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

Mindoro Resources Ltd.

February 01, 2010 09:30 ET

Mindoro Resources Ltd.: Gold Fields Reports Initial Drill Results From El Paso

Drilling Intersects 42.2 Meters of 0.5 Percent Copper

EDMONTON, ALBERTA--(Marketwire - Feb. 1, 2010) - Mindoro Resources Ltd. (TSX VENTURE:MIO) (FRANKFURT:WKN 906167) is pleased to advise results from six wide-spaced reconnaissance drill holes completed by Gold Fields on Mindoro's El Paso Project, one of three projects under joint venture with Gold Fields and located within the Batangas Province, Philippines. 

Significant drill results are reported in the table below. Hole EPDD001 intersected 42.2 meters of 0.5 percent copper. The mineralization is related to a 10.5 meter highly altered diorite porphyry dike with disseminated bornite and chalocopyrite, quartz veinlets, magnetite and anomalous molybdenum. The dike may be derived from a proximal porphyry copper-gold system. An adjacent hole intersected 19.85 meters of 0.29 percent copper. Gold Fields is planning a detailed follow-up drill program.

Gold Fields will commence drilling on the Lobo Project upon arrival in March 2010 of a large drill rig capable of drilling to a depth of 1000 meters. Targets at Lobo include additional drill testing of the Pica porphyry copper-gold system discovered by Mindoro.

Gold Fields may earn up to 75 percent interest in each of Mindoro's El Paso, Lobo and Talahib Projects by sole funding exploration and a feasibility study on each project, subject to certain expenditures limits as described in Mindoro's May 5, 2009 press release. The projects are being evaluated for their porphyry copper-gold potential.

Hole ID Prospect From (m) To (m) Length (m) Cu % Au g/t Ag g/t Mo ppm
EPDD-001 El Paso Hill 6.00 48.20 42.20 0.50 0.04 2.3 72
including     10.50 0.95 0.09 3.4 21
EPDD-002 El Paso Hill 43.45 63.30 19.85 0.29 0.04 2.2 52
including     6.30 0.54 0.03 3.5 116
EPDD-003 Kay Tabla 42.60 50.20 7.60 0.23 0.05 2.8 26
EPDD-004 Talumpok No meaningful results - - - - - -
EPDD-005 Calantas - - - - - -
EPDD-006 Mulawin 234.50 237.45 2.95 0.17 0.062 2.2 -

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 has NI 43-101 resource estimates on its Agata North nickel-cobalt project and on both its Lobo 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 of southern Luzon, where drilling is also in progress, funded by Gold Fields. Drilling on the American Tunnels project has confirmed potential for a near-surface, bulk-tonnage gold target and porphyry copper-gold targets. 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 1-877-413-8187
    www.mindoro.com
    or
    Investor Relations - Canada
    Senergy Communications Inc.
    Investor Relations
    (778) 331-2030
    ir@mindoro.com
    or
    Investor Relations - Europe
    Robert Sarcher
    49.821.6089051
    robert@mindoro.com