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Jun 06, 2002
Agreement on Tiris Project, Indonesia
Tony Climie, P. Geol., President of Mindoro Resources Ltd. ("Mindoro") is pleased to report that an Agreement has been entered into with Asian Minerals Pty Ltd. ("Asian"), a private Australian-Indonesian company, on its Tiris Project, Sumatra, Indonesia.
Mindoro has assigned to Asian its Malaysian and Indonesian holding companies and their sole asset, the Tiris Contract of Work. Mindoro will be reimbursed by Asian, U.S.$20,000 against its security deposit lodged with the Indonesian Department of Mines. Mindoro will retain a 0.5% net smelter royalty on the first 500,000 ounces of gold production, 1% on the next 500,000 ounces of production, and 1.5% on all subsequent production.
The Tiris Project has several gold prospects, the most important of which is the Harimau Prospect. This is an epithermal gold system exhibiting strong and widespread alteration, with accompanying anomalous gold values and mineralization, over an area of at least five by two kilometers. Newcrest International of Australia, in joint venture with Mindoro, carried out a scout drill program of 1,150 meters in 6 drill holes in early 2001, without getting significant results. The small drill program, which focused on soil anomalies and was carried out in a professional manner, did not explain the source of the widespread gold in stream sediments, nor the source of high-grade float boulders, grading up to 10 grams per tonne gold. The potential of the Harimau Prospect, and other prospects at Tiris, is considered high, and the discovery of a commercially viable gold deposit would provide an attractive return to Mindoro under the terms of this Agreement.
Mindoro entered into the Agreement so that it can focus on advancing its high-potential portfolio of projects in the Philippines:
Recently announced promising drill intersections point to the discovery of a polymetallic massive sulphide deposit on Mindoro's Pan de Azucar Project, Panay Island.
A large land position (25,000 hectares), with many gold and gold-copper prospects, in proximity to the Boyongan copper-gold discovery of Anglo American / Philex Gold in the Surigao Gold District of north-eastern Mindanao.
Surigao holdings include the Agata Project, where two gold prospects are at the resource drill-delineation stage.
Gold resources and a porphyry copper-gold prospect on Mindoro's Lobo and Archangel Projects, Batangas, Luzon.
Mindoro trades on the TSX Venture Exchange under the symbol MIO. For further information, contact Penny Gould, Executive Vice President:
Phone: (1-780) 413-8187
Fax: (1-780) 426-2716
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
You can view the Next Press Releases item: Tue Jun 11, 2002, O. Reyes Appointed to Mindoro Board
You can view the Previous Press Releases item: Wed May 8, 2002, SOUTH KOREAN GOVERNMENT RESOURCE EVALUATION OF MINDORO SURIGAO PROJECTS
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