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Jun 03, 2004
Update - Surigao Gold District Programs
UPDATE - SURIGAO GOLD DISTRICT PROGRAMS
• Taganito Mining to Carry Out Reconnaissance Evaluation of Nickel-Cobalt Potential
• Copper-Gold Exploration Programs Have Commenced
Mindoro Resources Ltd. (MIO:TSX-V) is pleased to advise that the Surigao Gold District joint venture of Mindoro, Panoro Minerals Ltd. and a private Philippine company (the "Surigao Joint Venture"), has granted to Taganito Mining Corporation the right to carry out reconnaissance evaluation of the potential for direct, shipping-grade nickel-cobalt ore on its Surigao properties. Focus of the Surigao Joint Venture will remain the copper-gold potential of its 24,000 ha of properties within the highly-mineralized Surigao Gold District. The Surigao Joint Venture properties are extensively underlain by ultra-mafic rocks on which nickel-cobalt laterite mineralization has formed.
Taganito Mining Corporation is owned by Japanese nickel smelter and trading companies and private Philippine interests. Together with its affiliated companies, Taganito Mining produces approximately 1 million tonnes per annum of direct shipping-grade ore from 4 different mines in the Philippines, including Surigao Province. The ore is shipped to Japan and Queensland, Australia, for processing. Two other Parties have also expressed interest in evaluating the nickel-cobalt potential of the Surigao Joint Venture properties, and discussions are ongoing.
Mindoro also advises that field crews have mobilized this week to commence exploration programs on the Surigao Joint Venture. Grid-surveying is commencing on the Tapian San Francisco porphyry copper-gold prospect, the Agata gold prospects and the Tapian Main gold and copper targets. This will be followed in late July by geophysical (IP and magnetic) surveys, leading to the selection of drill targets. Reconnaissance geological and geochemical programs will commence immediately. Exploration is being carried out under the supervision of Tony Climie, P.Geol., President of Mindoro, and a qualified person as defined by National Instrument 43-101.
With the discovery of major porphyry copper-gold deposits, the Surigao Gold District has become an exciting and extremely active exploration area, attracting international attention. There has been a recent upsurge in nickel exploration in the Surigao District and the Philippines generally, in response to high nickel and cobalt prices. A map of the Surigao Gold District showing the Surigao Joint Venture projects and other significant prospects and discoveries is available with this release on Mindoro's website at www.mindoro.com.
Mindoro is a Tier One Company listed on the TSX Venture Exchange (MIO:TSX-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 seven years and is presently focused 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.
You can view the Next Press Releases item: Tue Jun 8, 2004, Board of Director Changes
You can view the Previous Press Releases item: Thu May 13, 2004, Formal Agreement Finalized With Panoro to Explore Surigao Gold District
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