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

Mindoro Resources Ltd.

January 22, 2010 13:02 ET

Mindoro Resources Ltd.: Final Drill and Undergound Sample Results From American Tunnels

- Potential confirmed for near-surface, bulk-tonnage gold target - Porphyry copper-gold mineralization targets also confirmed

EDMONTON, ALBERTA--(Marketwire - Jan. 22, 2010) - Mindoro Resources Ltd. (TSX VENTURE:MIO) (FRANKFURT:WKN 906167) is pleased to advise results from the final four reconnaissance drill holes at the American Tunnels prospect, Agata Project, Surigao Gold District, as well as results from further underground sampling of artisanal gold workings. The drill results and underground sampling have confirmed the potential for a near-surface bulk-tonnage gold target, as well as for porphyry copper-gold targets at deeper levels.

INTRUSIVE-RELATED GOLD MINERALIZATION

Holes 5 to 7 were also drilled in the American Tunnels prospect, intersecting short sections of low grade gold mineralization (hole 5; 4.40 meters of 2.44 g/t gold from 41.8 to 46.2 m and hole 7; 4.2 meters of 1.04 g/t gold from 20.3 to 24.5 m).

Underground sampling (continuous rock chips) of accessible artisanal gold workings gave the following results:

- 24 meters of 2.48 g/t gold in Estrada workings

- 29.4 meters of 2.60 g/t gold in Pabling workings

- 15.3 meters of 1.31 g/t gold in Marciano workings

Near-surface intrusive-related gold mineralization is widespread at American Tunnels, clearly demonstrating a promising bulk-tonnage gold target.

A compilation of significant gold results from underground sampling and two reconnaissance drill programs carried out to date at Agata is illustrated on the map called Gold Highlights - Agata Project which is available with this release on Mindoro's website at www.mindoro.com.

On October 27, 2009, Mindoro reported results from the first four drill holes at American Tunnels, which included 15 meters of 2.32 grams per tonne (g/t) gold in hole three and thick sections of anomalous copper / weak porphyry copper related mineralization in all four holes.

PORPHYRY COPPER-GOLD RELATED MINERALIZATION

Holes five to seven intersected thick sections of anomalous copper as follows:

- Hole 5: 31 meters of 387 parts per million (ppm) copper from 12.4 to 43.7 m (including 2 meters of 0.15% copper)

- Hole 6: 50 meters of 611 ppm copper from 1.6 to 51.6 m (including 1.3 meters of 0.38% copper)

- Hole 7: 92 meters of 310 ppm copper from 15.3 to 107.5 m.

Chalcopyrite occurs as disseminations in country rock and as veins and veinlets associated with alkaline porphyry-type alteration (border potassic). The mineralization and alteration indicate close proximity to the main potassic mineralized zone and form a sound basis for later drill programs using a larger capacity rig. Drill contractor Indodrill Philippines Inc. did an excellent job with a small man-portable rig and has shown that the ultra-mafic cap rock can be drilled successfully and underlying targets tested.

Hole 8 was drilled 600 hundred meters north of American Tunnels into the North Target IP chargeability anomaly, intersecting meta-sediments below the ultra-mafic cap rocks. Two narrow intrusive dykes were intersected with porphyry-related alteration and weak copper mineralization. Hole 8 is likely quite distal to the porphyry mineralization source.

The map called Copper-Gold Highlights - Agata Project, which is available with this release on Mindoro's website, summarizes significant porphyry related copper-gold mineralization results to date. The porphyry copper-gold potential of the six kilometer target trend on the Agata project has been confirmed by the drilling. Agata occurs in a similar geological setting to the Anglo Boyungan and Bayugo porphyry copper-gold discoveries, also in the Surigao District, which are now being advanced towards production by Philex Mining.

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
    www.mindoro.com
    or
    Senergy Communications Inc.
    Investor Relations - Canada
    1-778-331-2030
    ir@mindoro.com
    or
    Mindoro Resources Ltd.
    Robert Sarcher
    Investor Relations - Europe
    49.821.608905
    robert@mindoro.com