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Jan 10, 2005
Encouraging Results Continue for Nickel Laterite at Agata Project
Edmonton, AB and Vancouver, B.C., January 10, 2005 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: OLM) and Panoro Minerals Ltd. (TSXV: PML) today announce further encouraging results from Taganito Mining Corporation's Phase 2 evaluation of the nickel laterite potential of the Agata Project in the Philippines. Agata is one of several projects of the Surigao Joint Venture, comprising Mindoro, Panoro Minerals Ltd. and a private Philippine company, Minimax Mineral Exploration Corp. Taganito has given notice that it wishes to proceed to a more detailed Phase 3 evaluation, including extensive drill testing.
As reported on June 3, 2004, the Surigao Joint Venture granted Taganito the right to assess the nickel laterite potential of Agata. Taganito was selected from several interested parties to evaluate the nickel laterite potential of Agata, because of the company's nickel laterite mining expertise and because the Joint Venture is focused on copper-gold. On August 31, 2004, Mindoro reported encouraging results from the Phase 1 program carried out by Taganito.
Taganito reports that its Phase 2 work consisted of geological mapping and sampling. Forty-eight surface laterite and rock samples were collected covering an area of about 300 hectares, within a much more extensive area of nickel laterite mineralization. Nickel contents range from very low to a high of 2.09%, with most of the values exceeding 0.5%. A full listing of assays is available with this release on Mindoro's website. Taganito recommends a detailed geological survey and drilling, because they consider these values to "be within the range that normally cap the secondary nickel enriched zone."
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 the Surigao Province. The ore is shipped to Japan and Queensland, Australia, for processing.
Agata covers areas of gold mineralization where Mindoro previously drill-intersected promising gold mineralization in intrusive rocks and limestone as reported in the release dated Nov. 17, 1999. In addition, several substantial porphyry copper-gold discoveries have been made in the Surigao Gold District in the past few years and Agata is considered by the Surigao Joint Venture to also have a very high potential for porphyry copper-gold deposits. Accordingly, a major program of induced polarization (IP) and magnetic geophysical surveys combined with detailed geological mapping aimed at defining porphyry copper-gold targets commenced in November, 2004, and is ongoing.
Nickel laterite deposits occur at, and near-surface, in highly-weathered ultra-mafic rocks. In the case of the Agata project, the situation may occur where a nickel laterite deposit is overlying a gold or copper -- gold deposit at depth below it. If this is the case, the Surigao Joint Venture would strive to maximize the economic return from the project by developing and exploiting both deposits. Discussions with Taganito will continue once the Surigao Joint Venture has completed a thorough evaluation of Agata's copper-gold potential.
Further results from the major copper-gold exploration program on the Surigao Joint Venture Projects, including the Agata geophysical surveys, will be reported in the near future. Exploration is 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.
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 since 1996 and is presently focused on six promising projects in politically stable jurisdictions of the Philippines. For further information please visit Mindoro's website at: http://www.mindoro.com
Panoro Minerals Ltd. is a Canadian mineral exploration company listed on the TSX Venture Exchange (TSX-V: PML). Panoro's strategic focus is on exploring for large-potential gold and copper/gold deposits in countries with the corresponding geological potential and where the right political and economic conditions are present. For further information please visit Panoro's website at: http://www.panoro.com
Investor Relations contact for Mindoro and Panoro
Marshall Farris, Ascenta Capital Partners Inc.
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 Jan 18, 2005, Two Promising Porphyry Copper-Gold Drill Targets Defined on Agata Project. New Ground Acquired
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