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Jan 29, 2009
Mindoro Reports Progress On The Batangas Joint Ventures
EDMONTON, Alberta; January 29, 2009 - 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. In late November 2008, Gold Fields advised it was working on a draft of the formal joint venture agreement and Mindoro agreed to an extension of the terms under the letter agreement. Mindoro recently received the draft of the formal joint venture agreement which it is now reviewing.
Planning for the 2009 field programs is well underway. Gold Fields has advised that it anticipates the first drill program will commence on the Lobo porphyry copper-gold project prior to the end of the first quarter.
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 has advised that field work has been on-going since October 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 an initial minimum 1,500 meters of diamond drilling at Kay Tanda. Indodrill is an independent contractor with considerable experience in man portable diamond drilling in Southeast Asia. Avocet advises that the rig is enroute to site and expected to arrive within the week. Additional information regarding the drill program will be released once the rig has arrived on site and the drilling has started.
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on copper-gold and nickel exploration in the Philippines with a strategy of advancing early stage opportunities to production or joint venture. Mindoro has NI 43-101 resource estimates on its Agata North nickel-cobalt project and on both its Lobo (SWB) and Archangel (Kay Tanda) gold-silver projects. Mindoro has identified 22 porphyry copper-gold prospects and has a Memorandum of Understanding with Avocet Mining and a Letter of Agreement with Gold Fields covering its Batangas projects.
Mindoro is well positioned to capitalize on the global demand for gold in 2009 with plans underway to drill the Kay Tanda and Lobo gold projects, funded by Avocet and Gold Fields, and drill the American Tunnels gold project. Additional 2009 objectives include finalizing one to two additional joint venture arrangements on Mindoro's porphyry copper-gold prospects at Pan de Azucar and Surigao and identifying a suitable partner to fund development of the significant Agata North nickel resource.
For further information, contact:
INVESTOR RELATIONS - CANADA
Mindoro Resources Ltd.
Penny Gould, President: firstname.lastname@example.org
Tel: 780.413.8187 or Toll Free: 1.877.413.8187
Renmark Financial Communications Inc.
Barbara Komorowski: email@example.com
Jason Roy: firstname.lastname@example.org
INVESTOR RELATIONS - EUROPE
Robert Sarcher: email@example.com
Tel. 49 821 6089051
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 and the uncertainty of the availability of capital). 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.
You can view the Next Press Releases item: Thu Feb 5, 2009, Drilling Commences On Mindoro'S Kay Tanda Gold Resource
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