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Sep 12, 2003
East West Exercises Option To Continue Drilling Lobo
- Phase I drilling of 1,000 m completed
- Plans underway to commence Phase II drilling
Tony Climie, P. Geol., President of Mindoro Resources Ltd. ("Mindoro"), is pleased to advise that East West Drilling Limited of Australia ("East West") has elected to proceed with its option to perform an additional 1,000 meters (m) of diamond core drilling on Mindoro's Lobo Project for 600,000 shares in Mindoro (see Drill for Equity news release dated November 27, 2002). East West's Peter Draper informed Mindoro of the decision to proceed, stating that "East West is highly encouraged by results so far". Alternatively, at Mindoro's election, East West may perform 2,000 m of reverse circulation drilling for 500,000 shares in Mindoro.
The Phase 1 drill program consisted of 1,000 meters of diamond core drilling in 13 holes in the SW Breccia Zone on the Lobo Project. Results for holes 1 to 9 were previously reported (see releases dated May 26, June 19 and July 24, 2003). Results for hole 13 and check assays for holes 10-12 will be reported on receipt, which is anticipated to be within the next 10 days.
Upon receipt of the remaining assays, Mindoro will finalize the initial drill targets for the Phase II drilling. In addition to a second diamond drill rig, which is currently being mobilized from Manila to site, Mindoro and East West are also considering utilizing a reverse circulation drill rig to enable deeper testing of targets. Drilling will continue on the Lobo Project and, in addition, a drill hole will be completed on the Kay Tanda gold resource, on the nearby Archangel Project, to collect a metallurgical sample for column leach testing (see release dated September 2, 2003).
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
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
You can view the Next Press Releases item: Mon Sep 22, 2003, Mindoro Resources Ltd. and Panoro Minerals Ltd. Companies join forces to explore emerging Surigao Gold/Copper Porphyry Belt, Philippines
You can view the Previous Press Releases item: Tue Sep 2, 2003, KAY TANDA PROSPECT
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