Mindoro Resources Ltd.

Mindoro Resources Ltd.

February 24, 2005 14:11 ET

Mindoro Resources Ltd.: Encouraging Anomalies Defined on Newly Discovered Prospect: Associated High Gold Values in Float Boulders


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: MINDORO RESOURCES LTD.

TSX VENTURE SYMBOL: MIO
FRANKFURT SYMBOL: OLM

FEBRUARY 24, 2005 - 14:11 ET

Mindoro Resources Ltd.: Encouraging Anomalies Defined
on Newly Discovered Prospect: Associated High Gold
Values in Float Boulders

EDMONTON, ALBERTA--(CCNMatthews - Feb. 24, 2005) - Mindoro Resources
Ltd. (TSX VENTURE:MIO) (FWB:OLM) today announced that the recently
completed geophysical surveys over the Lobo Project in the Philippines
have defined coincident magnetic, resistivity and chargeability
anomalies on a newly discovered prospect. The new Signal Prospect is
located in the southwestern part of the project. Follow-up prospecting
located mineralized float boulders over an extensive area with grades up
to 72.64 grams per tonne (g/t) gold, and 432.30 g/t silver. Protection
ground has been applied for along the strike projection and a drill rig
is now being moved onto the Signal Prospect.

A drill rig is being mobilized from Manila this week and it is planned
to commence drilling at Signal within two weeks. A second, larger drill
rig will be mobilized to Lobo in late March to commence drilling the
Pica porphyry copper-gold prospect.

"Both Signal and Pica are exciting targets and we are looking forward to
getting drill holes into both," said Tony Climie, President of Mindoro.
"Modeling of geophysical results, which will allow optimal drill target
selection, is nearing completion."

The extensive coincident geophysical anomalies and widespread silicified
mineralized float boulders, some with very high gold and silver values
in an area of limestone geology, suggest this is replacement-type
mineralization, possibly similar to the Carlin-type gold deposits in
Nevada.

The geophysical survey results announced today define a 200 meter to 400
meter wide ground magnetic high that extends approximately two
kilometers from the northeast to the southwest. This is flanked in the
southwest by a 200 meter to 400 meter wide high chargeability anomaly
that extends for 700 meters, and is open to the southwest. This anomaly
is interpreted as being due to sulphide mineralization. It is flanked
above by a 400 meter to 800 meter wide resistivity high, which extends
for one kilometer to the northeast and is open in that direction. The
resisitivity high is interpreted as being due to silicification. The
geophysical crew will return to Lobo to complete coverage of the anomaly
extensions.

Mapping indicates that the geology consists of limestone, intercalated
clastic sediments and andesite partially overlain by younger overburden.
Large numbers of silicified boulders were found over an area of 1.5
kilometers by 1.5 kilometers, above and adjacent to the geophysical
anomalies. The silicified boulders consist of hematitic jasperoid,
quartz-pyrite breccia with barite veining and massive quartz-replaced
rock. The boulders are interpreted as silicified and replaced limestone.
Important gold deposits, such as Carlin-type gold deposits can occur in
limestones and inter-bedded sediments.

Rock chip samples were taken from 33 float boulders over a wide area
within the boulder fields. Results ranged from 0.005 g/t to 72.64 g/t
gold, from 0.50 g/t to 432.30 g/t silver and from 0.001 percent to 1.33
percent copper. A boulder assaying 42.60 g/t gold was found 200 meters
from the boulder assaying 72.64 g/t gold, while a boulder assaying 8.99
g/t gold was found 400 meters distant from the former. A compilation map
of the Lobo Project showing location of Signal prospect and the most
significant mineralized boulders is shown on Mindoro's website at
http://www.mindoro.com/s/Batangas_Maps.asp.

The map also shows the location of the Pica porphyry copper-gold
prospect (see news release dated Nov. 22. 2004) and the epithermal
mineralized vein breccia trends.

An application has been made for an additional tenement to cover the
projected southwest extension of the Signal Trend. The application has
been accepted by the mines department of the Philippines and is being
processed.

The geophysical survey was carried out by McPhar Geoservices
(Philippines), Inc. of Manila, an ISO 9001:2000 company headed by
Canadian geophysicist, Peter Smith. Work is carried out under the
supervision Tony Climie P. Geol., a "qualified person" as defined by
National Instrument 43-101.

ABOUT MINDORO

Mindoro is a Tier One Company trading on the TSX Venture Exchange (TSXV:
MIO) and the Frankfurt Stock Exchange (OLM). The Company is exploring
for gold and gold-copper in the prolifically mineralized magmatic arcs
of the Asia-Pacific Region. Mindoro has been active in the Philippines
since 1996 and is presently focused on six promising projects in
politically stable jurisdictions of the Philippines.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Mindoro Resources Ltd. - Head Office
    Penny Gould
    Executive Vice President
    (780) 413-8187
    (780) 426-2716 (FAX)
    penny@mindoro.com
    www.mindoro.com
    or
    Ascenta Capital Partners Inc.
    Marshall Farris
    Investor Relations
    (604) 628-5800 or Toll Free 1-866-684-4209
    info@ascentacapital.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.