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Nov 14, 2006
Final Results for Kay Tanda Diamond Drill Hole 4
EDMONTON, Alberta; November 14, 2006 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: 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:
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)
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.
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.
FOR FURTHER INFORMATION, CONTACT:
Executive Vice President
Ascenta Capital Partners Inc.
Toll Free: 1.866.684.4209 ext. 228
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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.
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