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Nov 02, 1999
Letter to Shareholders
With the release of Mindoro's Agata drill results on October 26, 1999, your company entered into a new era. With its first drill program, Mindoro was transformed from a company with good prospects, into a company with a promising discovery!
An exploration and mining permit for the Agata Project was awarded by the Philippines government in May, 1999. In September, with the enthusiastic support of local villagers solidly behind the project, Mindoro began drilling two of the many Agata targets: the Assmicor Target and the adjacent Limestone Target.
Assmicor Target: It is important to note that all eight holes drilled on the Assmicor Target returned gold values, seven of them hitting significant intersections. This, combined with the fact that in two holes the first approximately 20 metres averaged over 1 gram gold per tonne, points to open pit, bulk-tonnage potential. While a good mixture of high and low grade gold values were obtained, the really interesting story lies in the geological information gathered from the drilling which indicates a porphyry gold system nearby. Porphyry gold systems are exciting discoveries because of their tendency to be large systems and, therefore, also very attractive acquisition targets for major international gold producers.
Limestone Target: Two holes were drilled on the Limestone Target during this limited reconnaissance program. Results received so far from the first hole have surpassed our original expectations, returning an average of over 2.5 grams per tonne over seven metres, including over 4.5 grams per tonne over two metres. With the encouraging gold values received so far, we are optimistically awaiting additional results from this drillhole plus the adjacent hole.
We look forward to receiving the balance of assay results from both the Assmicor and Limestone Targets, however, results to date clearly confirm Agata's potential for a sizeable gold deposit. Upon receipt of final results, plans will commence for the major drill program that a project of this calibre warrants. For a more technical overview and drill results to date, investors may refer to news releases of October 26, 1999; June 15, 1999; May 13, 1999 and May 13, 1998, found on Mindoro's website at http://www.mindoro.com or phone (780) 413-8187 to request copies.
With growing global optimism for the future of gold, Mindoro is confident it is now well positioned at the forefront of a renewed interest in the gold exploration sector. In a May 13, 1999, news release, Tony Climie, President, stated, "It has been Mindoro's objective, not just to survive this recession, but to actually advance the company and go into the next up-cycle with a strong project base and emerging discoveries". We believe the next up-cycle is at hand and Agata is but the first of Mindoro's three projects with potential for just such an emerging discovery!
MINDORO RESOURCES LTD.
VP Corporate Development
Mindoro trades on The Alberta Stock Exchange under the symbol MIO
You can view the Next Press Releases item: Wed Nov 17, 1999, Mindoro Resources Ltd. Drilling Confirms Potential for Large Gold Deposit on Agata Project, Philippines
You can view the Previous Press Releases item: Tue Oct 26, 1999, Mindoro Resources Ltd.: Encouraging Drill Results-Agata
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