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Oct 22, 1997
Encouraging Results from Pan de Azucar, Philippines
MRL Gold Philippines Inc. (``MRL''), a wholly-owned subsidiary of Mindoro Resources Ltd. (``Mindoro''), announces encouraging initial exploration results from its Pan de Azucar gold project, Iloilo Province, Philippines. Exploration, underway since June, 1997, consists of detailed geological and soil geochemistry surveys. Of 1,180 soil samples collected from 36 line-kilometres of grid, results from 80% have been received and they outline strong gold, arsenic and copper anomalies.

A ring of andesite and dacite volcanic peaks surround a central depression, approximately 1.2 by 1.2 kilometres, which is underlain by volcanic flows, agglomerates, volcaniclastics and sediments. Hydrothermal alteration is intense and extensive. The size of an outer chlorite-epidote-albite (propylitic) alteration halo remains to be fully defined. This halo encloses a sericite-quartz-pyrite (phyllic) altered core, believed to be at least 1 by 1 kilometre. Pervasive silicification within the phyllic core, associated with abundant iron oxides and sulphides, forms an extensive ferruginous zone, or gossan.

The strongest gold soil anomaly, some 300 by 100 metres within the phyllic zone, has 36 values greater than 100 parts per billion (ppb), with a maximum of 1,600 ppb gold (1.6 grams per tonne(g/t)). The gold anomaly has coincident arsenic and copper anomalies up to 510 parts per million (ppm) and 385 ppm respectively. Arsenic and copper soil anomalies to 301 ppm and 570 ppm, respectively, also occur 250 metres southwest and are greater than 300 by 300 metres in size. Associated gold values attain a maximum of 50 ppb. Additional gold, arsenic and copper anomalies occur within the phyllic zone. Rock grab samples to 3.6 g/t gold were previously reported.

MRL's preliminary geological interpretation is of a volcanic centre, possibly a caldera, with moat-fill volcanic and clastic rocks within the depression. Petrographic and mineralogical work suggest epithermal characteristics for the alteration/mineralization system. Favourable potential exists for shallow depth stratabound, replacement gold mineralization within permeable clastics, and for deeper porphyry-style mineralization. Weathering (oxidation and argillization) of the phyllic zone has been intense and a leached lithocap is interpreted.

Favourable geology, size and intensity of the mineralizing hydrothermal system, and associated gold, copper and arsenic anomalies are encouraging and Pan de Azucar is a high priority prospect. Trenching and geophysics, if warranted, are planned for November, 1997. If results continue to be favourable, MRL anticipates drilling in the first quarter of 1998. MRL is also actively exploring its Agata, Tapain Main, Tapian San Francisco, and Mat-I gold projects in the Philippines.

In Indonesia, Mindoro is active on three of its eight projects. Exploration will soon resume on Concession 11 in Myanmar where monsoon rains will shortly finish.

Mindoro Resources Ltd. is a Canadian mineral exploration company focusing on gold and copper exploration in Asia. Mindoro currently has working capital of approximately $3,900,000.


The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.
 
 

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