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Oct 15, 2003
Mindoro Receives Additional Funds From Purchase Warrants - Lobo Phase II Drilling To Commence
Tony Climie, P.Geol., President of Mindoro Resources Ltd. ("Mindoro") is pleased to advise that Mindoro has received additional gross proceeds of $57,450 from the exercise of 383,000 common share purchase warrants ("the Warrants"). 421,000 Warrants, originally issued on October 4, 2002, entitled the holder to purchase one common share for $0.15 until October 4, 2003, at which time the price increased to $0.30 until October 4, 2004, after which time any unexercised Warrants will expire. Pursuant to the exercise of the Warrants, 383,000 common shares have been issued, for a total of 30,356,757 common shares issued and outstanding.
This brings the total gross proceeds received from the exercise of all tranches of warrants exercised in September and October, 2003, to $332,250 (see release of September 23, 2003). The proceeds will be used to advance Mindoro's projects in Batangas Province, Philippines; including a continuation of drilling of the promising Southwest Breccia Zone, drilling of other epithermal gold prospects on the Lobo Project, and advancing the economic evaluation of the Kay Tanda gold resource, Archangel Project, via metallurgical test work and further drilling (see release dated September 2, 2003)
LOBO PHASE II DRILL PROGRAM UNDERWAY
Mindoro is also pleased to report that the Phase II drill program has commenced on the Lobo Project. As reported on September 12, 2003, East West Drilling Limited of Australia has elected to proceed with its option to perform an additional 1,000 meters [m] of diamond core drilling in exchange for equity in Mindoro. Drilling is now extending to grid north of section 10,172N on the Southwest Breccia Zone. Six drill holes were previously completed on this section in the Phase 1 drill program, with most encouraging results as follows (see release dated September 24, 2003):
LB-04: 9.62 g/t gold over 17.35 m
LB-05: 12.22 g/t gold over 30.8 m
LB-06: 6.28 g/t gold over 8.3 m
LB-07: 22.24 g/t gold over 13.05 m
LB-13: 1.67 g/t gold over 14.0 m.
Other targets are being readied for drilling on the Lobo Project.
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: Thu Nov 6, 2003, Results From First Hole In Phase 2 Drill Program
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