to the south and north of Mindoro's Agata Project, and an Exploration Permit covering 8,910 ha east and south of its Tapian Main Project (see accompanying map showing existing and new projects, as well as significant mineral prospects on these projects). Both of the new applications cover favorable geological settings and bring total Mindoro land holdings in the Surigao Gold District to 25,084 ha. Mindoro's wholly owned Philippines subsidiary MRL Gold (Phils) Inc. can earn a total 75% interest in the projects from Apical/Minimax though phased exploration expenditures.
Mindoro has defined a porphyry copper-gold prospect on its Tapian San Francisco Project, ten km from Boyongan and in a similar structural setting; plus gold prospects and gold-copper anomalies on Tapian Main; two areas of significant gold mineralization intersected by reconnaissance drilling at the Agata Project with an interpreted porphyry copper-gold target nearby; and other copper and gold targets on the Agata and Mat-I Projects.
The Surigao Gold District has abundant inactive and active gold mines and prospects. Past exploration emphasis has been for gold. In many cases these gold occurrences are believed to be associated with adjacent and underlying porphyry copper-gold systems at shallow depths, and the Boyongan discovery emphasizes the very high potential for copper-gold exploration near known gold occurrences. Mindoro believes that a major porphyry copper-gold play will develop in the Surigao Gold District as the significance of Boyongan becomes better understood. With its extensive land holdings, and numerous gold and copper-gold prospects, Mindoro is in an excellent position to capitalize on the financing and joint venture opportunities that are likely to emerge.
Mindoro is a Canadian mineral exploration company focusing on gold and gold-copper exploration in the Asia Pacific region. Mindoro trades on the Canadian Venture Exchange under the symbol MIO.
For further information,
contact Penny Gould, Executive Vice President.
Phone: (1-780) 413-8187
Fax: (1-780) 426-2716
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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