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Jul 24, 2003
Continuing Success On Lobo Project
- Gold-silver-copper intercepts in Japanese Tunnel area
- Second drill rig en route to Lobo


Tony Climie, P. Geol., President of Mindoro Resources Ltd. ("Mindoro"), is pleased to advise results for holes LB-08 and partial results for LB-09, from a diamond drill program on the SW Breccia Zone ("SWB"), Lobo Project ("Lobo"), Philippines. Mindoro may earn a 75% interest in Lobo. Results for drill holes LB-01 to LB-07 were reported on May 26 and June 19, 2003.

Holes LB-01 to LB-07 were previously drilled in the central part of SWB, which is part of the Camo Trend of epithermal gold-(silver-copper) mineralization, that can be traced via mineralized boulders for at least 2 km. Based on distribution of mineralized boulders on surface, SWB appears to be just one of a number of mineralized shoots along the Camo Trend. There are at least 5 other mineralized trends at Lobo which are parallel to the Camo Trend, and which have been only partially defined at this time. Holes LB-01 and LB-02 drilled into a localized erosional window and intersected low gold values, whereas holes LB-03 to LB-07 on Section 10,172N, intersected high gold values over substantial widths, eg. LB-07 returned 22.24 grams per tonne (g/t) gold over 13.05 meters (m). Mineralization on this section was intersected from surface to over 130m in a down-dip direction, is open, and continues strongly to depth.

Holes LB-08 (45 degrees) and LB-09 (65 degrees) were drilled from the same set-up on Section 10,000N, a large step-out of 172 m to grid-south of holes LB-03 to 07. The objective was to test an area of outcropping gold-copper-silver mineralization at Japanese Tunnel, where the Japanese tunneled to investigate the copper potential during WWII. The significant drill results appear in the following table. A full listing of all results will be available on Mindoro's website (www.mindoro.com).
-----------------------------------------------------------------------
Drill     From    To    Interval  Gold   Silver  Copper     Gold 
Hole       m       m       m       g/t    g/t      %     Equivalent
-----------------------------------------------------------------------
LB-08    30.40   33.90    3.50    2.40    2.52   0.43       3.12
-----------------------------------------------------------------------
Incl.    30.40   32.10    1.70    4.04    3.70   0.75       5.24
-----------------------------------------------------------------------
         42.05   52.80   10.75    1.00     -      -         1.0
-----------------------------------------------------------------------
LB-09    34.50   38.60    4.10    2.40    4.84   0.50       3.27
Incl.    36.70   38.60    1.90    4.25    6.27   0.90       5.78
(in
progress)
-----------------------------------------------------------------------


Gold equivalents are calculated based on US$ 350/oz for gold, US$ 5/oz for silver and US$ 0.80 /lb for copper. Gold equivalents do not infer that metal processing economics for gold, silver and copper are the same, but are intended to convey only the approximate relative values of the various metal intercepts assuming a 100% recovery for all metals.

Mineralization is associated with intense hydrothermal brecciation in both drill holes. A coppersilver- gold association is noted in the upper hydrothermal breccia zone in LB-08 and 09, contrasting with the mineralization intersected on Section 10,172N, where the mineralization is entirely gold. It is unclear at this time how the gold-silver-copper mineralization in holes LB-08 and 09 relate to the high-grade intersections in LB-03 to 07, 172 m to grid-north. They may indicate proximity to the southern limits of this particular mineralized shoot, a narrower, lowergrade part of the shoot, or to a different phase of mineralization altogether.

The priority will be to establish the extent and economic potential of the higher-grade and wider gold intersections encountered earlier in the central part of SWB. Plans are to commence drilling out SWB on 40 m spaced sections along strike (trend) to grid-north and grid-south, commencing grid-south of Section 10,172N (holes LB-03 to 07). Three to four drill holes will be completed per section, to test a 200 m long part of SWB, and to depths of approximately 150 m down-dip from surface. At a later date, the mineralization will be tested to greater depths, and further along strike to grid-north and grid-south. A second drill rig is being moved onto SWB to speed-up progress. The objective is to arrive at an inferred resource calculation stage by yearend on this part of SWB, and to endeavour to define 300,000 to 500,000 ozs gold in this initial drill phase.

Mindoro management is extremely encouraged with the results to date, and believes that Lobo has the potential to contain substantial epithermal gold resources. The source of the epithermal mineralization is likely a cluster of porphyry copper-gold mineralized stocks associated with seven aeromagnetic anomalies in the immediate area of Lobo. Mindoro's initial focus is on delineating the nearer surface gold resources, and to explore for the underlying porphyry copper-gold systems at a later date.

Quality Control
The drill program is being carried out under the direct supervision of Tony Climie, P. Geol., who is a qualified person as defined by National Instrument 43-101. Drill core is transferred from drill rig to core boxes under supervision of Mindoro employees; the core boxes are security-strapped and transported to a secure core processing area, where core is logged and split by diamond saw under direct supervision of Mindoro geologists. Samples are transported in sealed bags to McPhar Geoservices of Manila (an ISO 9002 accredited laboratory) where samples are assayed using standard techniques. McPhar has a rigorous quality control system of internal checks and blanks. One out of twenty samples is being check assayed at Intertek Testing Services, Jakarta, Indonesia. Any significant discrepancies will be reported at a later date.

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. Mindoro has been active in the Philippines for six years and is currently focussed on six promising projects in politically stable jurisdictions of 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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