RE: comments on this one?Personally I think Jay Taylor might have made a mistake or maybe wants his clients money moved into something else he found. He issued a sell three days before this MIO news release. According to the 4th paragraph of this April 19 release, we are overdue for news. As well I believe we are waiting for N3-101 from the gold property shortly. I am new at this but believe patience will pay handsomely here. Did I miss a news release? Comments anyone?
EDMONTON, ALBERTA--(CCNMatthews - April 19, 2007) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) is pleased to provide an update from the Agata nickel laterite project, where five coring drill rigs are in operation. Both limonite and saprolite horizons of the laterite are substantially thicker than anticipated, not only increasing tonnage potential, but also expanding market potential for the higher-value nickel material in the saprolite horizon. Haul road design and environmental compliance work are currently being initiated.
As reported on March 13, 2007, five coring drill rigs are operating on the Agata nickel laterite project, with the objective of defining a NI 43-101 compliant resource adequate, initially, for three to five years of production at a rate of 500,000 to 700,000 wet metric tonnes per annum of direct shipping-grade material for the very high demand ferro-nickel markets of China and SE Asia. Mindoro has a target production date of the first half of 2008. This initial drill program covers less then 20% of the area of nickel laterite mineralization mapped to date at Agata.
To date, 25 drill holes have been completed for a total of 714 meters. Holes are being drilled on 50 meter centers. The nickel laterite horizons have been substantially thicker than anticipated. The upper limonite horizon has averaged 10.23 meters in thickness, while the saprolite horizon below has averaged 15.94 meters in thickness. Average thickness of the entire nickel laterite horizon is 26.17 meters, considerably exceeding expectations and meaning initial tonnage objective will be reached earlier and increasing overall tonnage potential of the project. The substantially thicker intercepts of the saprolite horizon in the latest drill results is particularly encouraging, as the saprolite characteristically has relatively higher nickel grades than the overlying limonite horizon.
The first assay results are expected to be received in about ten days and will be reported on a section by section basis as received. It is expected that drilling will be completed, and the resource estimate commenced by mid-May. Topographic surveying is nearing completion and planning has been initiated for a haul road to the nearby coast. Discussions are in progress with environmental consulting groups to complete the Environmental Compliance Certificate, a pre-requisite for production. Mindoro continues to receive expressions of interest from China and, more recently, India, to supply nickel and ferro-nickel feedstocks.