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Sep 26, 1997
Mindoro Resources Acquires Additional Philippines Claims
Mindoro Resources Ltd. ("Mindoro") announced today that MRL Gold Phils., Inc. ("MRL"), its wholly-owned Philippines subsidiary, has acquired an additional 80 mining claims contiguous to its Agata Project, bringing its interests in Agata to a total of 99 claims (7,850 hectares) covering an area within the Surigao Gold District that is highly prospective for gold mineralization.
33 of the additional claims (the "Agata Extension") were acquired through an Exploration Agreement With Option To Purchase (the "Agreement"). Pursuant to the Agreement, MRL may acquire a 100% interest in the Agata Extension, subject to a 2% gross royalty, by making payments of Pp 120,000 (Cdn $5,000) on signing; Pp 60,000 (Cdn $2,500) in years two and three, and Pp 100,000 (Cdn $4,100) in years four through six. Throughout the duration of the Agreement, MRL may elect to purchase a 100% unencumbered interest in any of the 33 claims by making a payment of Pp 500,000 (Cdn $20,500) per claim. Minimax Mineral Exploration Corporation ("Minimax") is entitled to a 25% interest in the Agata Extension as it lies within an area already subject to a joint venture agreement between Minimax and Mindoro. Acquiring the Agata Extension consolidates and extends MRL's holdings in an area of promising geology and known gold occurrences.
MRL has the right to earn a 75% interest in the remaining 47 new claims, identified through due diligence as held in good standing by Minimax and for inclusion in the Agata Project. MRL's exploration work on the Agata Project has been in progress since June, 1997. Geology consists of ultramafics, sediments (including limestones), and basement schists, all intruded by a series of high-level intermediate intrusions controlled by the adjacent Philippines Fault. Abundant ``high-grader'' gold workings and prospects are on the Agata Project. Ongoing detailed exploration is prioritizing prospects with the objective of defining drill targets by the first quarter of 1998.
MRL's due diligence identified 11 additional claims (891 hectares) contiguous with MRL's Tapian Project, held in good standing by Minimax which will be included in that project. The Tapian Project is 15 km north of the Agata Project and covers similar geology. It includes several pre-World War II gold mines and abundant inactive "high grader" gold workings. The Tapian Project now consists of 30 claims (2,430 hectares). Detailed exploration by MRL has been in progress since June, 1997, with the objective of defining drill targets by the first quarter of 1998.
Mindoro is currently exploring four of its six Philippines projects and three of its Indonesian projects. Exploration will resume in Myanmar at the end of the monsoon rains in October/November.
Mindoro Resources Ltd. is a Canadian mineral exploration company focusing on gold and gold-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.
You can view the Next Press Releases item: Wed Oct 22, 1997, Encouraging Results from Pan de Azucar, Philippines
You can view the Previous Press Releases item: Thu Aug 28, 1997, Mindoro Announces Management Changes
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