Mindoro Resources Ltd.
TSX VENTURE : MIO

Mindoro Resources Ltd.

November 14, 2006 11:57 ET

Mindoro Resources Ltd.: Final Results for Kay Tanda Diamond Drill Hole 4

EDMONTON, ALBERTA--(CCNMatthews - Nov. 14, 2006) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FWB:WKN 906167) today reported complete results from diamond drill hole KTDH-04 from the Kay Tanda epithermal gold-silver-base metal prospect, located in the Archangel Project, the Philippines. Significant gold values were intersected below the previously reported high-grade gold results, passing into a zone of base metal mineralization (copper, lead and zinc) and ending in porphyry copper-gold related alteration and mineralization.

On October 23, 2006, Mindoro reported results down to 121.3 meters in KTDH-04. Highlight was 13.90 grams per tonne (g/t) gold over 37.3 meters from 84 to 121.3 meters, including 23.50 g/t gold over 21.3 meters from 100 to 121.3 meters. A summary of the complete results appears in the table below. Highlights from the new results are:

- 52 meters of 11.50 g/t gold from 84 to 136 meters

- including 21.3 meters of 23.50 g/t gold from 100 to 121.3 meters (previously reported October 18)

- including 3 meters of 20.33 g/t gold from 125 to 128 meters

- 2 meters of 12.91 g/t gold from 168 to 170 meters

- 14 meters of 0.99% copper, 2.13% lead and 2.29% zinc from 221 to 235 meters, including 5 meters of 2.1% copper, 5.5% lead and 4.97% zinc from 229 to 234 meters.

The current geological interpretation is that KTDH-04 passed through a zone of west-dipping epithermal gold-silver-base metal mineralization, which may be an upflow (or "feeder") zone to the flat-lying, low-grade, near-surface mineralization encountered to date. It then passed through a footwall zone of copper-lead-zinc mineralization.

From 274 meters to end of hole at 303 meters, weak potassic alteration was encountered with associated weak copper (chalcopyrite) mineralization and quartz-anhydrite- gypsum veining, suggesting the hole is on the flanks of a porphyry copper-gold system. Deeper testing of the porphyry target will be carried out at a later date several hundred meters to grid-west, where there is a marked strengthening of the chargeability anomaly (see map in release of October 10, 2006).

Focus will continue to be evaluation of the new high-grade gold zone and on locating more such zones. Diamond drill hole KTDH-05 is being drilled on an angle from grid west to intersect the epithermal zone and give information on geometry and true width.

Based on these very encouraging results, a second diamond drill rig has been contracted and will be mobilized to site very soon. The reverse circulation rig, which has been undergoing maintenance for three weeks, has resumed infill drilling of the near-surface low-grade gold mineralization, and is currently working in the Pulang Lupa area.



SUMMARY OF DRILL RESULTS: KTDH-04

(Based on economic cut-off grade of 0.3 g/t gold)
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KTDH 04
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10087N : 9905E Vertical
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SAMPLE
FROM TO LENGTH (m) Au g/t Ag g/t Cu % Pb % Zn %
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3 5 2 0.92 31.83 - - -
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13 28 15 0.66 2.30 - - -
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Including 16 17 1 4.07 5.85 - - -
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62 66 4 0.55 0.60 - - -
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84 136 52 11.50 1.40 - 0.35 1.07
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Including 100 121.3 21.3 23.50 2.07 - 0.41 1.15
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& including 125 128 3 20.33 1.27 - 0.23 0.74
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& including 130 131 1 9.55 0.55 - - -
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& including 135 136 1 7.04 0.60 - - 0.12
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141 144 3 0.34 0.50 - - 0.11
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148 150 2 2.82 1.00 - - -
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156 157 1 1.06 0.50 - - -
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168 170 2 12.91 1.55 - 0.20 0.30
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174 177 3 1.16 1.17 - 0.05 0.04
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186 188 2 0.02 2.45 0.59 0.02 1.65
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198 201 3 0.93 4.10 0.52 2.01 0.97
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Including 199 201 2 1.19 4.15 0.73 1.18 0.83
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207 208 1 2.32 0.50 0.02 0.14 0.43
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221 235 14 0.03 6.48 0.99 2.13 2.29
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Including 229 234 5 0.05 13.04 2.10 5.50 4.97
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249 250 1 0.03 2.40 0.22 0.12 0.09
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Programs are carried out under the supervision of Tony Climie, P.Geol., who is a qualified person as defined by National Instrument 43-101. Normal Quality Control and Quality Assurance procedures are being carried out, using a system of duplicate, standard and blank samples.

ABOUT MINDORO

Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). In addition to the ongoing drill-delineation of a gold-silver resource at Kay Tanda, Mindoro has identified 22 porphyry copper-gold prospects and a nickel laterite prospect in the Philippines and has an aggressive strategy of drilling multiple targets in 2006.

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