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Mar 05, 2010
Significant Upgrade For Kay Tanda Gold-Silver Resource
The new resource estimate was carried out by gold miner Avocet Mining PLC, and audited and verified on behalf of Mindoro by Dallas Cox, BE (Min), an independent qualified person as defined by NI 43-101. The new estimate was the result of drilling an additional 14 new core holes (for 2,041 meters) at a new orientation, as well as creation of a more detailed mineralization and geological domain model than for the previous estimate.
This resource estimate is based on 200 drill holes, (160 reverse circulation and 40 diamond drill holes). The resource estimation process was based on the length-weighted inverse distance squared technique within constrained grade wireframes. Avocet used a cut-off of 0.3 g/t Au for oxide and 0.5 g/t Au for transition and sulphide material. High grade gold and silver outliers were top cut based on a log probability analysis of the individual wireframe flagged data subsets. This resulted in a variable range of top cuts, from no applied cuts to a maximum of 75 g/t for gold and 250 g/t for silver. However, top cuts applied for gold were more often in the range 2 to 10 g/t and for silver in the range 10 to 40 g/t.
Previous metallurgical testing commissioned by Mindoro had produced excellent results for oxide, transitional and sulphide material. Further metallurgical scoping test work by Avocet separated samples into different mineralization styles, gold grades ranges and oxidation types. The results for all sample types indicate that gold is extractable by heap leaching techniques and conventional CIL/RIL methods.
In its due diligence evaluation, Avocet took the pragmatic approach of shallow infill drill testing of projected up-dip extensions of high-grade gold vein sets, previously intersected at deeper levels by Mindoro, into a conceptual open-pit. The conceptual pit was centered on the near-surface low-grade stockwork mineralization. The high-grade vein sets, which are probably feeder zones to the gold system, do not extend into such shallow levels. The resource has been defined over a 1km strike length and remains open to the northeast and southwest within a six km corridor of anomalous stream sediment, soil and rockchip geochemistry and IP chargeability. In addition, interpreted porphyry copper-gold related mineralization has previously been intersected by Mindoro at depth.
Summary of Resource
Tony Climie, P.Geol, is the Qualified Person responsible for monitoring the supervision and quality control of Mindoro's programs. Mr. Dallas Cox has 27 years of experience in open pit mine technical services, mine operations and management in Australia, China, Indonesia and the Philippines. His engineering, mine design and development experience in the Philippines includes Rusina Mining Limited's Acoje nickel project, Platinum Group Metals Corporation's Caga4 nickel project, Red5 Limited's Siana gold project, Metals Exploration Limited's Runruno gold-molybdenum project, Filminera Resources' Masbate gold project and Mindoro's Kay Tanda gold project. Mr. Cox is a Qualified Person as defined by NI 43-101 and he 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 large scale potential for an onsite processing plant.
Mindoro has NI 43-101 resource estimates on its Agata North nickel-cobalt project and on both its Lobo 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 of southern Luzon, where drilling is also in progress, funded by Gold Fields. Drilling on the American Tunnels project has confirmed potential for a near-surface, bulk-tonnage gold target and porphyry copper-gold targets. 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, VP Investor Relations
Tel: 780.413.8189 or
Toll Free: 1.877.413.8187
Investor Relations -- Canada
Senergy Communications Inc.
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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