Mundoro Mining Inc.

Mundoro Mining Inc.

March 02, 2005 08:41 ET

Mundoro Reports Drill Hole Results From Zone 1 and Southeast Zone; Results Significantly Increase Southeast Zone Deposit Strike Length


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: MUNDORO MINING INC.

TSX SYMBOL: MUN

MARCH 2, 2005 - 08:41 ET

Mundoro Reports Drill Hole Results From Zone 1 and
Southeast Zone; Results Significantly Increase
Southeast Zone Deposit Strike Length

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 2, 2005) - Mundoro
Mining Inc. (TSX:MUN) is pleased to report further assay results from 11
diamond drill holes drilled in the Zone 1 and Southeast Zone area of the
Company's multi-million ounce Maoling Gold Project in China. The
drill-hole locations described in this release are shown relative to the
recently updated Zone 1 / Southeast Zone resource outlines in maps
available on Mundoro's website at www.mundoro.com.

MAIN ZONE 1 AREA RESULTS

Results from six holes drilled from the hanging wall of Zone 1 show
excellent consistency with the established grades of the deposit's
recently updated multi-million ounce gold resource model as well as
potential to expand the zone to the south. Notable intersections include
MLD129 with 204 metres grading 1.21 grams gold per tonne, including 110
metres grading 1.45 grams gold per tonne; and, MLD134 with 187.8 metres
grading 1.49 grams gold per tonne, including a 68 metre intersection of
2.53 grams gold per tonne. Principal intersections from these holes are
tabulated below:



Drill Zone 1 Intersection Intersected Gold
hole Grid Angle (metres) Width (grams/
Number Line of Hole From To (metres)(xx) tonne) COMMENTS
------------------------------------------------------------------------
MLD126(x) 5950 -55 deg. E 234.0 312.0 78.0 1.07 Infill
including 234.0 256.0 22.0 1.62
------------------------------------------------------------------------
MLD129(x) 6150 -73 deg. E 160.0 364.0 204.0 1.21 Infill
including 182.0 292.0 110.0 1.45
including 182.0 246.0 64.0 1.76
------------------------------------------------------------------------
MLD131(x) 5900 -55 deg. E 174.0 192.0 18.0 2.06 Infill and
step-out
And 258.0 294.0 36.0 0.89
------------------------------------------------------------------------
MLD134(x) 6150 -84 deg. E 224.0 411.8 187.8 1.49 Infill
Including 256.0 324.0 68.0 2.53
------------------------------------------------------------------------
MLD135 5900 -73 deg. E 280.0 356.0 76.0 0.70 Infill
Including 280.0 286.0 6.0 2.73
------------------------------------------------------------------------
MLD138 5850 -55 deg. E 150.0 222.0 72.0 1.40 Infill
Including 190.0 218.0 28.0 1.95
------------------------------------------------------------------------

(x) The January 20, 2005 Zone 1 resource estimate includes data from
these holes
(xx) The Zone 1 mineralized body dips at approximately 60 degrees to
the west and has a variable true thickness ranging from
approximately 90 to 200 metres


SOUTHEAST ZONE

Results from drill holes MLD139 (line 5950) and MLD148 (line 5500)
indicate an increase of approximately 150 metres to the strike length of
the Southeast Zone. Hole MLD148 intersected three mineralized zones
totaling 164 metres with the best zone grading 1.36 grams gold per tonne
over 64 metres. Assay results from these holes were not available in
time to be included in the updated resource estimate for Zone 1 reported
on January 20th, 2005 but will be included in the next resource estimate
for Zone 1. Results for the five holes in the Southeast Zone are as
follows:



Drill Zone 1 Intersection Intersected Gold
hole Grid Angle (metres) Width (grams/
Number Line of Hole From To (metres)(x) tonne) COMMENTS
------------------------------------------------------------------------
MLD130 5750 -55 deg. E 152.0 226.0 74.0 0.80 Infill
Including 158.0 188.0 30.0 1.02
------------------------------------------------------------------------
MLD133 5650 -55 deg. E 202.0 330.0 128.0 0.95 Infill
Including 266.0 296.0 30.0 1.54
------------------------------------------------------------------------
MLD137 5800 -55 deg. E 114.0 188.0 74.0 0.95 Infill
Including 140.0 168.0 28.0 1.26
------------------------------------------------------------------------
MLD139 5950 -55 deg. E 15.4 70.0 54.6 1.02 northerly
Including 17.0 48.0 31.0 1.41 extension
------------------------------------------------------------------------
MLD148(xx) 5500 -55 deg. E 8.0 28.0 20.0 0.73 southerly
102.0 166.0 64.0 1.36 extension
178.0 258.0 80.0 0.65
------------------------------------------------------------------------

(x) Data accumulated to-date indicates a variable true thickness in the
Southeast Zone ranging from approximately 90 to 200 metres
(xx) Hole MLD148 prioritized due to location and strong indications of
mineralization


The results described in this news release are derived from a total of
3,252 metres of drill-core in 11 core-holes. To date, an additional
4,353 metres in 14 holes in Zone 1 and 490 metres in 2 holes in the Zone
4 resource area have been drilled, with results pending.

The pre-feasibility study, now being conducted on the Zone 1 deposit
area, is proceeding well and is expected to be completed in the second
quarter of 2005. This study is contemplating the development of an open
pit mine and a conventional milling and CIL operation at Maoling, based
on the 'Indicated' Resource estimate for Zone 1, namely 81.6 million
tonnes at 1.2 grams gold per tonne, or 3.0 million ounces of gold.

With Zone 1 remaining open to the south and down dip and Southeast Zone
open to the south and to the north it is anticipated that the next round
of drilling will add significantly to the overall resources of the
deposit as well as upgrade much of the existing Inferred Resource (45.4
million tonnes grading 1.0 gram gold per tonne - 1.4 million ounces
gold) to the Indicated Resource category. The next round of drilling at
Maoling will commence shortly following a break for Chinese New Year
celebrations and drill maintenance.

About Mundoro Mining Inc.

Mundoro Mining Inc. is a well-financed resource company focused on the
exploration and development of the large-scale, pre-feasibility stage
Maoling gold deposit in Liaoning Province, China. The Company has a 79%
interest in the project through a Sino-Foreign co-operative joint
venture with the corporate arm of the Liaoning provincial government,
and has been aggressively exploring the 20 square kilometer exploration
license area. Thus far, three deposits that outcrop at surface have been
outlined with Indicated Resources of 81.6 million tonnes at 1.2
grams/tonne (3.0 million ounces of gold) and Inferred Resources of 100.4
million tonnes at 1.1 grams/tonne (3.5 million ounces). The resource
estimates calculated by AMEC Americas Ltd. are presented using a 0.75
grams gold per tonne cut-off grade. Disseminated, free-milling gold
mineralization at Maoling occurs within a sequence of altered phyllitic
metapelite to meta-siltstone and is associated with sheeted quartz vein
sets and 3-5% disseminated sulphide mineralization. Metallurgical
testing has indicated gold recoveries averaging 94% using conventional
milling / CIL processing methods. AMEC is now conducting a
pre-feasibility study on Maoling that is expected to be completed in the
second quarter of 2005, for a potential open-pit mining operation.

Quality Control Program

Mundoro Mining has implemented a quality control program to ensure
accuracy in the collection and analysis of samples. All drill core (HQ
size) is sampled at approximately 2 metre intervals and are cut in half
using a diamond saw. One half of the core is archived at the core
storage facility on site while the other half is crushed, pulverized and
split by a sample preparation laboratory affiliated with the Liaoning
Bureau of Geology and Mineral Resources. Pulp samples weighing
approximately 150 grams are couriered to ALS Chemex Laboratories in
North Vancouver, BC, an ISO 9001-2000 registered facility, for fire
assay. Accuracy of results is tested through the systematic inclusion of
certified reference standards, field blanks and duplicate samples. The
Maoling drilling and exploration program is being carried out under the
direction of Colin H. McAleenan, P.Geo., a Qualified Person as defined
in National Instrument 43-101.

Maps and associated materials are available on Mundoro Mining's website,
at www.mundoro.com.

The statements herein that are not historical facts are forward-looking
statements. These statements address future events and conditions and so
involve inherent risks and uncertainties, as disclosed under the heading
"Risk Factors" in the company's periodic filings with Canadian
securities regulators. Actual results could differ from those currently
projected. The Company does not assume the obligation to update any
forward-looking statement.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Mundoro Mining Inc.
    Colin H. McAleenan
    Chairman and CEO
    (604) 669-8055
    or
    Mundoro Mining Inc.
    Cyrus Ameli
    Vice President, Communications
    (604) 669-8055
    info@mundoro.com
    www.mundoro.com
    The TSX has neither approved nor disapproved of the information
    contained herein.