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Dec 16, 2003
Continuing Promising Drill Results From Lobo
- 12.46 Grams Per Tonne Gold over 6.15 Meters in LB-17
- 5.74 Grams Per Tonne Gold over 6.10 Meters in LB-18
- Magnetic Survey to Define Porphyry Targets Nearing Completion

Tony Climie, P. Geol., President of Mindoro Resources Ltd. ("Mindoro"), is pleased to advise results for holes LB-17 and LB-18, from the Phase 2 diamond drill program on the SW Breccia Zone, 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.

Holes LB-17 and 18 were drilled at 9.998E on section 10,200N, a 15 meter (m) step-out grid north from holes LB-14 to 16 (reported in releases dated Nov. 6 and Dec. 2, 2003). Results of holes LB-17 to 18 are shown in the accompanying cross section. A map showing the location of all drill holes, and a complete list of results, will be posted on Mindoro's website (www.mindoro.com) in the near future. A technical report dated October 10, 2003, describing all exploration results on the Lobo and Archangel Projects, and other Mindoro projects in the Batangas Province, is also available on Mindoro's website.

Hole LB-17, an angle hole drilled at 80 degrees to grid-east, intersected a weighted average of 12.46 grams per tonne (g/t) gold over 6.15 m (estimated true width is approximately 4 m), from 36.20 m to 42.35 m. Mineralization occurs in quartz-barite-pyrite hydrothermal breccia.

Hole LB-18, from the same set-up, was drilled to grid-east at an angle of 45 degrees. It intersected 5.74 g/t gold over 6.10 m (which is also true width) from 21.00 m to 27.10 m, associated with quartz-barite-pyrite breccia.

Holes LB-19 has been completed 20 m upslope and grid east of holes LB-17/18 to test mineralization further up-dip. Assay results are awaited. Mineralization will be tested down-dip of holes LB-17/18 in the near future.

Mindoro also advises that ground magnetic surveying in an area covering the SW Breccia Zone, on the Camo Trend, extending to the West Drift Zone on the adjacent Sampson Trend, 800m to the northwest, is nearing completion. Results, which will be released in the near future, indicate the survey needs to be extended along strike to cover anomalies that are open to extension. The follow-up ground magnetic surveying will commence when gridding, currently underway, has been completed. Main objective of the magnetic survey is to more-precisely define magnetic anomalies outlined by a previous airborne magnetic survey (1996) carried out by BHP Minerals, and which were interpreted as representing possible porphyry copper-gold targets.

Mindoro management is extremely encouraged by the results emerging from this promising gold prospect at Lobo. Mr. Climie is a "qualified person" as defined by National Instrument 43-101.

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.

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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
 
 

You can view the Next Press Releases item: Thu Jan 8, 2004, Continuing Gold Discoveries At Lobo

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