Mindoro Resources Ltd.
TSX VENTURE : MIO
FRANKFURT : OLM

Mindoro Resources Ltd.

August 30, 2007 04:00 ET

Mindoro Receives Target-Rich Batangas Exploration Permit

EDMONTON, ALBERTA--(Marketwire - Aug. 30, 2007) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) is pleased to announce that it has been granted an Exploration Permit (EP) covering five parcels of land within its Batangas Project area, Luzon Island, Philippines. The EP parcels cover multiple gold and copper-gold targets, with IP chargeability and resistivity anomalies, favorable intrusive rocks with associated porphyry-related alteration, as well as abundant copper and gold showings. Drill testing is planned for 2008 once ground work has been completed and priority drill targets defined.

The EP, covering 1,538 hectares, is located within Mindoro's overall Batangas Project area, comprising more than 30,000 hectares in a well-mineralized copper-gold belt. The EP was acquired under an agreement with Philex Mining Corporation wherein Mindoro and its partner, Egerton Gold Phils. Inc., can acquire a 100 percent interest, subject to an underlying net smelter royalty of two percent to Philex. A summary of the main features defined by due diligence work follow:

- Parcel 1 (162 hectares) is located on the western side of the Calo porphyry copper-gold prospect which is currently being drill-tested. The parcel covers several copper showings associated with argillic to advanced argillic alteration. Outcrop grab samples taken from the eastern part of the parcel assayed up to 3.0 g/t Au, 56.0 g/t Ag, and 3.80 percent Cu.

- Parcel 2 (405 hectares) is located immediately to the mid-east portion of the Lobo Project, where in 2005 Mindoro announced a small NI 43-101 compliant gold resource. The parcel includes a copper-gold prospect.

- Parcel 3 (567 hectares) is located immediately to the west of the Archangel Project. It covers the Talon copper prospect where disseminated copper mineralization is associated with argillic to intermediate argillic-altered andesitic and dacitic volcanics. An 18 meter channel sample located near the headwaters of Talon Creek assayed 3.8 g/t Au, 1.91 g/t Ag, and 0.10 percent Cu.

- Parcel 4 (243 hectares) is located immediately northeast and contiguous to the Archangel Project. It covers the northeast extension of the Bootin Prospect. Bootin is characterized by high chargeability, resistivity and magnetic anomalies associated with high-sulphidation epithermal copper-gold mineralization and advanced argillic alteration. In addition, phyllic alteration and the magnetic anomaly suggest a porphyry copper-gold target at depth.

- Parcel 5 (161 hectares) is located immediately northeast and contiguous to the Archangel Project. It covers the projected extension of the Kay Tanda epithermal gold-silver prospect on which Mindoro has drilled over 150 drill holes and is carrying out a NI 43-101 resource estimate. The parcel contains strong and extensive chargeability anomalies. It includes part of Mindoro's strongest porphyry copper-gold prospect on the Archangel Project, the Marita Prospect, which covers a two by 1.5 kilometer, very strong IP anomaly with coincident phyllic alteration, iron oxide (after sulphide) stockworking and copper-gold showings. The main features of Parcels 4 and 5 appear on the Archangel Project compilation map accompanying this release (to view this map please click on: http://www.ccnmatthews.com/docs/mio0830map.pdf).

ABOUT MINDORO

Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). The Company recently completed a major drill program on its Kay Tanda epithermal gold-silver prospect, on which it is currently carrying out a NI 43-101 resource estimate, as well as conducting reconnaissance drilling on the Calo porphyry copper-gold prospect; and is advancing a significant nickel laterite prospect towards early production; in addition to holding another 22 identified porphyry copper-gold prospects in the Philippines.

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.
    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