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Sep 25, 2009
Gold Fields Commences Drilling on Mindoro's El Paso Copper-Gold Project
EDMONTON, Alberta; September 25, 2009 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) is pleased to advise that Gold Fields has commenced drilling on Mindoro's El Paso copper-gold project, one of three projects comprising the Batangas joint ventures, Philippines.
Eight diamond holes, with depths ranging from 200 to 300 meters each, are initially proposed for the El Paso Project. Four will test El Paso Hill targets and one hole each on the Kay Tabla, Talumpok, Carmona and Takaran targets. The holes will test surface copper and gold mineralization as well as magnetic anomalies. A helicopter-borne magnetic survey is planned to commence in early October.
Gold Fields has also reported results from ongoing detailed geological, ground magnetic and geochemical surveying over areas of copper-gold occurrences which are being evaluated for their porphyry copper-gold potential on the El Paso and Lobo Projects.
Gold Fields may earn up to 75 percent interest in each of Mindoro's El Paso, Lobo and Talahib Projects by sole funding exploration and a feasibility study on each project, subject to certain expenditures limits as described in Mindoro's May 5, 2009, press release.
El Paso Project
Geological mapping on the Talumpok and Kay Tabla Creek prospects has identified copper mineralization in diorite. Sampling of one showing returned 15 meters at 0.51 percent copper and 0.075 grams per tonne (g/t) gold, and on a second showing, 25 meters at 0.40 percent copper and 0.034 g/t gold.
Prospecting one kilometer south-southeast of the Talumpok prospect, within an area previously mapped as dominantly post-mineral tuff cover, has identified a window of copper-mineralized quartz diorite in a tributary of lower Calantas Creek. Mapping and channel sampling is underway to evaluate the potential of the area.
Three diorite float samples taken from a tributary of Bangin Creek returned assays in the range 4.15 to 5.58 per cent copper, 0.231 to 0.710 g/t gold and 259 to 1520 parts per million zinc. Gold Fields notes that the elevated zinc values may indicate overprinting epithermal style mineralization or the outer fringes of porphyry style mineralization.
Initial reconnaissance mapping and sampling on the Lobo Project has ranked the following priority targets for detailed follow-up: Pica-Calumpang, SW Breccia-Camo-Balisong, Nagtoctoc, Ulupong, Old Lobo-Far NE, Haliging Bato and Ligwayen-Cupang Creek. The Ligwayen-Cupang Creek prospect will be prioritized based on outcropping indications of porphyry mineralization. Detailed geological fact mapping work will continue to target the porphyry and epithermal style mineralization at Pica, Ulopong, Camo, Old Lobo Mine and SW Breccia with the aim of defining drill targets.
A senior geologist has been hired by Gold Fields to oversee exploration activities on the Talahib Project.
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 joint venture arrangements covering three Batangas projects.
Mindoro is well positioned to capitalize on the global demand for gold with drilling underway on the American Tunnels gold and copper-gold project, funded by Mindoro, and drilling now also underway on the El Paso copper-gold project, funded by Gold Fields. Final results are also awaited from due diligence drilling on the Kay Tanda gold project, funded by Avocet. Additional near-term objectives include finalizing one to two 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:
Mindoro Head Office
Penny Gould, President
Tel: 780.413.8187 or
Toll Free: 1.877.413.8187
Investor Relations -- Canada
Senergy Communications Inc.
Investor Relations - Europe
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: Tue Oct 27, 2009, Initital Drill Results Confirm Gold and Porphyry Copper-Gold Mineralization Potential at American Tunnels
You can view the Previous Press Releases item: Mon Sep 14, 2009, Mindoro Looks to Maximize Value from Kay Tanda Gold Project as Avocet Withdraws
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