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Apr 06, 2004
Option To Acquire Additional Interest In Surigao Projects
Tony Climie, P. Geol., President of Mindoro Resources Ltd., announced today that Mindoro has negotiated an Option to acquire an additional 10% interest in future mining reserves located in the Surigao Gold District of Northern Mindanao, Philippines.
In a January 1997 Memorandum of Agreement, Minimax Mineral Exploration Corp. granted Mindoro, via Mindoro's Philippine subsidiary, MRL Gold Phils Inc., the right to earn up to a 75% interest in several projects located in the Surigao Gold District. The Option allows MRL, after completion of a Bankable Feasibility Study but before commencing mining operations, to purchase an additional 10% interest from Minimax in any and each mining reserve located in the Surigao Projects. Payment shall be equivalent to 0.5% of the gross value of each mining reserve and a minimum of US $5 million. Subject to regulatory approval, Mindoro shall issue 200,000 common shares to Minimax in consideration for granting the Option.
Mindoro's Surigao Projects -- An Overview
- Mindoro has one of the largest land holdings in the Surigao Gold District with 24,000 ha covering numerous porphyry copper-gold prospects and epithermal gold prospects. The accompanying map shows the Surigao Project locations and other significant prospects.
- Two significant porphyry copper-gold discoveries by the Anglo American-Philex Gold joint venture are located just 10 km from Mindoro's Tapian San Francisco Project.
- Australian junior Red5 is currently drilling a porphyry copper-gold target on its Siana project that lies contiguous with Mindoro's Tapian Extension.
- In August 2003, independent consultant Dr. David G. Bailey, PhD., P.Geo, stated that "Agata and Tapian San Francisco offer excellent potential for the discovery of copper-gold porphyry deposits and associate high level epithermal precious metal mineralization." Dr. Bailey's full Technical Report is available on Mindoro's website.
- Mindoro is finalizing a joint venture agreement with Panoro Minerals Ltd. whereby Panoro will spend $2 million over four years to earn 40% interest in the Surigao Projects.
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 seven years and is presently 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
Marshall Farris, Ascenta Capital Partners Inc.
Phone: (1-604) 628-5800
Toll Free: 1-866-684-4209
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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