Subscribe for Updates:
Enter your email below to receive email updates
Apr 07, 2004
Earn-In Periods Extended On Surigao Projects
Tony Climie, P. Geol., President of Mindoro Resources Ltd., announced today that Mindoro has reached an agreement with partner Minimax Mineral Exploration Corp. to extend the earn-in periods of several projects in the Surigao Gold District of Northern Mindanao, Philippines.
EARN IN EXTENSIONS
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 through phased exploration expenditures. Mindoro may earn a 10% interest in Phase One and an additional 30% and 35% interest in Phases Two and Three, respectively. An option agreement allows for the purchase of an additional 10% interest in mining reserves at development. To date, Mindoro has earned a 40% interest in the Agata Project and a 10% interest in each of the Tapian and Mat-I Projects, all located in the Surigao Gold District.
The agreement extends the Agata Phase Three earn-in period to November 1, 2005; the Tapian and Mat-I Phase Two earn-in periods to two years following delivery of the requisite Government agreements; and the Tapian and Mat-I Phase Three earn-in periods to two years following the last day of the Phase Two earning period. Subject to regulatory approval, Mindoro shall issue 100,000 common shares to Minimax in consideration for the earn-in extensions.
A CDN $2 million exploration program is planned to commence on the Surigao Projects upon completion of an agreement with Panoro Minerals Ltd. Panoro will fund the program to earn a 40% interest in the Surigao Projects and Mindoro will operate for at least the first two years.
50,000 common shares have been issued to a Mindoro insider, Tony Climie, President, pursuant to the exercise of 50,000 purchase warrants. Each warrant, originally issued on March 27, 2003, entitled the holder to purchase one common share for $0.30. Mindoro has received gross proceeds in the amount of $15,000.
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
Head Office Investor Relations
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.
You can view the Next Press Releases item: Mon Apr 19, 2004, Update from Lobo Project, Phillipines: New ore-shoot discovered at Lobo - Gold resource study commissioned for SW Breccia
You can view the Previous Press Releases item: Tue Apr 6, 2004, Option To Acquire Additional Interest In Surigao Projects
You can return to the main Press Releases page, or press the Back button on your browser.