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Aug 04, 2004
Batangas Region Update
EDMONTON, AB; August 04, 2004 - Mindoro Resources Ltd. (TSX-V: MIO) today reports it has signed an agreement with Egerton Gold Philippines Inc. finalizing the terms whereby Mindoro may earn up to a 75% interest on approximately 12,200 hectares in the Philippines, located contiguous to Mindoro's Lobo and Archangel Projects, as previously disclosed on June 5, 2003, and referred to as the Batangas Acquisitions.
Egerton has agreed to make the Batangas Acquisitions subject to the same earn in terms as the agreement governing the Lobo and Archangel Projects. The following is a summary of the Lobo and Archangel earn-in terms, as previously disclosed in news releases dated November 29, 2000 and July 26, 2001:
Phase 1: Mindoro may earn a 51% interest by spending US$1.5 million on exploration over a three year period and by issuing 500,000 shares to Egerton upon receipt of the exploration and mining permits, referred to as Mineral Production Sharing Agreements or MPSAs. The MPSAs for Lobo and Archangel were received in November 2002 and the requisite 500,000 common shares were issued to Egerton in April, 2003.
Phase 2: Mindoro may earn a further 24% interest, for a total of 75% interest, by issuing a further 500,000 shares to Egerton upon commencement of Phase 2 and taking the project to feasibility stage.
Phase 3: Upon completion of a bankable feasibility study, Mindoro will issue an additional 500,000 shares to Egerton.
As consideration for making the Batangas Acquisitions subject to the terms and conditions of the Lobo and Archangel agreement, Mindoro has agreed, subject to regulatory approval, to issue 500,000 common shares to Egerton for each mineral deposit located within the Batangas Acquisitions for which a positive feasibility study is achieved, to a maximum of 1,500,000 common shares.
Mindoro is a Tier One Company listed on the TSX Venture Exchange (TSX-V: MIO). The Company is exploring for gold and gold-copper in the prolifically mineralized 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: (780) 413-8187
Fax: (780) 426-2716
Marshall Farris, Ascenta Capital Partners Inc.
Phone: (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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