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Feb 04, 2003
Detailed Exploration Has Commenced On Lobo Project
Drilling to Commence Later This Month; Additional Prospects Located

Tony Climie, P. Geol., President of Mindoro Resources Ltd. ("Mindoro") is pleased to advise that detailed exploration work, preparatory to drilling, has commenced on the Lobo Project ("Lobo"), Philippines. East West Drilling Limited of Australia, which will be carrying out 1,000 meters of diamond core drilling in exchange for 600,000 shares in Mindoro (see release of November 27, 2002), is currently mobilizing a new man-portable drill rig from China. Drilling is expected to commence in late February.

Reconnaissance work on Lobo (see release dated September 16, 2002, or the September 13, 2002, technical report at www.sedar.com) outlined two major epithermal veins, the Sampson and Camo Veins, 0.8 km apart, and each over 2 km in strike, with widths to at least 20 meters. Reconnaissance rock sampling indicates that high copper-gold-silver values occur widely distributed in veins across the property (see accompanying map). These values appear to represent multiple, well-mineralized shoots within the vein systems. Of particular note are the high silver values (to 1,792 grams per tonne (g/t)) recorded in a number of places. The high-sulphidation, epithermal veins and breccias, a cluster of airborne magnetic anomalies, and a potassium anomaly, suggest a metal-bearing porphyry system occurs in proximity.

Detailed geological/structural mapping and trenching are being carried out on selected areas to refine drill targets. This work has already located two additional veins with visible copper mineralization near, and parallel to, the Camo Vein; as well as two occurrences of breccia-hosted copper mineralization along, or near, the trend of the Camo Vein. Trenching is in progress on these, and other mineralized showings, to prioritize drill targets. Along the northeastern part of the Sampson Vein, altered volcanic or sub-volcanic boulders, with disseminated and veinlet copper mineralization have been found. Analytical and petrographic work is in progress to establish whether these might be related to porphyry copper-gold mineralization, which is anticipated to occur near the epithermal veins.

The initial drilling will focus on locating high-grade gold-silver-copper shoots associated with the epithermal veins and breccia mineralization, extending to the porphyry targets later in the program.

ARCHANGEL
On the nearby Archangel Project, an initial inferred resource estimate for the Kay Tanda epithermal gold-silver prospect was released on January 24, 2003 (17,000,000 tonnes at 0.68 g/t gold and 2.48 g/t silver, or 370,000 oz. gold and1,300,000 oz. silver). A major company has carried out an initial inspection of the adjacent Balibago porphyry copper-gold prospect, and this has led to more detailed field evaluations by that company.

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: , Website: 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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