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Press Releases

Oct 06, 2011
Mindoro hits further encouraging gold intersections at Southwest Breccia, Lobo, Batangas
  • Two more intercepts confirm continuity of high-grade shoot at Southwest Breccia, the Philippines
  • New Intersections of 9m at 2.14 g/t gold incl. 2m @ 6.06 g/t gold and 3m at 4.59 g/t gold incl. 2m @ 6.58 g/t gold
  • Drilling at Lobo to continue for up to four weeks before rigs move to Archangel -- Kay Tanda
MELBOURNE, AUSTRALIA, 6 October, 2011 - Mindoro Resources Ltd (TSXV: MIO; ASX: MDO; Frankfurt: WKN 906167) reports results of two further drill holes from the infill and extension drilling of the Southwest Breccia (SWB) epithermal high-grade gold shoot at Lobo, Batangas Province, the Philippines.

Hole LB-59-11 intersected 3.0m at 4.59 g/t gold including 2.0m at 6.58 g/t gold from 10.90m depth, and hole LB-60-11 intersected 1.5m at 6.55 g/t gold from 1.50m depth and 9.00 m at 2.14 g/t gold from 28.8m depth including 2.0m at 6.00 g/t gold from 32.80m depth. The intercepts approximate to true width and are tabulated below with the previously announced intercept (27 September 2011) from LB-58-11 of 9.05 m at 6.56 g/t Au from 17.80m depth, including 5.0m at 11.27 g/t Au from 20.85m depth.

Hole ID FROM (m) TO (m) RUN (m) Au g/t Ag g/t
LB58-11 17.8 26.85 9.05 6.56 0.91
including 20.85 25.85 5.00 11.27 0.86
LB59-11 1.50 3.00 1.50 6.55 1.20
10.90 13.90 3.00 4.59 1.67
Including 10.90 12.90 2.00 6.58 1.90
LB60-11 28.80 37.80 9.00 2.14 DTF
Including 32.80 34.80 2.00 6.06 DTF

The accompanying longitudinal projection shows the location of the drill hole intercepts as well as g/t gold x true thickness contour. Also accompanying the release is a cross section showing drill hole intercepts LB58-11 and LB60-11 as well as LB61-11 in progress, testing the near surface expression of the SWB shoot and proposed drill hole LB62-11, designed to test down plunge extensions of the SWB shoot. To view the longitudinal projection and cross section please click here.

Mindoro's President and CEO Jon Dugdale commented, "These new results from Southwest Breccia at Lobo are very promising, and have further defined the SWB gold shoot. We look forward to the results of deeper testing designed to extend the high-grade resource."

Drilling will continue at SWB for another three to four weeks then move to test the high-grade feeder structures at Archangel -- Kay Tanda, also at Batangas.

About Southwest Breccia (SWB)

As released on 23 August, 2011, a nine-hole 700 m drill program commenced to infill and extend the SWB high-grade gold shoot, and to collect samples for metallurgical testing. SWB is an outcropping epithermal vein breccia that is part of a 5km strike system of mapped epithermal vein breccia trends at Lobo (see plan on Mindoro's website). Previous drilling results were released on 26 May and 19 June, 2003, and included LB-04: 17.4m at 9.6 g/t Au from surface and LB-07: 32.2m at 9.5 g/t Au from 50m depth.

A 43-101-compliant initial resource estimate (prepared by Bailey Geological Consultants Canada Ltd.) was released on February 17, 2005, of Indicated category: 270,000 tonnes at 6.49 g/t Au (56,380 oz Au) and Inferred category: 61,000 tonnes at 5.35 g/t Au (10,540 oz gold).

On behalf of the Board of Directors

Jon Dugdale,
President and CEO

For further information, please contact Mindoro's Melbourne office at +61 3 9614 5055.

For investor relations inquiries please email, or telephone one of the following:

Australia: Nathan Ryan, NWR Communications, Tel: +61420 582 887

Canada: Jennie Guay, CHF Investor Relations, Tel: +1 416 868 1079 ext 242

Germany: Robert Sarcher, Aprendo Capital, Tel: +49.821.6089051



Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO), Australian Securities Exchange (MDO) and Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on nickel, gold and copper-gold exploration and development in the Philippines.

Mindoro has NI 43-101 Mineral Resource estimates on its Agata Nickel Project, in the Surigao District, Mindanao, that include Measured and Indicated resources totalling 42.76 million tonnes at 1.01% nickel, for 430,000 tonnes contained nickel, and Inferred resource estimates totalling 2.435 million tonnes at 0.99% nickel. In addition the Company has NI 43-101 Mineral Resource estimates on its Lobo (2005) and Archangel (2010) gold-silver projects, as well as 10 key porphyry copper-gold prospects at varying stages of advancement.

In March 2011 Mindoro released a preliminary economic assessment (PEA) on the Agata Nickel Project where the Company controls major nickel laterite resources and is drill testing regional targets. The Company is completing a prefeasibility study (PFS) into an integrated on site nickel processing project, based on the PEA, that is due for release in October 2011. The Company is also close to completing a scoping study into the development of a thermally upgraded (sintered) iron-nickel ore operation to generate early cash flow. The scoping study is due to be completed in early October 2011. The company already has an environmental compliance certificate (ECC) to produce up to 2 million tonnes of laterite direct shipping ore per annum from Agata.

Drilling is in progress testing the Southwest Breccia (SWB) epithermal gold shoot at Lobo, Batangas and the company also plans to test deeper high-grade gold "feeder" structures under the Archangel gold resources, also at Batangas. The recently drill tested Pan de Azucar gold-copper massive sulphide remains open with depth to the southeast. A metallurgical testing program has commenced on Pan de Azucar samples examining acid producing capacity for nickel laterite processing as well as copper and gold flotation and leaching. Mindoro is also evaluating and prioritizing its many high-potential copper-gold porphyry targets prior to further drill targeting.

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.

The Company's development and production objectives are intended to provide an indication of management's current expectations and are still conceptual in nature. It is uncertain that sufficient resources will be established and if 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.

Mindoro's exploration programs are prepared and/or designed and carried out under the supervision of Tony Climie, P.Geo., who is a qualified person as defined by National Instrument 43-101 and is a competent person as defined by the JORC Code, and who has reviewed and verified the pertinent disclosure of exploration related technical information contained in this news release. Mr. Climie is an executive and a director of Mindoro and is a member of the Alberta Professional Engineers, Geologists and Geophysicists Association. Mr. Climie has more than five years of experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he has undertaken. Mr. Climie has consented to the release of the pertinent exploration related technical information in the form and context in which it appears.

Boyd Willis, FAusIMM, a qualified person as defined by National Instrument 43-101, and a competent person as defined by the JORC Code, has reviewed and verified the disclosure of a development and metallurgical processing nature contained in this news release. Mr. Willis has more than five years of experience which is relevant to the activity which he has undertaken and he has consented to the release of the pertinent development related information in the form and context in which it appears.

The Company's resource estimates were originally prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum classification system. NI 43-101 is a rule developed by the Canadian Securities Administrators that governs how Canadian issuers disclose scientific and technical information about mineral projects and which is broadly equivalent to the JORC Code in Australia. All resource information is also expressed in terms of the JORC Code.

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 with respect to results of exploration, 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. The Company does not undertake to update forward looking statements except where required to do so by law.

You can view the Next Press Releases item: Wed Nov 2, 2011, Mindoro's Agata Nickel Project Scoping & Pre-Feasibility Studies Underpin Strategy For Two-Stage Development & Near Term Cash Flow

You can view the Previous Press Releases item: Mon Sep 26, 2011, Mindoro Hits High-Grade Gold Intercept at Southwest Breccia, Lobo

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