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Jan 08, 2004
Continuing Gold Discoveries At Lobo
- 5.30 Grams Per Tonne (g/t) Gold Over 22.30 Meters (m) (73.16 ft) in LB-20
- Including 11.43 g/t Gold over 4.10 m (13.5 ft) and 10.67 g/t Gold over 2.30 m (7.6 ft)
- Additional 6 km of Mineralized Structures Remain for Testing on Lobo

Tony Climie, P. Geol., President of Mindoro Resources Ltd. ("Mindoro"), is pleased to advise results for holes LB-19 and LB-20, from a diamond drill program on the SW Breccia Zone ("SWB"), Lobo Project ("Lobo"), Batangas Province, Philippines.

To date, gold mineralization has been encountered over 200 m (656 ft) of strike length at SWB, and a down-dip length of 160 m (525 ft). 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.

Hole LB-19, on section 10,200N, was drilled to test gold mineralization up-dip of holes LB-17 and 18. As reported on December 16, 2003, holes LB-17 and 18 intersected 12.46 g/t gold over 6.15 m (20.2 ft), and 5.74 g/t gold over 6.10 m (20 ft) respectively. LB-19 intersected the target quartz-barite-pyrite hydrothermal breccia in a faulted zone. This assayed 3.50 g/t gold over 2.3 m (7.55 ft) (true width). The accompanying drill section suggests that mineralization grade is increasing down-dip and thus hole LB-21 is being drilled to intersect mineralization down-dip of the high-grade mineralization in hole LB-17. Drilling recommenced this week after the holiday season.

Hole LB-20, on section 10,185N, was drilled to test gold mineralization up-dip from high-grade mineralization intersected in holes LB-14 and 15; which assayed 15.71 g/t gold over 12.05 m (39.5 ft), and 6.52 g/t gold over 14.60 m (47.9 ft) respectively. LB-20 intersected 5.30 g/t gold over 22.30 m (73.2 ft) from 6.1 to 28.40 m (estimated true width is 13.5 m). This included 11.43 g/t gold over 4.10 m (13.5 ft) from 12.40 m to 16.50 m, and 10.67 g/t gold over 2.30 m (7.6 ft) from 22.05 m to 24.35 m (see accompanying drill section). Mineralization is associated with quartz-barite-pyrite breccia. A 1.80 m (5.9 ft) intercept from 26.60 m to 28.40 m assayed 119.55 g/t silver (and 4.13 g/t gold). Generally, silver values are subdued in SW Breccia, although bonanza grades to over 1,700 g/t silver have been encountered in surface samples elsewhere at Lobo, and remain to be drill-tested. The significance of the relatively high silver value in LB-20 is unknown at this time.

Mindoro management is extremely encouraged by the drill results at Lobo to date. The ongoing strategy is to continue resource delineation drilling at SWB, where a high-grade, near-surface gold resource is being defined. This is open along strike to the north and south, and down-dip. 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.

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.

  • LB-17 Sample Ledger
  • LB-18 Sample Ledger
  • LB-19 Sample Ledger
  • LB-20 Sample Ledger
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    You can view the Next Press Releases item: Wed Jan 14, 2004, Metallurgical Test Results-- Kay Tanda Gold Silver Prospect

    You can view the Previous Press Releases item: Tue Dec 16, 2003, Continuing Promising Drill Results From Lobo

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