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Jan 22, 2010
Final Drill and Undergound Sample Results from American Tunnels
INTRUSIVE-RELATED GOLD MINERALIZATION
Holes 5 to 7 were also drilled in the American Tunnels prospect, intersecting short sections of low grade gold mineralization (hole 5; 4.40 meters of 2.44 g/t gold from 41.8 to 46.2 m and hole 7; 4.2 meters of 1.04 g/t gold from 20.3 to 24.5 m).
Underground sampling (continuous rock chips) of accessible artisanal gold workings gave the following results:
A compilation of significant gold results from underground sampling and two reconnaissance drill programs carried out to date at Agata is illustrated on the following map called Gold Highlights - Agata Project.
On October 27, 2009, Mindoro reported results from the first four drill holes at American Tunnels, which included 15 meters of 2.32 grams per tonne (g/t) gold in hole three and thick sections of anomalous copper / weak porphyry copper related mineralization in all four holes.
PORPHYRY COPPER-GOLD RELATED MINERALIZATION
Holes five to seven intersected thick sections of anomalous copper as follows:
Hole 8 was drilled 600 hundred meters north of American Tunnels into the North Target IP chargeability anomaly, intersecting meta-sediments below the ultra-mafic cap rocks. Two narrow intrusive dykes were intersected with porphyry-related alteration and weak copper mineralization. Hole 8 is likely quite distal to the porphyry mineralization source.
The following map, called Copper-Gold Highlights - Agata Project, summarizes significant porphyry related copper-gold mineralization results to date. The porphyry copper-gold potential of the six kilometer target trend on the Agata project has been confirmed by the drilling. Agata occurs in a similar geological setting to the Anglo Boyungan and Bayugo porphyry copper-gold discoveries, also in the Surigao District, which are now being advanced towards production by Philex Mining.
Tony Climie, P.Geol, is the Qualified Person responsible for monitoring the supervision and quality control of Mindoro's programs and who has reviewed and verified the technical information contained in this news release.
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on exploration in the Philippines with a strategy of advancing early stage opportunities to production or joint venture. Mindoro controls major nickel laterite resources in the Surigao District, Mindanao, where potential for a direct shipping ore (DSO) operation to generate early cash flow is being investigated as well as long term potential for an onsite processing plant. Mindoro also has NI 43-101 resource estimates on both its Lobo (SWB) and Archangel (Kay Tanda) gold-silver projects. Mindoro has identified 22 porphyry copper-gold prospects and has three joint venture projects with Gold Fields in the Batangas area, Philippines.
In addition to advancing the nickel laterite projects, drilling funded by Gold Fields is in progress on the El Paso copper-gold project and soon to start on the Lobo project. Drilling has recently been competed on the American Tunnels gold and copper-gold targets. Mindoro is assessing various alternatives to commercialize the Kay Tanda gold resource in the best interests of the shareholders. Other objectives include finalizing joint venture arrangements on Mindoro's porphyry copper-gold prospects at Surigao.
For further information, contact:
Mindoro Head Office
Penny Gould, President firstname.lastname@example.org
Tel: 780.413.8187 or
Toll Free: 1.877.413.8187
Investor Relations - Canada
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Investor Relations - Europe
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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 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.
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