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Apr 26, 2001
Mindoro Joint Ventures Pan De Azucar Project, Philippines
Tony Climie, P. Geol., President of Mindoro Resources Ltd. ("Mindoro") is pleased to announce a Joint Venture agreement with Delta Gold Limited ("Delta") of Australia on Mindoro's Pan de Azucar Project (the "Project"), Philippines. Delta, via its 100%-owned subsidiary Olympic Mines Limited, may earn up to a 65% interest in the Project from Mindoro's wholly-owned subsidiary, MRL Gold Phils., Inc and its Filipino partner, Minimax Mineral Exploration Corporation ("Minimax"), as follows:
STAGE 1: Delta may earn a 45% interest in the Project by spending A$4.5 million on exploration within four years, with minimum annual expenditures of A$250,000 to maintain its earning rights. At the end of Stage 1, the Project interests will be Delta 45%, Mindoro 30% and Minimax 25%. Mindoro shall be the operator initially. Delta has the right to assume operatorship after the first year
STAGE 2: Delta may earn a further 10% (total 55%) from Mindoro and Minimax by completing a Bankable Feasibility Study within a further three years. Within 90 days of receiving the Bankable Feasibility Study, Mindoro may elect to participate at 25% or revert to a 2% net smelter royalty.
STAGE 3: Delta may purchase a further 10% from Minimax (total 65%) by making a cash payment amounting to 0.5% of the gross value of mining reserves. In the event that Delta does not exercise this right, then Mindoro may do so under the same terms.
Delta is a large Australian gold mining company that produced over 600,000 ounces in 2000 from interests in several mines in Australia, including the Granny Smith Mine, the second largest gold mine in Australia. Delta will bring considerable financial and technical backing to the Joint Venture.
The Pan de Azucar Project is situated on Panay Island in the Philippines. Work by Mindoro since 1997 has established the presence of a large (2 by 2 kilometers), high-sulphidation gold-copper system that is now at the drill stage. The Project is considered to have excellent potential for a high sulphidation gold-copper deposit at shallow depths (similar to the major Lepanto Mine, Philippines), as well as for a related porphyry gold-copper deposit beneath (a similar geological relationship is inferred to the Far Southeast Porphyry Deposit, which occurs immediately below, and is related to, the Lepanto Mine).
An induced polarization survey is planned to further refine drill targets, followed by diamond drilling. Work is planned to commence in June, 2001. Further information on the Project may be obtained from Mindoro's website at http://www.mindoro.com.
Mindoro is a Canadian mineral exploration company focusing on gold-copper exploration in the Asia-Pacific region. Also in the Philippines, Mindoro has a large ground holding with promising gold-copper prospects near the exciting new Boyongan gold-copper discovery of Anglo American/ Philex Gold; as well as high-grade gold reserves on its Lobo Project, a porphyry gold-copper prospect at the drill stage on its Archangel Project and, in Indonesia, is near finalization of a joint venture on its Tiris Project.
Mindoro trades on the Canadian Venture Exchange under the symbol MIO. For further information, contact Penny Gould, Executive Vice President: Phone: (780) 413-8187; Fax: (780) 426-2716; Email: email@example.com; Website: http://www.mindoro.com. The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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