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Jul 08, 2009
Gold Fields Provides Update on Progress on the Batangas Joint Ventures
EDMONTON, Alberta; July 8, 2009 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) is pleased to advise that Gold Fields has provided the following progress report on the El Paso Project, one of three projects comprising the Batangas joint ventures, Philippines. Detailed surveying, geological mapping and follow-up of copper-gold occurrences continued on several inliers of potential porphyry copper-gold mineralization in dioritic and andesitic rocks which are capped and obscured by younger cover rocks. More significant prospects include:
ABOUT EL PASO
The El Paso Project, Batangas Province, is located 11 kilometers southeast of Freeport McMoRan's Taysan porphyry copper-gold deposit and seven kilometers northeast of Mindoro's Pica porphyry copper-gold prospect. El Paso is immediately north of the major west-northwest-trending structural boundary that separates older northeastern batholithic terrain (San Juan Diorite), and the younger southern volcanic terrain. This major boundary is an especially favorable structural setting which served to localize mineralizing intrusions, including Taysan. The area is underlain largely by San Juan Diorite with islands of metavolcanics, intruded by younger quartz diorite and andesite porphyry intrusions, and overlain in places by younger Quaternary volcanic tuff. Extensive porphyry-related phyllic and intermediate argillic alteration has been mapped, as well as potassic alteration in places.
Widespread copper-gold mineralization occurs associated with the younger andesite porphyry and quartz diorite intrusions, as well as the older San Juan Diorite. In the southwest part of the El Paso prospect, copper ± gold mineralization had been known historically and was tested with shallow drill holes by a previous operator in the mid-nineties. Results are unknown. Mindoro carried out trenching and channel sampling program in these copper showings (disclosed in an October 4, 2005, press release). High copper values in the one percent plus range were outlined in most trenches over lengths from three meters to 30 meters. However, this area is not associated with significant induced polarization (IP) anomalies and is considered to represent copper ± gold mineralization on the periphery of the porphyry copper-gold system.
Subsequent IP surveys by Mindoro defined two large and strong chargeability anomalies, known as Calantas and Mulawin, approximately two kilometers east of the copper showings. Each is about two kilometers by one kilometer in extent with chargeability values ranging from 20 to over 50 msec, against a background of 4 to 8 msec. The Mulawin anomaly is open to the east and north.
A thin cover of volcanic ash obscures much of the area, but scattered outcrops indicate geology consists of stocks of younger fine-medium grained, quartz diorite and andesite porphyry intruding metavolcanics. Independent petrology confirms that alteration consists of quartz-sericite-chlorite and sericite-clay-chlorite. These alteration assemblages are common to Philippine porphyry systems and are usually transitional to the core potassic zone at depth. The petrology also confirms the presence of quartz veining with magnetite and the copper minerals chalcopyrite and bornite. A channel sample from the metavolcanics yielded 0.24 per cent copper over 15 meters. This suggests the strong chargeability anomaly below is of considerable interest. High molybdenum values of 806 parts per million in a 10 meter trench are associated with a younger quartz diorite stock at Calantas, also suggesting a porphyry source.
Tony Climie, P.Geol, is the Qualified Person responsible for monitoring the supervision and quality control of Mindoro's programs and who has reviewed and verified the technical information contained in this news release.
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on copper-gold and nickel exploration in the Philippines with a strategy of advancing early stage opportunities to production or joint venture. Mindoro has NI 43-101 resource estimates on its Agata North nickel-cobalt project and on both its Lobo (SWB) and Archangel (Kay Tanda) gold-silver projects. Mindoro has identified 22 porphyry copper-gold prospects and has a Memorandum of Understanding with Avocet Mining on its Archangel Project and a Memorandum of Agreement with Gold Fields covering its Batangas projects.
Mindoro is well positioned to capitalize on the global demand for gold in 2009 with plans underway to drill the Kay Tanda and Lobo gold projects, funded by Avocet and Gold Fields, and drill the American Tunnels gold /copper-gold project. Additional 2009 objectives include finalizing one to two additional joint venture arrangements on Mindoro's porphyry copper-gold prospects at Pan de Azucar and Surigao and identifying a suitable partner to fund development of the significant Agata North nickel resource.
For further information, contact:
INVESTOR RELATIONS - CANADA
Mindoro Resources Ltd.
Penny Gould, President: email@example.com
Tel: 780.413.8187 or Toll Free: 1.877.413.8187
Renmark Financial Communications Inc.
Barbara Komorowski: firstname.lastname@example.org
Jason Roy: email@example.com
INVESTOR RELATIONS - EUROPE
Robert Sarcher: firstname.lastname@example.org
Tel. 49 821 6089051
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 and the uncertainty of the availability of capital). 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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