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Jun 23, 2010
Mindoro Announces Further Nickel Laterite Intersections at Agata
EDMONTON, ALBERTA, June 23, 2010 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) today announced further infill drilling results from the company's Agata Nickel Project in the Philippines.with grades and thickness of potential economic interest, including limonite intersections averaging 3.24m @ 1.09% Nickel, 49% Iron and high-grade saprolite intersections averaging 6.6m @1.39% Nickel.
A total of 147 holes for 2,792 meters (m) have been completed from a detailed infill drilling program totaling 2,500 to 3,000 meters. The program is due for completion end of June 2010. Assay results have been received for a further 15 drill holes on 25m x 25m to 50m x 50m grid patterns. The average grades and thicknesses of 14 holes are shown below. Two of the holes located at the edge of mineralization do not include significant intersections in the limonite and saprolite zones.
Within the 13 drillhole intercepts the limonite horizon averages 1.09 percent nickel (Ni), 0.12 percent cobalt (Co) and 49 percent iron (Fe) over an average thickness of 3.24 meters. The following table shows the more significant limonite intersections:
Within the 13 drilhole intercepts the underlying saprolite horizon averages 1.39 percent nickel over an average thickness of 6.60 meters. The following table shows the more significant saprolite intersections:
A full list of drill results for all 15 holes is available with this release on Mindoro's website at www.mindoro.com.
The accompanying plan (also available on Mindoro's website) illustrates the distribution of nickel laterite drilled from 2006 to date, with nickel grade times thickness (meters) expressed as cool to hot colours.
The results to date include grades and thicknesses consistent with those previously reported. These continue to be of potential economic interest as potential Direct Shipping Ore (DSO) nickel-iron limonite (>1% Nickel, >45% Iron) for the Chinese nickel-pig iron market and high grade transition to saprolite ore (>1.4% Nickel) for Chinese Electric Arc Furnace (EAF) and/or other acid leach or ferronickel processing facilities in Australasia. Results of the drilling, combined with mine planning information, will allow preparation of an NI 43-101 Mineral Reserve statement, scheduled for July 2010.
Following the DSO detailed definition program Mindoro will commence drilling the regional nickel laterite exploration target in order to convert a significant proportion of the 50 million to 70 million DMT @ 0.9% to 1.2% nickel Exploration Target to NI 43-101 compliant Mineral Resource.
The reader is cautioned that the potential quantity and grade of the Exploration Target is conceptual in nature; it is uncertain if further exploration will result in the Exploration Target being delineated as a mineral resource and there is no guarantee that these resources, if delineated, will be economic or sufficient to support a commercial mining operation. The company's production objectives are intended to provide an indication of management's current expectations and are still conceptual in nature. It is uncertain that it will be established that these resources will be converted into economically viable mining reserves. Until a feasibility study has been completed, there is no certainty that these objectives will be met.
Tony Climie, P.Geol, is the company's Qualified Person as defined by National Instrument 43-101, who is responsible for monitoring the supervision and quality control of Mindoro's exploration programs and who has reviewed and verified the technical information contained in this news release. Sample preparation and assaying were performed by Intertek Testing Services, Phils., Inc. (ITS). The ITS Phils. facility is among Intertek's global network of mineral testing laboratories. It provides high quality assay analysis of mineral samples for nickel deposit exploration projects. Each sample is analyzed for nickel (Ni), cobalt (Co), iron (Fe), magnesium(Mg), aluminum (Al), silica (SiO2), CaO, Cr2O3, K2O, MnO, Na2O, P2O5, and TiO2. Whole rock analyses are done using X-ray Fluorescence (XRF). The samples are fused using lithium metaborate. XRF analysis determines total element concentrations that are reported as oxides. Intertek mineral testing laboratories implement quality protocols. Normal Quality Control and Quality Assurance procedures are being carried out, using a system of repeat analyses plus split sample analyses and the use of standard reference materials and blanks. Mindoro has also conducted assay verification using standard samples and re-assaying field and pulp duplicates.
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on exploration in the Philippines with a strategy of advancing early stage opportunities to production or joint venture. Mindoro controls major nickel laterite resources in the Surigao District, Mindanao, where potential for a direct shipping ore (DSO) operation to generate early cash flow is being advanced as well as large scale potential for an onsite processing plant.
Mindoro has NI 43-101 Mineral Resource estimates on its Agata North nickel-cobalt project (November 2009) totaling Measured and Indicated 26.92 million dry metric tonnes (DMT) at 1.11% Nickel and 0.06% Cobalt and Inferred 3.79 million DMT at 1.06% Nickel, 0.05% Cobalt. The Surigao regional exploration target is 50 million to 70 million DMT at 0.9% to 1.2% Nickel (January 2010).
Mindoro also has NI 43-101 Mineral Resource estimates on both its Lobo and Archangel (Kay Tanda) gold-silver projects. Mindoro has identified 22 porphyry copper-gold prospects and has three projects in the Batangas area of southern Luzon which are the subject of a farm-in arrangement whereby Gold Fields Ltd may earn 75% through direct project expenditure. Goldfields has commenced drilling on the Lobo project.
Drilling on the American Tunnels project has confirmed potential for a near-surface, bulk-tonnage gold target and porphyry copper-gold targets. Other objectives include progressing joint venture discussions on Mindoro's porphyry copper-gold prospects at Surigao.
For further information, contact:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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 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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