Mindoro Resources Ltd.
TSX VENTURE : MIO

Mindoro Resources Ltd.

January 12, 2007 09:00 ET

Mindoro Resources Ltd.: Drilling Underway on Calo Porphyry Copper-Gold Prospect

EDMONTON, ALBERTA--(CCNMatthews - Jan. 12, 2007) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(Frankfurt: WKN 906167) today reported that drilling has commenced on its Calo porphyry copper-gold prospect, located within Mindoro's Batangas projects, Luzon Island, the Philippines. An initial program of 3,500 meters in six drill holes is planned. Due to the very large size of the target, these will be widely-spaced, and up to one kilometer apart. This program will be a preliminary test of the large target area with the objective of vectoring into mineralization centers. Mindoro anticipates that the first drill hole, which will likely be the start of a major ongoing program, will take three to four weeks to complete.

Mindoro's Batangas projects cover over 30,000 hectares in a well-mineralized copper-gold belt and include the Kay Tanda epithermal gold-silver prospect, where resource delineation is in progress, and the promising Calo, El Paso and Archangel porphyry copper-gold prospects, each with multiple targets. Phelps Dodge's Taysan porphyry copper-gold deposit is approximately nine kilometers north of Calo.

ABOUT CALO

As described in Mindoro's November 30, 2006, press release, the Company has defined a cluster of unusually large Induced Polarization anomalies at Calo, with extremely high chargeability readings of up to 100 msecs against a background of 6-8 msecs. Much of the anomaly cluster, which is at least three kilometers by six kilometers in extent, is covered by younger rocks; with the source, therefore, being obscured. The anomalies are interpreted as related to porphyry-copper-gold mineralization, possibly with multiple mineralization centers. High-sulphidation epithermal copper-gold showings, usually indicative of proximity to porphyry mineralization in the Philippines, as well as diatreme breccias and porphyry-type alteration, occur around the margins of the chargeability anomalies, and in erosional windows.

Porphyry copper-gold mineralization has already been drill-intersected by Mindoro on the far-eastern margin of Calo, where Pica drill hole 2 intersected 213 meters of 0.18 percent copper and 0.30 grams per tonne gold. In another area, young volcanic conglomerates above the chargeability anomaly contain exotic copper mineralization which has moved in from an unknown source, and quite possibly from the chargeability anomaly below. Two trenches in this showing gave 2.62 percent copper over 30 meters, and 2.17 percent copper over 20 meters.

Programs are carried out under the supervision of Tony Climie, P.Geol., who is a qualified person as defined by National Instrument 43-101.

ABOUT MINDORO

Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). In addition to resource delineation being carried out at Kay Tanda epithermal gold-silver prospect, the company has identified 22 porphyry copper-gold prospects and a nickel laterite prospect in the Philippines and has an aggressive strategy of drilling multiple targets in 2007.

This release may contain forward-looking statements including management's assessments of future plans and operations, and expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production). The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Mindoro Resources Ltd. - HEAD OFFICE
    Penny Gould
    Executive Vice President
    (780) 413-8187
    Email: penny@mindoro.com
    Website: www.mindoro.com
    or
    Ascenta Capital Partners Inc.
    Trent Dahl
    INVESTOR RELATIONS-CANADA
    (604) 628-5800 or Toll Free: 1-866-684-4209 ext. 228
    Email: info@mindoro.com
    or
    Argentuminvest GmbH
    Richard Mayr
    INVESTOR RELATIONS-EUROPE
    +49.9421.785250
    +49.9421.785255 (FAX)
    Email: info@argentuminvest.com