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Feb 18, 2004
Further Drill Results From Lobo
• 7.75 Grams Per Tonne (g/t) Gold Over 16.3 Meters (m) in LB-24
• including: 16.49 g/t gold over 7 m

Tony Climie, P. Geol., President of Mindoro Resources Ltd. ("Mindoro"), and a "qualified person" as defined by National Instrument 43-101, is pleased to advise results for holes LB-21 to LB-24 from the Lobo Project ("Lobo"), Batangas Province, Philippines. Drill sections, together with 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-21, a vertical hole, on section 10,200N, was drilled to test high-grade mineralization 50 metres down-dip from hole LB-17 (12.46 g/t gold over 6.15 m). The target zone was strongly faulted and sheared, and gave a low-grade intercept of 0.45 g/t gold over 7.3 m.

Holes LB-22 and 23 were drilled on section 10,215N. The target zone is narrower and lower grade than seen to the south (section 10,200N) and indicates a thinning or pinching out of the SW Breccia ore shoot in this area. The drill holes intersected 0.84 g/t gold over 1.85 m, and 0.14 g/t gold over 4 m respectively. Geological mapping indicates that alteration width and intensity increases again immediately along-strike to the north. Further drilling will test the potential extension of SW Breccia (or a new ore shoot) further north, where a strong magnetic anomaly has also been partially defined (see release of January 28, 2004). The magnetic anomaly is interpreted as a porphyry copper-gold target below the epithermal (high-level) mineralization currently being evaluated.

Hole LB-24, a 45 degree grid-east hole on section 10,155N, intersected 7.75 g/t gold over 16.30 m, including 16.49 g/t gold over 7.05 m. True width is 15 m. Hole 25 will test this wide zone of high-grade mineralization further down dip (in progress).

To date, gold mineralization has been encountered over 200 m of strike length and a down-dip length of 160 m in the SW Breccia Zone. Several more drill holes are planned at SW Breccia, after which an independent resource evaluation will be commissioned to define the near-surface gold resource. Drilling will then extend to evaluate other epithermal gold targets at Lobo.

The SW Breccia is a small part of 7 km of epithermal alteration / mineralization trends defined at Lobo. The next target will be the West Drift, on the adjacent Sampson Trend, where a small copper-mining operation in the 1960's encountered high-grade gold mineralization, reported (1986) by the Philippines Mines and Geoscience Bureau to contain a "reserve" at mine closure of 90,700 tonnes at a grade of 20.5 g/t gold (or 60,000 contained ounces). The West Drift is believed to be open to extension. It is unlikely the published reserve classification meets current reporting standards required by National Instrument 43-101.

A January 28, 2004, release described a large magnetic anomaly, interpreted as a porphyry copper gold target, defined between the Sampson and Camo epithermal mineralization trends. A geophysical survey (IP) is scheduled for March to refine the drill target. The drill contractor has acquired a larger drill rig from Australia to test this target.

Work continues on the Archangel Project and additional results will be reported in the near future. An Exploration Permit is expected to be granted over the Tapian San Francisco Project, in the Surigao Gold District of Mindanao, within the next two weeks. This will enable work to commence on a promising porphyry copper-gold target under joint venture with Panoro Minerals.

Mindoro is a Tier One Company listed on the TSX Venture Exchange (symbol MIO.V). 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 6 years and is currently focussed on 6 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.

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  • LB-21 ledger
  • LB-22 ledger
  • LB-23 ledger
  • LB-24 ledger
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