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Nov 06, 2003
Results From First Hole In Phase 2 Drill Program
15.71 Grams Per Tonne Gold Over 12.05 Meters
Tony Climie, P. Geol., President of Mindoro Resources Ltd. ("Mindoro"), is pleased to advise results for hole LB-14, the first hole in the recently commenced Phase 2 diamond drill program on the SW Breccia Zone ("SWB"), Lobo Project ("Lobo"), Batangas Province, Philippines. Mindoro may earn a 75% interest in Lobo. Results for the Phase 1 drill program (holes LB-01 to LB-13) were summarized in a release dated September 23, 2003.
LB-14 was a vertical hole drilled on section 101,185N, a step out of 15 meters (m) grid north of holes LB-03 to 07, which encountered high-grade gold values over substantial widths (see release dated September 23, 2003). LB-14 is the first hole to the grid north of LB-03 to 07. Location of LB-14 is shown in the accompanying figure, and a complete list of results is posted with this release on Mindoro's website (www.mindoro.com) and on SEDAR (www.sedar.com).
A technical report describing all exploration results to date this year, including the Phase 1 drill program, on the Lobo and Archangel Projects, and other Mindoro projects in the Batangas Province, is also available on SEDAR.
Hole LB-14 intersected the target quartz-barite-pyrite hydrothermal breccia zone from 47.40 m to 59.45 m. Weighted assay result for this zone is 15.71 grams per tonne gold over 12.05 m. True width is approximately 7 to 8 m. Hole LB-15 is a 45 degree angle hole, drilled grid east from the same set-up, and has been completed. It intersected the quartz-barite-pyrite breccia zone from 23.40 to 31.60 m (true width is estimated to be approximately 8 m). Assay results are awaited.
Lobo is an extensively mineralized project and, to date, approximately 7 km of northeasttrending epithermal vein breccia trends have been traced via mineralized boulders for at least 2 km; the principal of which are the Sampson and Camo Trends, each traced over approximately 2 km. Several other vein breccia trends, only partially defined to date, are recognized. It is likely that extensive hydrothermal silica cap material mapped at Lobo, which is the high level expression of the vein breccia, obscures other vein breccia trends on the project. All drill holes to date have been completed within a strike length of 190 m of SWB, a small part of the 2 km Camo Trend. Extensive drilling will be required to evaluate the economic potential of the SWB Zone, as well as the other targets at Lobo.
Mindoro management is extremely encouraged by results to date. Exploration results from other Mindoro projects in the Philippines will be reported in the near future. 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
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
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