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Oct 09, 2002
FINAL ISSUE OF SECURITIES UNDER OFFERING
Tony Climie, P. Geol, President of Mindoro Resources Ltd. (the "Company"), reports an issue of securities on October 4, 2002 (the "Issue"), pursuant to an offering under the TSX Venture Exchange Short Form Offering Policy (the "Offering"), previously announced July 10, 2002:
Securities       Amount Issued      Expiry of Hold Period (if any)
Common Shares        421,000                   None
Purchase Warrants    421,000                   None
Agent's Warrants      42,100                   February 4, 2003

Gross proceeds of $46,310 were received from the Issue, less commission of $4,631 paid to the agent in the Offering, Wolverton Securities Ltd. (the "Agent"). Each purchase warrant allows the holder to purchase one additional common share during the first year for $0.15 and during the second year for $0.30. Agent's warrants entitle the Agent to purchase one common share at $0.11 for two years. Total net proceeds of $251,054.10 from all issues under the Offering (see release of September 10, 2002) will be used to advance the Company's projects and for general working capital. A $10,000 retainer was previously paid to the Agent to offset expenses.

DRILLING UNDERWAY ON PAN DE AZUCAR
Drilling has commenced on the Company's Valderama Deposit (Pan de Azucar Project). Based on previous drill results and extent of geophysical and geochemical anomalies, the Valderama Deposit target objective is 1.5 to 2 million ounces gold equivalent (see news releases of October 2, September 16, July 10, January 9, 2002 and December 3, and October 2, 2001).

HIGH GRADE GOLD-SILVER-COPPER FROM LOBO SAMPLING
High gold-silver-copper values are widely distributed over several kilometers in large vein structures on the Lobo Project (see releases of September 16 and October 2, 2002). Mindoro management is extremely encouraged by results, which include:
  • 1.45 g/t gold, 487 g/t silver and 1% copper over 9 meter true-width channel sample
  • 22.4 g/t gold in float
  • up to 3.36 g/t gold, 1,792 g/t silver, and 21.5% copper in 1 meter rock-chip samples

Technical reports for both the Pan de Azucar and Lobo Projects are available on SEDAR (www.sedar.com). Previous news releases and maps are available upon request from the Company and on the Company's website (http://www.mindoro.com).

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
E-mail: mindoro@mindoro.com
Website: http://www.mindoro.com

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: Thu Nov 7, 2002, Drilling Update on Pan De Azucar

You can view the Previous Press Releases item: Wed Oct 2, 2002, Drilling Commences On Pan De Azucar

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