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Dec 03, 2010
Gold Fields Commences Drilling On Mindoro'S Lobo High Grade Gold Target
EDMONTON, Alberta; December 3, 2010 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) is pleased to advise that Gold Fields has commenced drilling high-grade epithermal gold targets on Mindoro's Lobo gold-copper project, one of three projects comprising the Batangas joint ventures, Philippines. Approximately 2,200 meters of drilling is planned initially.
Two drill rigs have commenced drilling at the Old Lobo Mine. Drilling will test depth extensions of the Old Lobo Mine, and the immediately adjacent West Drift gold shoot on the Sampson epithermal gold-copper trend. The Sampson Trend is one of two gold-copper epithermal vein breccia trends at Lobo, together aggregating from five to seven kilometers of strike length. The Lobo Mine was operated by American interests in the 1960's and copper and gold concentrates sent to Japan.
In 2004, Mindoro scout drilling below the West Drift shoot, immediately adjacent to the Lobo Mine, and intersected 18.9 meters of 7.42 grams per tonne (g/t) gold (12 meters estimated true width), including 4 meters of 29.46 g/t gold, at a vertical depth of 120 meters in hole 38 (news release dated November 8th 2004).
In 2003-2004, Mindoro drill-defined a NI 43-101-compliant indicated resource at SW Breccia on the adjacent and parallel Camo Trend, with an estimated 270,000 tonnes at 6.49 g/t gold containing 56,380 ounces (oz) gold and additional inferred resource of 61,000 tonnes at 5.35 g/t gold containing 10,540 oz gold. The mineralization is near-surface and is open at depth and to the south-west.
The accompanying figure shows the location of the Camo and Sampson epithermal vein breccia trends at Lobo, the location of the SW Breccia resource, Old Lobo Mine, West Drift, as well as other significant intersections made by Mindoro on its reconnaissance drill programs.
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 Mindoro's Qualified Person as defined by National Instrument 43-101, who is responsible for monitoring the supervision and quality control of Mindoro's regional 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 nickel, copper and gold 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 the company is assessing the potential to develop a value-added direct shipping ore (DSO) operation to generate early cash flow as well as large scale potential for an onsite processing plant.
Mindoro has NI 43-101 Mineral Resource estimates on its Agata nickel-cobalt project totaling Measured and Indicated 32.6 million dry metric tonnes (DMT) at 1.04% Nickel and 0.05% Cobalt and Inferred 1.68 million DMT at 1.04% Nickel, 0.04% Cobalt. The Surigao regional Exploration Target is 50 million to 70 million DMT at 0.9% to 1.2% Nickel (see press releases dated January 11 and September 8, 2010). Drilling of the Surigao nickel laterite exploration target is in progress.
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 percent interest through direct project expenditure.
Drilling on the American Tunnels project at Agata has confirmed potential for a near-surface, bulk-tonnage gold target and deeper porphyry copper-gold targets and at Pan de Azucar the company has commenced drilling of copper-gold and massive pyritic sulphide targets. Other gold and copper-gold targets in the Surigao region will be reviewed prior to developing proposals for further drilling or joint venture.
For further information, contact:
Mindoro Head Office - Canada
Penny Gould, VP Investor Relations
Tel: 780.413.8189 or
Toll Free: 1.877.413.8187
Mindoro Melbourne Office - Australia
Jon Dugdale, President and CEO
Tel: +613 9614 5055
Investor Relations - Canada
CHF Investor Relations
Jeanny So, Director of Operations
firstname.lastname@example.org or email@example.com
Investor Relations - Europe
Robert Sarcher, Director
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 Company's DSO and large scale production objectives are intended to provide an indication of management's current expectations and are still conceptual in nature. It is uncertain that sufficient resources will be established and if 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. The potential quantity and grade of the Exploration Target is also 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.
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 with respect to results of exploration, 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. The Company does not undertake to update forward looking statements except where required to do so by law.
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