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MINDORO
DRILLS FURTHER STRONG NICKEL INTERSECTIONS AND ACQUIRES NEW AREA
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- Further thick
intersections from Bolobolo including
15.4m @ 1.01% nickel and 14.5m @ 1.06% nickel
- Deal signed to secure
another significant new area of nickel laterite
mineralization
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EDMONTON, ALBERTA, February 15, 2011 - Mindoro Resources Ltd.
(TSXV: MIO; ASX: MDO; Frankfurt: WKN 906167) is pleased to announce
further strong drill results of potential economic interest from the Bolobolo and Karihatag
nickel targets located in the Surigao
nickel district of NE Mindanao, the Philippines. In addition the
company has signed an agreement, with Philippine company, RF Mining
and Agro-Industrial Corporation (RF Mining) to acquire a 100 per cent
interest in an exploration permit application of 230 hectares
covering an area of nickel laterite
mineralization and adjacent to Mindoro�s Tapian
Project.
A total of 380 holes for 4,100m have now been completed to
date from the 7,000 metre to 10,000 metre program systematically testing regional
nickel targets with the objective of converting the Surigao regional exploration targets to
resources.
�The regional drilling program continues to produce strong
results in terms of thickness and grade, as we progressively test our
regional targets to grow the nickel resource base� said Mindoro�s
President and Chief Executive Officer Jon Dugdale.
A table of drill results from a further 28 drill holes is
available with this release on Mindoro�s website.
Highlights from the results are summarized below:
Infill drilling on 50m metre x 50 metre centres will
continue at Bolobolo in conjunction with a
program to test the San Jose target upon completion of a grade
control drilling program at Agata.
New Tenement Acquisition
An agreement was signed on
February 16, 2011, with Philippine company, RF Mining and
Agro-Industrial Corporation (RF Mining) whereby Mindoro�s Philippine
subsidiary, MRL Gold Phils. Inc. may
acquire a 100 per cent interest in an exploration permit application
of 230 hectares covering an area of nickel laterite
mineralization adjoining the ground acquired from Corplex
Resources Inc. (announced January 12th 2011) and immediately west of
the Tapian/Mamatfa
area where Mindoro obtained promising nickel values in a road cut
(announced October 14th 2010).
Upon receipt of certification
from the Philippines Mines and Geosciences Bureau that the
application is valid and in good standing, RF Mining will receive a
cash payment of one million five hundred pesos (approximately
US$34,000). Once the tenement is granted, RF Mining will receive an
additional payment of two million pesos (approximately US$46,000). On
granting of the tenement, Mindoro shall have three months to conduct
due diligence, during which time the company plans to commence an
aggressive drill program in order to establish the mineral resource
present on the tenement. Upon completion of the due diligence period,
Mindoro has the option to purchase a 100 per cent interest in the
tenement (and contained resources) by paying RF Mining twenty eight
million pesos (approximately US$640,000).
Please click here to view a Map of the Surigao Projects and the RF Mining acquisition.
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On behalf of the board of
directors,
Jon Dugdale,
President and CEO
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For further information about
Mindoro, please contact:
Australia: Jon Dugdale,
President and CEO, Tel +61 3 9615 5055
Email: jon@mindoro.com
Nathan Ryan, NWR Communications, Tel: +0420 582 8877
Email: nathan@mindoro.com
Canada: Penny Gould,
VP Investor Relations, Tel +780 413 8187 or 1 877 413 8187
Email:
penny@mindoro.com
Germany: Robert Sarcher, Aprendo
Capital, Tel: +49 821 6089051
Email: robert@mindoro.com
Website: www.mindoro.com
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ABOUT MINDORO
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, copper and gold exploration in the Philippines
with a strategy of advancing early-stage opportunities to production
or joint venture.
Mindoro has NI 43-101 Mineral
Resource estimates on its Agata
nickel-cobalt project
and NI 43-101 Mineral Resource estimates on its Lobo and Archangel
(Kay Tanda) gold-silver projects, as well
as an additional 22 porphyry copper-gold prospects. Senior gold
producer, Gold Fields, may earn 75% interest in three of Mindoro�s
projects at Batangas through direct project
expenditure.
Mindoro is assessing the
potential to develop a value-added direct shipping ore (DSO) nickel
operation to generate early cash flow as well as large scale
potential for an onsite processing plant in the Surigao
District, Mindanao, where the company controls major nickel laterite resources and is drill testing regional
targets. An integrated preliminary economic assessment on the Agata nickel laterite
project is expected to be completed in the first quarter of 2011,
leading to commencement of a prefeasibility study into an integrated
on site nickel processing project.
Three drill programs are
currently in-progress on the Company�s projects including regional
nickel drilling at Surigao; copper-gold
drilling at Pan de Azucar and gold and
copper-gold drilling by Gold Fields at Lobo (Batangas).
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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 DSO and large
scale 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.The potential quantity and grade of the
Exploration Target is also 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.
Tony Climie,
P.Geol, is Mindoro�s Qualified Person as
defined by National Instrument 43-101 and is a competent person as
defined by the JORC Code, 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. Mr. Climie is an
executive and a director of Mindoro and is a member of the 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 technical 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.
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