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Press Releases

Jul 17, 2001
- Drilling underway on Tiris
- IP Survey on Pan de Azucar defines two targets -- drilling to commence early August

Tony Climie, P.Geol., President of Mindoro Resources Ltd. ("Mindoro") is pleased to announce that a 1,200 meter (m) drill program on the Tiris Project ("Project") in Sumatra, Indonesia, has commenced. The program is operated by Newcrest International Pty Limited of Australia which has the right to elect to earn a 75% interest in the Project (see release of June 7, 2001).

The first drill hole (HD 01) has been collared in the southern end of the Harimau Prospect to test a broad gold in soil anomaly of approximately 600 m by 400 m (Selatan Anomaly - see Mindoro website). The hole is one of two designed to test stockwork gold-silver mineralization and look for a mineralized conduit. Four additional drill holes are planned in this first drilling phase; these will explore an interpreted 2,800 m long, east-north-east structure for potential bonanza-grade epithermal mineralization. The drill program is expected to take between six and eight weeks.

A geophysical program of induced polarization ("IP") and ground magnetics has been completed on Mindoro's Pan de Azucar Project ("PDA"), Philippines, and drilling will commence early August. Delta Gold Limited of Australia, through its 100% owned subsidiary Olympic Mines Limited, may earn up to a 65% interest in PDA (see release of April 26, 2001). Mindoro is operator at present.

The geophysical program was carried out in late June by McPhar Geoservices (Philippines) Inc. P. Robertshaw, P.Geo., of Robertshaw Geophysics (Saskatoon, Canada), has completed a preliminary interpretation of results. Two separate and distinct sulphide-rich systems are interpreted; one coinciding with the Valderama Hill Zone (see PDA compilation map on Mindoro website), and the other with the Asparin Hill Zone, approximately 750 m to the northwest.

At Valderama Hill, strong high-chargeability values and low-resistivity values, correlate with previously-defined gold and copper soil anomalies. The zone appears to be flat-dipping, approximately 50 m thick, averages about 200 m wide, is at shallow depths in the north, and has a southerly plunge. Geophysical, geological and geochemical signatures suggest it may extend more than 1,600 m in a north--south direction. Valderama Hill has the characteristics of a high-sulphidation gold-(copper) system. Values of up to 2.3 grams per tonne (g/t) gold were previously obtained from surface rock grab samples, and up to 6 g/t gold in shallow, hand-auger drill samples.

The Asparin Hill Zone is characterized by moderate chargeability and high resisitivity values and is interpreted to have considerable depth extent. It appears to have a different origin to the Valderama Hill Zone and may reflect a segment of a porphyry copper-gold system, the top of which appears to be at relatively shallow depths of less than 100 m. Extent of this IP anomaly has not been fully defined at this time. This IP anomaly also correlates with soil anomalies of greater than 100 parts per million copper and 25 parts per billion gold. The survey area is characterized by low magnetic relief interpreted to be due to magnetite destruction because of strong hydrothermal alteration. An 800 m diamond drill program commencing in early August will test both targets.

Mindoro is a Canadian mineral exploration company exploring for gold-copper in the Asia-Pacific. Also in the Philippines, Mindoro has a large ground holding with gold-copper prospects near the exciting Boyongan gold-copper discovery of Anglo American/Philex Gold; high-grade gold reserves on its Lobo Project; and a porphyry gold-copper prospect at the drill stage on its Archangel 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

The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

You can view the Next Press Releases item: Wed Sep 19, 2001, Mindoro Negotiates Extensions To Earning Periods on Philippines Projects

You can view the Previous Press Releases item: Thu Jun 7, 2001, Newcrest Options Tiris Project & Drilling to Commence

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