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Nov 07, 2002
Drilling Update on Pan De Azucar
Assay Results Expected Prior to Month End

Tony Climie, P. Geol., President of Mindoro Resources Ltd. (the "Company") reports the following update of drilling on the Pan de Azucar Project (the "Project"), Philippines. Drilling commenced on September 23, 2002. To date, approximately 450 metres of core drilling have been completed in 5 holes. Samples are being analysed by McPhar Geoservices of Manila. Assay results should be available prior to the end of November, and a news release will be issued at that time.

The objective of the current drilling is to extend mineralization on the Valderama Deposit and obtain enough information to arrive at a preliminary resource estimate. The Valderama Deposit is a pyritic massive sulphide deposit with promising copper-gold-silver and zinc values. It was discovered by a reconnaissance drill program in 2001.

Plans are being formulated to carry out a drilling program on the Company's Lobo and Archangel Projects (also in the Philippines), tentatively set to commence January, 2003. Recent work identifying high gold-silver-copper values on two major veins has substantially increased the priority of Lobo. Nearby at Archangel, a porphyry copper-gold system exposed in a creek bed is also a high priority target.

For further information on the Pan de Azucar Project, see news releases of October 2, July 10, January 9, 2002, December 3 and October 2, 2001. For the Lobo Project, see news releases of October 2 and September 16, 2002; and for the Archangel Project, see news release of November 29, 2000. Full technical reports for Pan de Azucar and Lobo are available on SEDAR (www.sedar.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
Email: 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.
 
 

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