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Sep 19, 2001
Mindoro Negotiates Extensions To Earning Periods on Philippines Projects
Tony Climie, P. Geol, President of Mindoro Resources Ltd., ("Mindoro") announces that Mindoro, through its subsidiary MRL Gold Phils. Inc., has reached an agreement with its Philippine's partner, Minimax Mineral Exploration Corporation ("Minimax"), to extend the earning periods on its Pan de Azucar and Agata Projects, Philippines. The new agreement extends both the Pan de Azucar Project Phase Two and the Agata Project Phase Three Earning Periods to January 1, 2003. Upon receipt of regulatory approval, Mindoro shall issue to Minimax 150,000 common shares for each of the Pan de Azucar and Agata Projects, for a total of 300,000 shares.
Pursuant to a 1997 Memorandum of Agreement entered into by Mindoro and Minimax, Mindoro has the right to earn up to a 75% interest in five mineral projects located in the Philippines through phased exploration expenditures (see news release of March 10, 1997). Mindoro may earn interest of 10% in Phase One, 30% in Phase Two and 35% in Phase Three, for a total of 75% in each Project. To date, Mindoro has earned 40% interest in the Agata Project, and 10% interest in the Pan de Azucar Project. Of the remaining projects included in the Memorandum of Agreement, 10% interest has been earned in the Tapian and Mat-I Projects and no work has been carried out on the Lahuy Project pending resolution of a title dispute.
PAN DE AZUCAR PROJECT
An 800 metre diamond drill program is currently underway on the Pan de Azucar Project. Mindoro is operator at present and the program is funded by joint venture partner Delta Gold Limited of Australia, through its subsidiary Olympic Mines Limited (see news releases of April 26 and July 17, 2001). It will likely take an additional six weeks to complete the drill program.
A reconnaissance drill program was carried out on the Agata Project in 1999 (see news release of November 17, 1999). Agata is part of Mindoro's extensive holdings of 25,084 hectares, located in the Philippine's Surigao Gold District and in close proximity to the major Boyongan copper-gold discovery of Philex Gold/Anglo American.
Mindoro is a Canadian mineral exploration company exploring for gold-copper 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: (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.
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