Mindoro Resources Ltd.

Mindoro Resources Ltd.

March 08, 2005 09:00 ET

Mindoro Resources Ltd.: Geophysical Survey Identifies Promising Copper-Gold Targets


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: MINDORO RESOURCES LTD.

TSX VENTURE SYMBOL: MIO
FRANKFURT SYMBOL: OLM

MARCH 8, 2005 - 09:00 ET

Mindoro Resources Ltd.: Geophysical Survey Identifies
Promising Copper-Gold Targets

EDMONTON, ALBERTA--(CCNMatthews - March 8, 2005) - Mindoro Resources
Ltd. (TSX VENTURE:MIO)(FWB:OLM) today announced that it has received an
independent geophysical report by S.J.V. Consultants Ltd., of Vancouver,
B.C., on the inverse modeling and interpretation of results of a major
program of induced polarization (IP) and magnetic surveys carried out
over the Lobo Project, in the Philippines. The surveys had the objective
of defining porphyry copper-gold deposits below extensive
gold-mineralized epithermal vein-breccia trends. In the Philippines,
porphyry copper-gold and epithermal gold systems commonly occur
telescoped relatively close together.

"We are extremely pleased with the results of the geophysical survey. It
has given us two very promising porphyry copper-gold targets at Pica and
Calumpang, as well as an intriguing limestone-replacement gold target at
Signal. We have moved a drill rig on site at Signal and will be drilling
this week. A second, larger drill rig will be moved to Lobo by late
March to commence testing Pica and, after that, the Calumpang porphyry
target," said Tony Climie, President of Mindoro.

In their report, S.J.V. concludes, "there are two areas where the IP
responses give strong indications of a buried porphyry system. The
anomalies consist of a flat-lying resistive layer (possible silica cap)
overlying a high chargeability body (possible sulphides). Coincident
magnetic anomalies support this interpretation." The first area is the
Pica Prospect, in which anomalous responses have been obtained for over
one kilometer of strike length and 500 to 700 meters width, and for
which preliminary results were reported in Mindoro's news release dated
Nov. 22, 2005.

The second porphyry target is the newly-defined Calumpang Prospect,
immediately to the northeast of Pica. S.J.V. has recommended drilling of
both porphyry targets. S.J.V. also recommended drilling of the Signal
Prospect, which is reflected by coincident resistivity, chargeability
and magnetic anomalies. High gold values were located in float boulders
at the Signal Prospect, which is a target for near-surface, limestone
replacement gold mineralization (see release dated Feb. 23, 2005).

The Signal Target is open to the southwest in ground covered by a
tenement application submitted by Mindoro. Several other geophysical
anomalies have been recognized at Lobo but have not yet been completely
closed off by the survey. The geophysical survey crew will return to
Lobo once the major ongoing program at Mindoro's adjacent Archangel
Project is finished.

The geophysical survey, comprising 43 line kilometers, was carried out
by McPhar Geoservices (Philippines), Inc. of Manila, an ISO 9001:2000
company headed by Canadian geophysicist, Peter Smith. The inverse
modeling and interpretation were performed by Trent Pezzot,
geophysicist, of S.J.V. Consultants Ltd. The complete report will be
posted SEDAR and Mindoro's website at www.mindoro.com. Work is carried
out under the supervision of Tony Climie, P. Geol., who is a qualified
person as defined by National Instrument 43-101.

ABOUT MINDORO

Mindoro is a Tier One Company trading on the TSX Venture Exchange (TSX
VENTURE: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.