Mindoro Resources Ltd.
TSX VENTURE : MIO
FRANKFURT : WKN 906167

Mindoro Resources Ltd.

January 21, 2010 12:14 ET

Mindoro Resources Ltd.: Final Drill Results From Kay Tanda

- 48 meters of 1.30 g/t gold in KTD 187

- 1 meter of 52.57 g/t gold in KTD 185

EDMONTON, ALBERTA--(Marketwire - Jan. 21, 2010) - Mindoro Resources Ltd. (TSX VENTURE:MIO) (FRANKFURT:WKN 906167) is pleased to report results from the final seven drill holes of a fourteen hole due diligence program carried out by Avocet Mining PLC on the Kay Tanda epithermal gold-silver resource, Archangel Project, Philippines. Avocet also provided an upgraded resource estimate which Mindoro is having reviewed by an independent consultant prior to its release in the near future.

Results from the last seven drill holes are summarized in the table below using a cut-off of 0.3 grams per tonne (g/t) gold. Results are largely as expected based on previous drilling by Mindoro, and confirm continuity of near-surface low-grade gold-silver mineralization. Several holes were drilled outside or on the margins of presently known mineralization. Noteworthy intercepts include 48 meters of 1.30 g/t gold in KTD 187, 28 meters at 0.58 g/t gold, in KTD 184, and 1 meter of 52.57 g/t gold in KTD 185.

Avocet targeted the projected up-dip extensions of high-grade gold vein sets, previously intersected at deeper levels by Mindoro, into a conceptual open-pit. The conceptual pit was centered on the near-surface low-grade stockwork mineralization. The high-grade vein sets, which are probably feeder zones to the gold system, do not extend into such shallow levels. The resource remains open to the north, west and to depth. In addition, interpreted porphyry copper-gold related mineralization has previously been intersected by Mindoro at depth in Kay Tanda.

Summary of Significant Intercepts @ 0.3 g/t Au cutoff:

From (m) To (m) Length (m) Au g/t Ag g/t
KTD181        
1506876N: 316632E Direction: 050° Incl: -57°
0 1 1 0.36 0.30
4 12 8 0.54 0.30
70 71 1 0.54 1.20
85 91 6 0.94 0.53
95 100 5 0.49 0.36
KTD182        
1506941N: 316711E Direction: 050° Incl: -57°
0 1 1 0.41 6.70
6 7 1 0.31 0.80
12 14 2 0.35 3.85
24 25 1 0.37 2.30
66 68 2 0.49 0.50
80 86 6 0.65 0.40
KTD183        
1506808N: 316854E Direction: 050° Incl: -57°
50 59 9 0.07 1.16
61 63 2 0.34 0.90
69 86 17 0.36 1.82
100 110 10 0.52 1.41
115 116 1 0.44 1.90
168 170 2 0.30 0.50
KTD184        
1506891N: 316948E Direction: 050° Incl: -57°
8 9 1 0.95 1.60
26 54 28 0.58 3.06
107 108 1 0.83 0.60
141 143 2 3.32 1.15
159 163 4 0.65 1.06
167 168 1 0.47 1.10
KTD185        
1506694N: 316726E Direction: 090° Incl: -57°
0 8 8 0.72 1.89
12 14 2 0.54 0.60
25 29 4 0.83 1.00
37 39 2 0.35 1.20
41 42 1 0.38 2.70
47 52 6 0.46 1.62
69 70 1 0.35 0.50
97 100 2 0.82 0.55
103 104 1 52.57 1.20
107 110 3 0.33 0.30
126 128 2 2.81 0.38
KTD186        
1507011N: 316710E Direction: 050° Incl: -57°
39 40 1 1.10 <0.5
143 145 2 0.84 <0.5
KTD187        
1507005N: 316562E Direction: 050° Incl: -50°
14 23.6 10 0.75 3.49
46 47 1 0.48 1.1
54 102 48 1.30 0.95

ABOUT KAY TANDA

Kay Tanda is being evaluated for its open-pit, heap-leach potential. Prior to Avocet's due diligence program, Mindoro had completed 147 reverse circulation and 26 core drill holes at Kay Tanda. Almost all holes encountered near-surface, generally flat-lying to gently-dipping blanket-like low-grade stockwork mineralization. This is strongly to partially oxidized to depths of 40 to 160 meters and non-oxide below this. Drilling, especially at deeper levels, encountered at least five steeply-dipping much higher-grade zones with grades to 246 g/t gold and over 1,000 g/t silver. These are interpreted as structurally controlled upflow, or "feeder" zones. These feeder zones appear to trend NW to SE, at right angles to the dominantly NE to SW trending lower grade stockwork system.

On February 6, 2008, Mindoro released a NI 43-101 compliant mineral resource estimate reporting a total inferred resource of 11,599,000 tonnes at 0.70 g/t gold and 3.0 g/t silver (262,000 contained ounces gold) and a total indicated resource of 3,365,000 tonnes at 0.88 g/t gold and 8.0 g/t silver (95,000 contained ounces gold). As noted, an upgraded resource estimate will be released in the near future.

Tony Climie, P.Geol, is the Qualified Person responsible for monitoring the supervision and quality control of Mindoro's programs and who has reviewed and verified the technical information contained in this news release.

ABOUT MINDORO

Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on exploration in the Philippines with a strategy of advancing early stage opportunities to production or joint venture. Mindoro controls major nickel laterite resources in the Surigao District, Mindanao, where potential for a direct shipping ore (DSO) operation to generate early cash flow is being investigated as well as long term potential for an onsite processing plant. Mindoro also has NI 43-101 resource estimates on both its Lobo (SWB) and Archangel (Kay Tanda) gold-silver projects. Mindoro has identified 22 porphyry copper-gold prospects and has three joint venture projects with Gold Fields in the Batangas area, Philippines.

In addition to advancing the nickel laterite projects, drilling funded by Gold Fields is in progress on the El Paso copper-gold project and soon to start on the Lobo project. Drilling has recently been competed on the American Tunnels gold and copper-gold targets. Mindoro is assessing various alternatives to commercialize the Kay Tanda gold resource in the best interests of the shareholders. Other objectives include finalizing joint venture arrangements on Mindoro's porphyry copper-gold prospects at Surigao.

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 and the uncertainty of the availability of capital). 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Mindoro Resources Ltd.
    Penny Gould
    President
    780.413.8187 or Toll Free: 1.877.413.8187
    penny@mindoro.com
    www.mindoro.com
    or
    Senergy Communications Inc.
    Investor Relations - Canada
    Investor Relations
    1.778.331.2030
    ir@mindoro.com
    or
    Mindoro Resources Ltd.
    Robert Sarcher
    Investor Relations - Europe
    49.821.6089051
    robert@mindoro.com