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Jan 19, 2011
Mindoro Moves Towards Pre-Feasibility with Advanced Metallurgy Tests
"The company is moving rapidly to a second stage of metallurgical testing to build on the exceptional results achieved in the first round," said Mindoro's President and Chief Executive Officer Jon Dugdale. "The results of this work will form the basis of a pre-feasibility study into what is potentially a very low operating cost project."
The metallurgical sample drilling will comprise 300 metres of larger, HQ, diameter drill core to generate approximately 1,400 kilograms of samples for a second stage of bench scale metallurgical testing. This will include further testing of acid leach processing as well as thermal upgrading (pyrometallurgical) to produce a value-added shipping product.
The high-grade definition drilling will comprise 735 metres of standard diameter drill core, in three areas, to define variability and determine the extent of low-grade "boulders" in high-grade saprolite material. This will allow the company to determine the feasibility of selectively extracting higher-grade, >1.8% Nickel, material suitable for electric arc furnace nickel pig iron production, for which the market remains particularly strong in China.
It is expected that the testing program will commence in late February. The results of these testing programs will form the basis of a pre-feasibility study into a staged and integrated on-site nickel processing project. Any additional resource defined during the regional drilling program will be added to the pre-feasibility study development plan.
On behalf of the board of directors,
President and CEO
For further information about Mindoro, please contact:
Australia: Jon Dugdale, President and CEO, Tel: +61 3 9614 5055
Nathan Ryan, NWR Communications, Tel: +0420 582 887,
Canada: Penny Gould, VP Investor Relations, Tel: +780.413.8189, Toll free 1.877.413.8187
Germany: Robert Sarcher, Aprendo Capital, Tel: +49.821.6089051
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO), Australian Securities Exchange (MDO) and 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 has NI 43-101 Mineral Resource estimates on its Agata nickel-cobalt project and NI 43-101 Mineral Resource estimates on its Lobo and Archangel (Kay Tanda) gold-silver projects, as well as an additional 22 porphyry copper-gold prospects. Senior gold producer, Gold Fields, may earn 75% interest in three of Mindoro's projects at Batangas through direct project expenditure.
Mindoro is assessing the potential to develop a value-added direct shipping ore (DSO) nickel operation to generate early cash flow as well as large scale potential for an onsite processing plant in the Surigao District, Mindanao, where the company controls major nickel laterite resources and is drill testing regional targets. An integrated preliminary economic assessment on the Agata nickel laterite project is expected to be completed in the first quarter of 2011, leading to commencement of a prefeasibility study into an integrated on site nickel processing project.
Three drill programs are currently in-progress on the Company's projects including regional nickel drilling at Surigao; copper-gold drilling at Pan de Azucar and gold and copper-gold drilling by Gold Fields at Lobo (Batangas).
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.
Tony Climie, P.Geol, is Mindoro's Qualified Person as defined by National Instrument 43-101 and is a competent person as defined by the JORC Code, who is responsible for monitoring the supervision and quality control of Mindoro's exploration programs and who has reviewed and verified the technical information contained in this news release. Mr. Climie is an executive and a director of Mindoro and is a member of the of the Alberta Professional Engineers, Geologists and Geophysicists Association. Mr. Climie has more than five years of experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he has undertaken. Mr. Climie has consented to the release of the technical information in the form and context in which it appears.
The Company's resource estimates were originally prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum classification system. NI 43-101 is a rule developed by the Canadian Securities Administrators that governs how Canadian issuers disclose scientific and technical information about mineral projects and which is broadly equivalent to the JORC Code in Australia. All resource information is also expressed in terms of the JORC Code.
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.
You can view the Next Press Releases item: Mon Jan 24, 2011, Mindoro Drills Further Strong Nickel Intersections From Bolobolo
You can view the Previous Press Releases item: Fri Jan 14, 2011, Interview With Mindoro's CEO Jon Dugdale
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