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Nov 10, 2008
Mindoro's Batangas Joint Ventures On Track For 2009
EDMONTON, Alberta; November 10, 2008 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) is pleased to provide an update on the status of its Batangas Project joint ventures with a member of the Gold Fields group of companies and with Avocet Mining PLC.
On September 3, 2008, Mindoro reported that a non binding letter agreement had been signed with a member of the Gold Fields group of companies, establishing the basic commercial framework whereby Gold Fields may earn up to a 75 percent interest in each of Mindoro's El Paso, Lobo and Talahib porphyry copper-gold projects located in the Batangas Province of southern Luzon, the Philippines. Gold Fields was granted a 90 day period within which to conduct further due diligence.
Gold Fields has advised that the due diligence is proceeding satisfactorily. Preparation of a formal agreement is well-advanced and program planning has commenced.
On September 23, 2008, Mindoro reported that a Memorandum of Understanding had been signed with Avocet Mining PLC, a London-based AIM listed gold producer, which will allow Avocet to earn up to a 75 percent interest in Mindoro's Archangel Project, also in the Batangas Province. Archangel includes the Kay Tanda epithermal gold-silver resource as well as several porphyry copper-gold prospects. Avocet will undertake an initial six month due diligence period which will include a minimum requirement of 1,500 meters of diamond drilling.
Avocet has advised that it commenced field work in October and is preparing for a 1,500 metre diamond drilling programme at Kay Tanda. Field work is ongoing and includes geological mapping of structures hosting high-grade epithermal veins at depth, preparation of access roads and drill pads, and support of Mindoro's Community Relations programmes. Avocet has contracted Indodrill Philippines Inc. to conduct the drilling, which is expected to commence in early December. Indodrill is an independent contractor with considerable experience in man portable diamond drilling in Southeast Asia.
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on building shareholder value through diverse resource exploration in the Philippines and by advancing early stage opportunities to production or joint venture. In keeping with this multi-commodity strategy, Mindoro has announced an initial NI 43-101 compliant nickel-iron-cobalt resource estimate on its Agata North project, where resource expansion drilling has recently been completed. A final resource estimate for Agata will be released in late November. NI 43-101 compliant mineral resource estimates have also been released for the Kay Tanda and SW Breccia gold and silver projects. Mindoro has also identified more than 20 porphyry copper-gold prospects on its Batangas, Pan de Azucar and Surigao projects.
For further information, contact:
INVESTOR RELATIONS -- CANADA
Mindoro Resources Ltd.
Penny Gould, President: email@example.com
Toll Free: 1.877.413.8187
Renmark Financial Communications Inc.
Barbara Komorowski: firstname.lastname@example.org
Jason Roy: email@example.com
INVESTOR RELATIONS -- EUROPE
Richard H. Mayr: firstname.lastname@example.org
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
This release may contain forward-looking statements including management's assessments of future plans and operations, and expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production). The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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