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Mar 19, 2003
High Grade Gold From Lobo Trenching
14.5 m of 24.67 g/t gold and 2.07 g/t silver from SWB Zone

Tony Climie, P. Geol., President of Mindoro Resources Ltd. ("Mindoro") is pleased to provide a summary of exploration results to date on the Lobo Project, Philippines. As previously reported (release of September 16, 2002), there are two major epithermal vein / breccia systems at Lobo; the Sampson and Camo Trends, about 0.8 km apart, and each extending for at least 2 km. Work is currently focusing on the SW Breccia Zone, in the southwest of the Camo Trend (see accompanying figure). Results, including significant assay results, are summarised below. A full listing of all samples taken to date is available on Mindoro's website (www.mindoro.com). McPhar Geoservices of Manila (ISO 9002 accredited), using standard procedures, analysed all samples.

SOUTHWEST BRECCIA (SWB) ZONE

SWB Zone is a zone of gold-silver-copper mineralization, situated in the southwest segment of the Camo Trend, and is a high-priority drill target. Previous investigation of SWB Zone included limited selective mining of high-grade copper ore by the Japanese during World War II (Jap Tunnel), and barite (Dita Area) by Pan Philippines in the 1950's (see figure).

Rock exposure is only 10-15%. Detailed boulder mapping and trenching has traced mineralization over at least 370 meters (m) along-strike, with interpreted true widths up to 24 m. However, internal continuity of the zone has not been established at this time due to lack of outcrop. Significant assay results of rockchip/channel outcrops and trench exposures are:

- 14.5 m (assumed true width) of 24.67 grams per tonne (g/t) gold and 2.07 g/t silver
from a trench (Dita). Mineralization is open at both ends of the trench.

- 5.0 m (partly oblique to strike, due to orientation of outcrop) of 6.63 g/t gold, 9.9 g/t silver, and
1.15 % copper (Jap Tunnel outcrop)

- 1.5 m of 1.6 g/t gold, 1.5 g/t silver and 0.15 % copper (outcrop)

Grab samples taken from breccia float boulders and subcrops gave up to 22.43 g/t gold, 68.2 g/t silver and 0.72 % copper.

Mineralization occurs primarily as multi-episodic vughy hydrothermal breccias and microveinlets. Gangue minerals are chalcedonic silica-kaolinite-alunite-barite, and ore minerals are chalcopyrite, bornite, covellite, and enargite; likely of high sulphidation epithermal origin.

SWB Zone exhibits an apparent lateral metal zonation, consisting of a high-gold zone at Dita barite area (northeast) and a gold-copper-silver zone at the Jap. Tunnel (southwest). This probably reflects the complexity and variation of the multi-episodic nature of brecciation and hydrothermal fluid flow.

Epithermal style mineralization at SWB Zone is structurally controlled, as it is through the entire Camo and Sampson Trends. The exploration model for SWB Zone is a structurally-controlled zone of multiple, cylindrical to tabular, probably coalescing hypabyssal breccia pipes at the top of a mineralized porphyry intrusive.

Continuing work consists of detailed boulder mapping and trenching to establish continuity of the high-grade mineralization, and determining the lateral extension of the SWB Zone to the southwest and northeast, along the Camo Trend.

Mindoro management is highly encouraged by results to date. First drill target will be the SWB Zone.

OTHER PROSPECTS

CAMO 1/2/3

Camo 1/2/3 (see index map on figure) are three adjacent prospects in the central-northeastern part of the Camo Trend where there are abundant highly mineralized float boulders. Outcrop is rare. Camo 1 is a quartz-barite-sulphide vein / breccia zone from which a previously reported (September 16, 2002) channel sample assayed 9 m of 1.45 g/t gold, 488 g/t silver and 1.07 % copper. Extent of this zone is unknown at this time due to limited outcrop. Camo 2 nearby, can be traced at least 150 m along strike, with widths up to 5 m. Previously reported (September 16, 2002) sampling of crustiform-colloform banded float at Camo 2 gave 0.52 g/t gold, 218 g/t silver, and 4.39 % copper. Camo 3, located 60 meters northeast of Camo 2, is a steeply dipping zone of intensely fractured to brecciated rock . A 3 m rockchip assayed 0.03 g/t gold, 58 g/t silver and 1.1 % copper. Work is in progress on Camo 1/2/3.

EAST RIDGE

This area, just southeast of the Camo vein / breccia zone, has widespread, altered boulders of intense quartz-clay +/- pyrite altered volcanic tuff, with 5% disseminated sulphides (unidentified as yet). An old barite prospect is situated nearby. Trenching is in progress.

CALUMPANG

Calumpang is an historical prospect mined for barite. Reconnaissance grab sampling of vughy, quartz-pyrite replaced andesitic wallrock gave 1.92 g/t gold and 15.9 g/t silver.

BALISONG

Balisong Vein is dominantly of quartz with minor barite ± sulphides, at least 5 meters wide. Malachite-stained quartz-barite float boulders have been observed in the area.

FAR NORTHEAST (FNE)

FNE is on the far northeastern part of the Sampson Trend. Subcropping crustiform-colloform banded quartz-barite-copper ± iron sulphide boulders are scattered over the creek and an adjacent ridge. A previously reported grab rock sample assayed 0.10 g/t gold, 1,792 g/t silver (57.6 ozs per tonne) and 8.68 % copper. Based on extent of the subcrop, the vein appears to be at least 8 m wide at this location. Copper oxides (malachite and azurite) are intensely developed. A different style of mineralization occurs nearby, where a float grab sample of a weakly vughy, chlorite-quartz altered andesite with disseminated sulphides and malachite, assayed 0.02 g/t gold and 0.24 % copper.

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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