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Jul 05, 2010
Gold Fields Commences Drilling High-Grade Gold Targets, Lobo Project
EDMONTON, Alberta; v - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) is pleased to advise that Gold Fields has commenced drilling the promising and newly-discovered Ulupong-Sawahan epithermal gold zone on the Lobo Project, one of three projects comprising the Batangas joint ventures, Philippines, where Gold Fields are earning 75 percent.
Detailed soil geochemical sampling and an aeromagnetic survey by Gold Fields have defined the Ulupong-Sawahan zone, about one kilometer east of the Camo epithermal gold-silver zone (see accompanying map). Aggregate length of Ulupong-Sawahan is 1,750 meters. Much of the zone is covered by younger cover volcanics, however, erosional windows expose strong phyllic and argillic alteration in places. Soil gold values, ranging up to 349 parts per billion gold, suggest mineralization is semi-continuous or continuous. Approximately six diamond holes, to depths of 200 meters, are proposed initially.
Mindoro had previously defined the northeast-striking Sampson and Camo epithermal vein breccia zones at Lobo, which extend over five to seven kilometers, as well as several shorter mineralized trends nearby (see map). Drilling in 2004 and 2005 partially drilled-out the SW Breccia high-grade shoot, where a NI 43-101 compliant mineral resource was defined as follows: Indicated category 270,000 tonnes at 6.49 grams per tonne (g/t) Au (56,380 oz Au) and Inferred category 61,000 tonnes at 5.35 g/t Au (10,540 oz Au), as disclosed in a news release dated January 4, 2005. The resource is open to depth and to the southwest. Additional high grade intercepts were made in large step-out reconnaissance drill holes on several other ore shoots, as shown on the accompanying map. These high grade intercepts, which were reported in news releases dated February 10, 2005, and October 21, 2005, have not yet been followed up by detailed drilling. In 2005, significant porphyry copper-gold mineralization was intersected in Pica Hole 2; 213 meters at 0.18 percent copper and 0.3 g/t gold (release dated Oct. 23, 2005).
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.
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 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 may earn 75% through direct project expenditure. Gold Fields has commenced drilling copper-gold and high-grade gold targets 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 firstname.lastname@example.org
Tel: 780.413.8187 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.
The reader is cautioned that the potential quantity and grade of the regional exploration target is conceptual in nature; it is uncertain if further exploration will result in the exploration target being delineated as a mineral resource and there is no guarantee that these resources, if delineated, will be economic or sufficient to support a commercial mining operation. The company's production objectives are intended to provide an indication of management's current expectations and are still conceptual in nature. It is uncertain that it will be established that these resources will be converted into economically viable mining reserves. Until a feasibility study has been completed, there is no certainty that these objectives will be met.
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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