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Apr 19, 2004
Update from Lobo Project, Phillipines: New ore-shoot discovered at Lobo - Gold resource study commissioned for SW Breccia
Mindoro Resources Ltd. is pleased to provide an update on the Lobo Project, Philippines, where a new ore-shoot, referred to as the Acacia Zone, has been intersected in drill hole LB-27, 330 meters (m) northeast of the SW Breccia ore-shoot.
Hole 27 intersected 4.80 m of 0.90 grams per tonne (g/t) gold from 10.00 m to 14.8 m and 7.30 m of 1.01 g/t gold from 32.65 m to 39.95 m, including 1.95 m of 1.99 g/t gold and 0.73% copper from 38.00 m to 39.95 m. True width of the mineralization is not known at this time. Acacia is epithermal vein / breccia mineralization, similar to the SW Breccia ore-shoot. It occurs in an extensive area of strong hydrothermal alteration thought to indicate proximity to an underlying porphyry copper-gold system. Future step-out drilling at Acacia will be carried out by a larger drill rig, which will also test the underlying porphyry copper-gold target.
At SW Breccia, drill hole LB-26, which had insignificant gold values, closed off the northern extent of that ore-shoot, which remains open to extension to the south. A total of 26 holes have been completed on SW Breccia and the ore-shoot has been drilled down-dip to a depth of 160 m, the limit of the man-portable rig being used. Previous releases over the past year have reported the excellent drill results from SW Breccia, shown in the attached table.
A gold resource evaluation for SW Breccia, to be carried out by an independent geological consultant, is currently being commissioned.
The man-portable drill rig is now being moved over to the parallel Sampson vein / breccia trend, 800 m to the northwest, where it will target West Drift, an undeveloped ore-shoot at the old Lobo Mine, reportedly grading 20 g/t gold (see release dated Feb. 18, 2004).
Exploration work is being carried out under the supervision of Tony Clime, P.Geol., President of Mindoro, and a qualified person as required by National Policy 43-101.
Mindoro is a Tier One Company listed on the TSX Venture Exchange (symbol MIO). The Company is exploring for gold and gold-copper in the high-potential magmatic arcs of the Asia- Pacific Region. Mindoro has been active in the Philippines for seven years and is presently focussed on six promising projects in politically stable jurisdictions of the Philippines.
For further information, contact:
Penny Gould, Executive Vice President:
Phone: (1-780) 413-8187
Fax: (1-780) 426-2716
Marshall Farris, Ascenta Capital Partners Inc.
Phone: (1-604) 628-5800
Toll Free: 1-866-684-4209
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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