Subscribe for Updates:
Enter your email below to receive email updates
Oct 04, 2004
Shares Issued to East West Drilling
EDMONTON, AB; Oct. 04, 2004 - Mindoro Resources Ltd. (TSX-V: MIO; Frankfurt: OLM) today announced that it has issued 600,000 common shares to East West Drilling Limited, pursuant to a shares-for-debt application accepted by the TSX Venture Exchange on April 7, 2003. Mindoro and East West entered into a drill-for-equity agreement on November 27, 2002, whereby East West could earn up to 1,200,000 shares of Mindoro by completing 2,000 meters of diamond drilling on Mindoro's Lobo Project in the Philippines. The first issue of 600,000 shares to East West occurred in February 2004.
During the past year, Mindoro undertook approximately 2,000 meters of drilling on the Lobo Project, primarily on the SW Breccia target. Results of the drill program were encouraging, with 24 of 28 drill holes returning significant gold values, including the following:
DRILL HOLE FROM (m) TO (m) TRUE WIDTH (m) GOLD (g/t) ------------------------------------------------------------- LB-03 - 13.30 13.00 8.32 LB-07 46.10 78.30 20.00 9.47 LB-14 47.40 59.45 7.50 15.71 LB-20 6.10 28.40 15.00 5.30 LB-24 4.80 21.10 15.32 7.75A complete list of drill results is available in the June 10, 2004, Lobo Technical Report, posted on Mindoro's website at http://www.mindoro.com/s/TechReports.asp and on SEDAR. All work was carried out under the supervision of Tony Climie, P.Geol., who is a qualified person as defined by National Instrument 43-101, and President of Mindoro.
Approximately 800 meters north of SW Breccia, on the Sampson Trend, ground magnetic data, as previously described in Mindoro's January 28, 2004 news release, has outlined an extensive 200 meter to 400 meter wide alteration zone, indicating even stronger alteration and mineralizing processes than at SW Breccia. Drilling is currently underway on the Sampson Trend where there is good potential for the discovery of multiple epithermal high-sulphidation copper-silver and low-sulphidation gold ore-shoots.
Additionally, a prominent positive magnetic anomaly, located midway between SW Breccia and the Sampson Trend, is interpreted as a related porphyry copper-gold system. Interpretation of the magnetic data and modeling by. P. Robertshaw, P.Geo., Robertshaw Geophysics, of Saskatoon, Canada, has indicated that the related porphyry copper-gold system is at an approximate depth of only 100 meters. Mindoro is currently undertaking a $2 million short form offering, and, upon closing of the offering, plans to undertake an aggressive drill campaign to test the porphyry copper-gold target.
Mindoro is a Tier One Company trading 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: (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 Oct 19, 2004, Mindoro Raises $2,000,000
You can view the Previous Press Releases item: Fri Sep 24, 2004, Options Granted
You can return to the main Press Releases page, or press the Back button on your browser.