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Feb 12, 2004
Shares Issued to East West Drilling
Tony Climie, P. Geol., President of Mindoro Resources Ltd. ("Mindoro"), reports that Mindoro has issued 600,000 common shares to East West Drilling Limited ("East West"), pursuant to a shares for debt application accepted by the TSX Venture Exchange on April 7, 2003. Mindoro and East West entered into a drill for equity agreement, announced on November 27, 2002, whereby East West could earn 600,000 shares of Mindoro by completing 1,000 meters (m) of diamond drilling. East West has further exercised its option to earn an additional 600,000 shares by completing a second 1,000 m of drilling, which is currently underway (see release of September 12, 2003).

SW BRECCIA DRILLING
To date, gold mineralization has been encountered over 200 m (656 ft) of strike length at SW Breccia (Lobo Project, Philippines) and a down-dip length of 160 m (525 ft). See the accompanying map for location of all drill holes (colour map available on Mindoro website). This area of SW Breccia represents approximately just three percent of the over seven kilometers of known mineralized vein/breccia trends on Lobo (see release of September 16, 2002, or the October 20, 2003 Technical Report filed on Mindoro's website and SEDAR). For results of all drilling to date, see releases of May 26, June 19, July 24, Sept. 24, Nov. 6, Dec. 2 and Dec. 16, 2003 and Jan.8, 2004. Significant highlights from drilling are summarized in the table below (intervals are true widths):
Drillhole  From    To   Interval    Gold
           (m)    (m)     (m)       (g/t)
----------------------------------------------
LB-03     0.00   13.30   13.30      8.32
----------------------------------------------
LB-06    29.60   32.30    2.70     15.63
----------------------------------------------
LB-08    30.40   33.90    3.50      2.40
----------------------------------------------
LB-10    23.00   26.40    3.40      5.11
----------------------------------------------
LB-15    17.00   31.60   14.60      6.52
----------------------------------------------
LB-18    21.00   27.10    6.10      5.74
----------------------------------------------

A ground magnetic survey, also currently underway on Lobo, has so far defined one prominent magnetic anomaly and partially defined a second magnetic anomaly (see release of January 28, 2004). The prominent magnetic anomaly is interpreted as being associated with a porphyry copper-gold system and is a high-priority drill target. All work is performed under the supervision of Tony Climie, who 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 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
Email: mindoro@mindoro.com
Website: www.mindoro.com

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
 
 

You can view the Next Press Releases item: Wed Feb 18, 2004, Further Drill Results From Lobo

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