Re: Press Releases - Friday, September 25, 2009
Title: Gold Fields Commences Drilling on
Mindoro's El Paso Copper-Gold Project
EDMONTON, Alberta; September 25, 2009 - Mindoro Resources Ltd. (TSXV: MIO;
Frankfurt: WKN 906167) is pleased to advise that Gold Fields has commenced
drilling on Mindoro's El Paso copper-gold project, one of three projects
comprising the Batangas joint ventures, Philippines.
Eight diamond holes, with depths ranging from 200 to 300 meters each, are
initially proposed for the El Paso Project. Four will test El Paso Hill targets
and one hole each on the Kay Tabla, Talumpok, Carmona and Takaran targets. The
holes will test surface copper and gold mineralization as well as magnetic
anomalies. A helicopter-borne magnetic survey is planned to commence in early
October.
Gold Fields has also reported results from ongoing detailed geological, ground
magnetic and geochemical surveying over areas of copper-gold occurrences which
are being evaluated for their porphyry copper-gold potential on the El Paso and
Lobo Projects.
Gold Fields may earn up to 75 percent interest in each of Mindoro's El Paso,
Lobo and Talahib Projects by sole funding exploration and a feasibility study
on each project, subject to certain expenditures limits as described in
Mindoro's May
5, 2009, press release.
El Paso Project
Geological mapping on the Talumpok and Kay Tabla Creek prospects has identified
copper mineralization in diorite. Sampling of one showing returned 15 meters at
0.51 percent copper and 0.075 grams per tonne (g/t) gold, and on a second
showing, 25 meters at 0.40 percent copper and 0.034 g/t gold.
Prospecting one kilometer south-southeast of the Talumpok prospect, within an
area previously mapped as dominantly post-mineral tuff cover, has identified a
window of copper-mineralized quartz diorite in a tributary of lower Calantas
Creek. Mapping and channel sampling is underway to evaluate the potential of
the area.
Three diorite float samples taken from a tributary of Bangin Creek returned
assays in the range 4.15 to 5.58 per cent copper, 0.231 to 0.710 g/t gold and
259 to 1520 parts per million zinc. Gold Fields notes that the elevated zinc
values may indicate overprinting epithermal style mineralization or the outer
fringes of porphyry style mineralization.
Lobo Project
Initial reconnaissance mapping and sampling on the Lobo Project has ranked the
following priority targets for detailed follow-up: Pica-Calumpang, SW
Breccia-Camo-Balisong, Nagtoctoc, Ulupong, Old Lobo-Far NE, Haliging Bato and
Ligwayen-Cupang Creek. The Ligwayen-Cupang Creek prospect will be prioritized
based on outcropping indications of porphyry mineralization. Detailed
geological fact mapping work will continue to target the porphyry and
epithermal style mineralization at Pica, Ulopong, Camo, Old Lobo Mine and SW
Breccia with the aim of defining drill targets.
Talahib Project
A senior geologist has been hired by Gold Fields to oversee exploration
activities on the Talahib Project.
ABOUT MINDORO
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 joint venture arrangements covering
three Batangas projects.
Mindoro is well positioned to capitalize on the global demand for gold with
drilling underway on the American Tunnels gold and copper-gold project, funded
by Mindoro, and drilling now also underway on the El Paso copper-gold project,
funded by Gold Fields. Final results are also awaited from due diligence
drilling on the Kay Tanda gold project, funded by Avocet. Additional near-term
objectives include finalizing one to two 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:
Mindoro Head Office
Penny Gould, President
penny@mindoro.com
Tel: 780.413.8187 or
Toll Free: 1.877.413.8187
www.mindoro.com
Investor Relations - Canada
Senergy Communications Inc.
Investor Relations
ir@mindoro.com
Tel: 1.778.331.2030
Investor Relations - Europe
Robert Sarcher
robert@mindoro.com
Tel. 49.821.6089051
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.
Copyright �
2009 MINDORO RESOURCES LTD. (MIO) All rights reserved. For more information
visit our website at http://www.mindoro.com/
or send email to ir@mindoro.com
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