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Oct 02, 2002
Drilling Commences On Pan De Azucar
Tony Climie, P. Geol., President of Mindoro Resources Ltd. (the "Company") is pleased to advise that drilling has commenced on the Company's Valderama Deposit (Pan de Azucar Project, Philippines). An 1,100 meter (m) drill program in late 2001 discovered a tabular, massive pyritic sulphide deposit at shallow depth (Valderama Deposit), with associated copper, gold, silver and zinc mineralization (see releases of July 10, January 9, 2002, December 3, and October 2, 2001).

The Valderama Deposit has been only partially outlined and is open in most directions. Based on drill results to date and extent of geophysical and geochemical anomalies, a reasonable target objective is 15-20 million tonnes, containing 1.5 to 2 million ounces gold equivalent. Given the uniformity seen to date in the Valderama massive sulphide deposit, a total of 1,100 m of drilling in 10 to 12 holes should allow for a preliminary resource estimate (the full Pan de Azucar technical report dated June 24, 2002, is available on SEDAR at After drilling the first 3 to 4 step-out holes on the Valderama Deposit, the Company will evaluate the future direction of the drill program, taking into consideration recent exciting results from the Lobo Project reconnaissance program (see below), which have substantially increased the priority of the Lobo Project.


Recent reconnaissance work defined 2 major epithermal veins: the Sampson and Camo Veins, each thought to be over 2 km long, up to 19 m wide in old mine workings, and with widely-distributed, high gold-silver-copper values (see September 16, 2002, release). It is thought that the epithermal mineralization is related to a porphyry copper-gold system below, which is consistent with other copper-gold mineral systems in the Philippines.

Support for this hypothesis is lent by the interpretation of data from a 1996 BHP Minerals regional airborne geophysical survey. Results, summarized in Figure 9 of the September 13, 2002, technical report filed on SEDAR, indicate a cluster of 6 circular magnetic highs within the Lobo Project, which are interpreted as magnetic intrusive bodies. In particular, 3 of these interpreted intrusives lie between the Sampson and Camo Veins and are associated with an area of high potassium response, interpreted as potassic alteration associated with the intrusives. Porphyry copper-gold deposits are commonly associated with magnetic intrusives exhibiting potassic alteration. Both the epithermal veins and inferred porphyry copper-gold system below are high priority drill targets.

Mindoro is a Tier One Company listed on the TSX Venture Exchange (Symbol MIO). The Company is exploring for gold and gold-copper in the high-potential magmatic arcs of the Asia Pacific Region and is presently focussed on six promising projects in the Philippines.

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: Wed Oct 9, 2002, FINAL ISSUE OF SECURITIES UNDER OFFERING

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