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Dec 08, 2011
Mindoro Resources Update on Archangel Gold Drilling Program, Results from First Hole
Three holes have been completed in the program. The initial drillhole, PL-188, cut a near surface stockwork zone and produced an intersection of 26.7m @ 2.19 g/t gold from 19m down-hole depth, including 6.7m @ 7.7 g/t gold from 22.3m.
The results are tabulated below:
The initial drillhole PL-188 provided important information as to the orientation of high-grade hydrothermal breccia veins from 1.25m @ 10.73 g/t Au, 130.6 g/t Ag from 24.5m. On the basis of this information PL-190 was drilled in a different orientation targeting northwest-southeast trending structures. PL-190 subsequently intersected a 48m down-hole thickness of hydrothermal breccia mineralisation from 1.9m. Assay results from this hole are not yet available.
Drill core samples are prepared and analyzed by Intertek Testing Services Philippines, Inc. laboratories. Gold assays were by 50 gm fire assay fusion; where gold assays greater than 3 ppm were by gravimetric finish, and by AAS where the gold values were less than that threshold. Silver and copper were determined by ICP after a four acid digest. Normal Quality Control and Quality Assurance procedures are being carried out, using a system of duplicate, standard and blank samples.
Tony Climie, P.Geo., a qualified person as defined by National Instrument 43-101, is responsible for the technical information provided in this release. Mindoro President and CEO Jon Dugdale commented "The limited program completed at Archangel has achieved the objective of determining the orientation and thickness of the targeted steeply dipping hydrothermal breccia "feeder" structures. We will aim to infill drill these structures and build the resource base at Archangel".
The location of the drill holes are shown in plan at http://www.mindoro.com/i/pdf/Archangel_drill_hole_plan_Dec_2011.pdf.
At Archangel, Mindoro has outlined a cluster of epithermal gold-silver and porphyry copper-gold prospects along a 6km x 2km zone of gold anomalies, extensive porphyry related alteration and strong chargeability induced-polarization geophysical anomalies at depth (map available on Mindoro's website).
In March 2010, Mindoro released NI 43-101-compliant resource estimates for a low to intermediate-sulphidation gold zone at Kay Tanda including a Measured and Indicated: 9.879 million tonnes at 1.06 g/t gold and 4.50 g/t silver containing 337,500 ounces gold and 1,427,800 ounces silver; and Inferred: 3.74 million tonnes at 0.81 g/t gold and 1.75 g/t silver containing 97,200 ounces gold and 210,800 ounces silver.
Drilling below the shallow resource encountered at least five steeply-dipping, higher-grade intercepts, interpreted as "feeder" zones, including intercepts of 61m at 5.12 g/t gold from 3m in KTDH-20, 64m at 3.45 g/t gold from 96m in KTRC-55 and 26m at 4.03 g/t gold and 179.16 g/t silver from surface in PLRC-23. These structures are not included in the resource estimates above due to insufficient drill definition. The drilling program in progress will aim to define the geometry of the interpreted feeder structures, prior to definition drilling to define further resources.
On behalf of the Board of Directors
President and CEO
For further information, please contact Mindoro's Melbourne office at +61 3 9614 5055.
For investor relations inquiries please email firstname.lastname@example.org, or telephone one of the following:
Australia: Nathan Ryan, NWR Communications, Tel: +61420 582 887
Canada: Jeanny So, CHF Investor Relations, Tel: +1 416 868 1079 ext. 225
Jeremy Hill, CHF Investor Relations, Tel: +1 416 868 1079 ext 238
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, gold and copper-gold exploration and development in the Philippines.
Mindoro has NI 43-101 Mineral Resource estimates on its Agata Nickel Project, in the Surigao District, Mindanao, that include Measured and Indicated resource estimates totalling 42.76 million tonnes at 1.01% nickel, for 430,000 tonnes contained nickel, and Inferred resource estimates totalling 2.435 million tonnes at 0.99% nickel. In addition the Company has NI 43-101 Mineral Resource estimates on its Lobo (2005) and Archangel (2010) gold-silver projects, as well as 8 key porphyry copper-gold prospects at varying stages of advancement.
In March 2011 Mindoro released a preliminary economic assessment (PEA) on the Agata Nickel Project where the Company controls major nickel laterite resources and is drill testing regional targets. On 2 November 2011 the Company announced the results of a prefeasibility study (PFS) into an integrated on-site nickel processing project, based on the PEA, and the results of a scoping study into the development of a thermally upgraded (sintered) iron-nickel ore operation. The company already has an environmental compliance certificate (ECC) to produce up to 2 million dry metric tonnes (DMT) of laterite direct shipping ore per annum from Agata and released the preliminary economic assessment indicating a viable DSO operation in March 2011. The company has engaged Deloitte Corporate Finance Pty Ltd ("Deloitte") as its financial advisor to assist the company to secure a strategic partner to advance and finance the above objectives.
The drilling program at the Batangas project included infill and extension drilling of the Southwest Breccia (SWB) high-grade epithermal gold shoot at Lobo, and drilling at Archangel to test interpreted gold "feeder" structures. The recently drill tested Pan de Azucar copper-gold-sulphur massive sulphide deposit remains open with depth to the southeast. A metallurgical testing program has commenced on Pan de Azucar samples examining acid producing capacity for nickel laterite processing as well as copper and gold flotation and leaching. Mindoro is also evaluating and prioritizing its many high-potential copper-gold porphyry targets prior to further drill targeting.
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 development and 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.
Mindoro's exploration programs are prepared and/or designed and carried out under the supervision of Tony Climie, P.Geo., who is a qualified person as defined by National Instrument 43-101 and is a competent person as defined by the JORC Code, and who has reviewed and verified the pertinent disclosure of exploration related technical information contained in this news release.
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. 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.
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