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Aug 31, 2004
Taganito Gives Encouraging Results from Surigao Evaluation
EDMONTON, AB; Aug. 31, 2004 - Mindoro Resources Ltd. (TSX-V: MIO; Frankfurt: OLM) today announced encouraging results from Taganito Mining Corporation's initial evaluation of the nickel laterite potential of the Agata Project. Based on these results, Taganito has commenced more-detailed evaluations of Agata and will extend its reconnaissance investigations to other parts of the extensive Surigao properties.
Taganito performed reconnaissance work on parts of the Agata and Tapian Main Projects. On the Agata Project, Taganito collected surface rock samples ranging from 0.24% nickel to 2.19% nickel; surface laterite samples ranging from 0.54% to 0.93% nickel, and test pit laterite samples ranging from 0.8% to 2.21% nickel. Taganito concluded that; "The E. Morgado area is mantled by a chocolate brown to brownish yellow colored laterite that appears to extend several kilometers to the south and north from the area traversed. Samples collected show typical values for nickel and iron that normally cap secondary nickel enriched zones. More detailed exploration and drilling is hereby recommended." Favorable ultra-mafic geology and laterite development were not found on the Tapian Main Project.
To date, the areas evaluated by Taganito constitute a small portion of the 24,000 hectare Surigao Properties of the Surigao Joint Venture between Mindoro, Panoro Minerals Ltd. and a private Philippine company. As reported on June 3, 2004, the Surigao Joint Venture granted Taganito the right to evaluate the nickel laterite potential of the Surigao properties. Focus of the joint venture will remain the copper-gold potential of its properties within the highly-mineralised Surigao Gold District.
Taganito Mining Corporation is owned by Japanese nickel smelter and trading companies, and private Philippine interests. Taganito produces approximately one million tonnes per year of direct shipping-grade ore from four different mines in Surigao Province. The ore is shipped to Japan and Queensland, Australia, for processing.
Mindoro's Surigao Joint Venture copper-gold exploration programs are in full swing and initial results will be reported in the in the near future. Exploration is carried out under the supervision of Tony Clime, P.Geol., who is a qualified person as defined by National Instrument 43-101, and President of Mindoro.
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 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 on Mindoro's website at http://www.mindoro.com/s/Surigao_MapsPhotos.asp
Mindoro is a Tier One Company listed on the TSX Venture Exchange (TSX-V: MIO) and the Frankfurt Stock Exchange (OLM). 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 L. 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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