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Apr 29, 2009
In response to the many enquiries received, we are providing the following brief update on the status of our projects and partners:
AVOCET AND KAY TANDA DRILL PROGRAM
Avocet is approximately halfway through their minimum 1,500 meter drill program and we are awaiting results of the drilling to date. We have granted Avocet an extension to August 31, 2009, to complete their due diligence, aimed at completing a fast-tracked, but comprehensive evaluation of the Kay Tanda Project, with a view to making a decision to enter Pre-Feasibility and progress to Feasibility.
Select the following link for additional information on the terms of the Avocet joint venture: MINDORO-AVOCET JOINT VENTURE
GOLD FIELDS AND BATANGAS
All negotiations and legal issues on the Batangas Joint Venture with Gold Fields have been resolved and we are awaiting a clean copy of the Memorandum of Agreement (MOA) from Gold Fields for signing. In the meantime, Gold Fields has been carrying out low-key mapping work, re-logging of drill core and modeling of our induced polarization data.It's thought they'll have full scale exploration underway in May. We expect to disclose details of the up-coming drill programs subsequent to signing the MOA.
Select the following link for additional information on the terms of the Gold Fields joint venture: MINDORO-GOLD FIELDS JOINT VENTURE
AMERICAN TUNNELS - AGATA PROJECT
Detailed mapping of the American Tunnels area, including the abundant small scale gold and copper workings, has been completed and drill targets are being refined. Three drill companies were invited to tender bids for the initial American Tunnels drill program; IndoDrill, based on their exemplary performance to date at Kay Tanda, is favored, but they will likely not have a rig available before late May. However, we believe getting the right driller, who will do the best job, is more important than rushing into the program.
In the meanwhile, we've had reports from the local miners at American Tunnels of some interesting new small scale workings. The locals are reportedly recovering about 4-6 g/t gold (not verified by Mindoro) from an area of intense quartz -- calcite stockworking with abundant pyrite.We have initiated a sampling program and hope to have assay and petrography results within the next seven to ten days.
Select the following link for additional information on Mindoro's American Tunnels copper-gold project: AMERICAN TUNNELS COPPER-GOLD PROJECT
AGATA NORTH NICKEL LATERITE
A letter has been prepared setting out summary parameters of Mindoro's substantial nickel-cobalt-iron resource and soliciting expressions of interest to finance development in return for equity in the project and a secure long term source of supply. This is being translated and both English and Mandarin versions are being sent out in a major marketing campaign to Chinese steel companies.
Select the following link for additional information on Mindoro's NI 43-101 nickel-cobalt-iron resource: AGATA NORTH NI 43-101 RESOURCE
We recognize that many of these programs have suffered from delays that, although out of our control, are nonetheless frustrating. But I believe we are now on the verge of a new beginning. As gold continues its inevitable climb towards $1,000 per ounce, and China continues its inevitable march towards development, Mindoro intends to be at the forefront of the inevitable resource recovery with new resources, new discoveries, and new partners.
Thank you for your patience and support. I encourage you to contact me by email, or at one of the telephone numbers below, if you would like to further discuss our programs.
MINDORO RESOURCES LTD.
Penny Gould, President
Tel: 780.413.8187 or Toll Free (N. America): 1.877.413.8187
Renmark Financial Communications Inc.
INVESTOR RELATIONS -- EUROPE
Tel. 49 821 6089051
You can view the Next Press Releases item: Tue May 5, 2009, Mindoro And Gold Fields Sign Memorandum Of Agreement
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