Mundoro Mining Inc.
TSX : MUN

Mundoro Mining Inc.

November 03, 2005 09:00 ET

Mundoro Reports Drilling Results from Maoling Gold Project, China

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 3, 2005) -

- Completion of Drilling Required for Zone 1 Feasibility Resource Estimate

- Mineralization Encountered Between Zone 1 and Zone 4

Mundoro Mining Inc. (TSX:MUN) is pleased to report additional assay results from its 2005 drilling campaign at the multi-million ounce Maoling Gold Project in China. All required drilling has now been completed for an update to the Zone 1 resource estimate, the results of which are expected at the end of 2005, for consideration in the definitive feasibility study.

Much of the drilling to-date has targeted geology and structure as well as infill and definition drilling in the southern extension of the Zone 1 area. Of the 18 holes reported, MLD171 was the only one drilled in the northern half of zone, with the intention of acquiring geotechnical information from the proposed high wall of the pre-feasibility open pit. As such, it was inclined to the west and unexpectedly intersected mineralization below a fault 100 metres to the west of MLD110, the nearest mineralized hole in the main part of Zone 1. This mineralization is interpreted as being the down-dip extension of main part of Zone 1 but in an upthrown block. Results are pending on further drill holes completed in this area to confirm this theory, which presents to the possibility of discovering relatively shallow linkage between Zone 1 and Zone 4, which may be reached by an extension of the proposed Zone 1 open-pit.

Holes MLD 180 and 182, located on Line 5450, intersected significant mineralization a distance of 150 metres south of the mineralization envelope used for the most recent resource estimate for Zone 1.

Significant intersections from the current 18 holes being reported, representing a total of 5,516 metres of drilling, are reported below.



------------------------------------------------------------------------
Inter-
Drill Zone 1 Intersection sected Gold
hole Grid Angle (metres) Width (grams/
Number Line of Hole From To (metres) tonne) Comments
------------------------------------------------------------------------

------------------------------------------------------------------------
MLD165 5800 -55 200.0 252.0 52.0 0.69 Faulted
degrees E 290.0 292.0 2.0 5.76 block
------------------------------------------------------------------------

------------------------------------------------------------------------
MLD166 5550 -55 144.0 284.0 140.0 0.81 Testing
degrees E Including down-dip
150.0 166.0 16.0 1.39
294.0 300.0 6.0 0.72
361.0 362.2 1.2 16.15
------------------------------------------------------------------------

------------------------------------------------------------------------
MLD167 5500 -55 58.0 70.0 12.0 1.02 Numerous 2
degrees E 156.0 162.0 6.0 1.28 to 4 metre
244.0 280.0 36.0 0.63 zones with
grades of
0.5 to 1.4
g/t Au
------------------------------------------------------------------------

------------------------------------------------------------------------
MLD168 5900 -55 256.0 372.0 116.0 0.76 Infill
degrees E Including
266.0 288.0 22.0 1.43
------------------------------------------------------------------------

------------------------------------------------------------------------

------------------------------------------------------------------------
MLD170 5550 -55 116.0 120.0 4.0 0.97 Numerous 2
degrees E 140.0 142.0 2.0 5.81 to 4 metre
152.0 158.0 6.0 0.67 zones with
166.0 190.0 24.0 0.80 grades of
0.5 to 1.4
g/t Au
------------------------------------------------------------------------

------------------------------------------------------------------------
MLD171 6400 -60 196.2 224.0 27.80 1.06 North end
degrees W of Zone 1
Geotech
hole -
upper
mineral-
ization
contact is
faulted
------------------------------------------------------------------------

------------------------------------------------------------------------
MLD172 5900 -90 282.0 312.0 30.0 1.22 Infill
degrees 324.0 350.0 16.0 1.13
370.0 394.0 24.0 0.73
------------------------------------------------------------------------

------------------------------------------------------------------------
MLD173 5600 -55 12.0 22.0 10.0 0.85 Infill
degrees E 34.0 44.0 10.0 0.90
56.0 88.0 32.0 1.41
98.0 124.0 26.0 0.64
------------------------------------------------------------------------

------------------------------------------------------------------------
MLD174 5850 -75 270.0 286.0 16.0 1.56 Testing
degrees E down dip
------------------------------------------------------------------------

------------------------------------------------------------------------
MLD175 5500 -55 184.0 192.0 8.0 1.29 Eastern
degrees E step-out
------------------------------------------------------------------------

------------------------------------------------------------------------
MLD176 5800 -50 18.0 28.0 10.0 0.78 Eastern
degrees E 72.0 86.0 14.0 0.67 step-out
92.0 108.0 16.0 0.91
------------------------------------------------------------------------

------------------------------------------------------------------------
MLD178 5850 -90 156.0 170.0 14.0 1.09 Testing
degrees 226.0 246.0 20.0 0.77 down-dip
272.0 280.0 8.0 1.77
294.0 326.0 32.0 0.71
------------------------------------------------------------------------

------------------------------------------------------------------------
MLD180 5450 -55 72.0 78.0 6.0 1.00 Testing
degrees E 268.0 318.0 50.0 0.59 down-dip
346.0 374.0 28.0 0.73
Including
362.0 372.0 10.0 1.18
------------------------------------------------------------------------

------------------------------------------------------------------------

------------------------------------------------------------------------
MLD181 5600 -55 4.0 14.0 10.0 2.70 Eastern
degrees E 40.0 72.0 32.0 0.73 step-out
------------------------------------------------------------------------

------------------------------------------------------------------------
MLD182 5450 -55 42.0 128.0 86.0 0.68 Eastern
degrees E Including step-out
42.0 74.0 32.0 0.88
Including
42.0 50.0 8.0 1.39
and 86.0 94.0 8.0 1.00
------------------------------------------------------------------------

------------------------------------------------------------------------
- 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
- Drill Holes MLD169, MLD177 & MLD179 were drilled for structure and
geology, yielding no significant grade values


Further information on these results and past drilling, Resource Estimates and the pre-feasibility study for the Zone 1 deposit are available on the Company's website at www.mundoro.com.

A total of 15,213 metres in 55 holes has been completed in Zone 1 during 2005. Results for 28 of these holes have so far been reported with results pending for the remainder. The results of this program have enhanced Mundoro's understanding of the faulting near the southern extension of the Zone 1 deposit and how mineralization extends beyond the known resource limits to the south. This enhancement of the geological model is required in order to elevate the Inferred Resources at the south end of Zone 1 to the Indicated Resource category ahead of the feasibility resource estimate that will be available near year-end. Project work is now focused on the collection of structural, geotechnical and hydrology data for the definitive feasibility study, the results of which are expected in the latter half of 2006.

About Mundoro Mining Inc.

Mundoro Mining Inc. is a Vancouver-based, TSX listed resource company focused on the exploration and development of the multi-million ounce, feasibility stage Maoling Gold Project 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 exploring the 20 square kilometer exploration license area since 2001. Thus far, two deposits that outcrop at surface have been outlined at Maoling in which disseminated, free-milling gold mineralization occurs within a sequence of altered phyllitic metapelite to meta-siltstone with 3-5% disseminated sulphide mineralization. A pre-feasibility study completed in June of 2005 demonstrated the economic viability of developing a large-scale open-pit mine on the Zone 1 orebody to produce an average of approximately 328,000 ounces of gold per year over 8 years. Significant opportunity remains to both optimize the mine's design and to expand the overall resource-base for consideration in a definitive feasibility study being undertaken by an international team of engineers and environmental experts including Ausenco Limited and Golder Associates Pty Limited.

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.

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.


The TSX has neither approved nor disapproved of the information contained herein.

Contact Information

  • Mundoro Mining Inc.
    Colin H. McAleenan
    Chairman and CEO
    (604) 669-8055
    or
    Mundoro Mining Inc.
    Cyrus Ameli
    Vice President, Communications
    (604) 669-8055
    (604) 669-8056 (FAX)
    info@mundoro.com
    www.mundoro.com