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Jun 01, 2010
Gold Fields Commence Drilling Mindoro's Lobo Copper-Gold Targets
EDMONTON, Alberta; June 1, 2010 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) is pleased to advise that Gold Fields Ltd. ("Gold Fields") has commenced drilling on Mindoro's Lobo gold and copper-gold project, one of the three projects comprising the Batangas joint ventures, the Philippines. Both the porphyry copper-gold and epithermal targets will be tested.
Diamond drilling will test a prominent copper-gold-molybdenum in soil anomaly identified during recent infill soil sampling on the Pica prospect and located immediately southwest of the porphyry copper-gold mineralization intersected by Mindoro in 2005 (Pica drill hole 2, intersected 213-m @ 0.18 % copper, 0.30 g/t gold and 1.91 g/t silver from 22 to 235-m). Gold Fields' first hole, 100-m south-southwest of Pica hole 2, is in progress.
Subsequent drilling will test high-grade epithermal gold mineralization associated with vein breccia trends, mapped over five to seven kilometers at Lobo, and where Mindoro previously defined the SW breccia NI 43-101-compliant gold resource (measured and indicated resource: 270,000t @ 6.5 g/t gold and inferred: 61,000t @ 5.35 g/t gold, open to depth and to the south-west, for details see news release dated January 4, 2005). Gold Fields has also completed infill and extensional soil sampling over a cluster of gold prospects at Lobo. Partial assay results from the recent program have been received and define a prominent northeast-trending 1,700-m long by 200 to 500-m wide semi-continuous gold anomaly in the Ulupong-Sawahan prospect coincident with anomalous copper, lead, zinc, molybdenum, arsenic, bismuth, and silver values. The soil anomalies are generally coincident with the epithermal vein breccia trends.
Gold Fields may earn up to 75% 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.
Tony Climie, P.Geol, is the company's Qualified Person as defined by National Instrument 43-101, who is responsible for monitoring the supervision and quality control of Mindoro's exploration 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 advanced as well as large scale potential for an onsite processing plant.
Mindoro has NI 43-101 Mineral Resource estimates on its Agata North nickel-cobalt project (November 2009) totaling Measured and Indicated 26.92 million dry metric tonnes (DMT) at 1.11% Nickel and 0.06% Cobalt and Inferred 3.79 million DMT at 1.06% Nickel, 0.05% Cobalt. The Surigao regional exploration target is 50 million to 70 million DMT at 0.9% to 1.2% Nickel (January 2010).
Mindoro also has NI 43-101 Mineral Resource estimates on both its Lobo and Archangel (Kay Tanda) gold-silver projects. Mindoro has identified 22 porphyry copper-gold prospects and has three projects in the Batangas area of southern Luzon which are the subject of a farm-in arrangement whereby Gold Fields Ltd may earn 75% through direct project expenditure. Goldfields has commenced drilling on the Lobo project.
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 progressing joint venture discussions 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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