NEWS......Gold Fields Commences Drilling on Mindoro's Lobo High Grade Gold TargetEDMONTON, ALBERTA, Dec 3, 2010 (Marketwire via COMTEX News Network) --
MindoroResources Ltd. (TSX VENTURE:MIO) (FRANKFURT:WKN 906167) is pleased toadvise that Gold Fields has commenced drilling high-grade epithermalgold targets on Mindoro's Lobo gold-copper project, one of threeprojects comprising the Batangas joint ventures, Philippines.Approximately 2,200 meters of drilling is planned initially.
Twodrill rigs have commenced drilling at the Old Lobo Mine. Drilling willtest depth extensions of the Old Lobo Mine, and the immediately adjacentWest Drift gold shoot on the Sampson epithermal gold-copper trend. TheSampson Trend is one of two gold-copper epithermal vein breccia trendsat Lobo, together aggregating from five to seven kilometers of strikelength. The Lobo Mine was operated by American interests in the 1960'sand copper and gold concentrates sent to Japan.
In 2004, Mindoroscout drilling below the West Drift shoot, immediately adjacent to theLobo Mine, and intersected 18.9 meters of 7.42 grams per tonne (g/t)gold (12 meters estimated true width), including 4 meters of 29.46 g/tgold, at a vertical depth of 120 meters in hole 38 (news release datedNovember 8th 2004).
In 2003-2004, Mindoro drill-defined a NI43-101-compliant indicated resource at SW Breccia on the adjacent andparallel Camo Trend, with an estimated 270,000 tonnes at 6.49 g/t goldcontaining 56,380 ounces (oz) gold and additional inferred resource of61,000 tonnes at 5.35 g/t gold containing 10,540 oz gold. Themineralization is near-surface and is open at depth and to thesouth-west.
The map accompanying this release on Mindoro'swebsite shows the location of the Camo and Sampson epithermal veinbreccia trends at Lobo, the location of the SW Breccia resource, OldLobo Mine, West Drift, as well as other significant intersections madeby Mindoro on its reconnaissance drill programs.
Gold Fields mayearn up to 75 percent interest in each of Mindoro's El Paso, Lobo andTalahib Projects by sole funding exploration and a feasibility study oneach project, subject to certain expenditures limits as described inMindoro's May 5, 2009, press release.
Tony Climie, P.Geol, isMindoro's Qualified Person as defined by National Instrument 43-101, whois responsible for monitoring the supervision and quality control ofMindoro's regional exploration programs and who has reviewed andverified the technical information contained in this news release.
ABOUT MINDORO
Mindorois a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and theFrankfurt Stock Exchange (WKN 906167). Mindoro is focused on nickel,copper and gold exploration in the Philippines with a strategy ofadvancing early-stage opportunities to production or joint venture.
Mindorocontrols major nickel laterite resources in the Surigao District,Mindanao, where the company is assessing the potential to develop avalue-added direct shipping ore (DSO) operation to generate early cashflow as well as large scale potential for an onsite processing plant.
Mindorohas NI 43-101 Mineral Resource estimates on its Agata nickel-cobaltproject totaling Measured and Indicated 32.6 million dry metric tonnes(DMT) at 1.04% Nickel and 0.05% Cobalt and Inferred 1.68 million DMT at1.04% Nickel, 0.04% Cobalt. The Surigao regional Exploration Target is50 million to 70 million DMT at 0.9% to 1.2% Nickel (see press releasesdated January 11 and September 8, 2010). Drilling of the Surigao nickellaterite exploration target is in progress.
Mindoro also has NI43-101 Mineral Resource estimates on both its Lobo and Archangel (KayTanda) gold-silver projects. Mindoro has identified 22 porphyrycopper-gold prospects and has three projects in the Batangas area ofsouthern Luzon which are the subject of a farm-in arrangement wherebyGold Fields Ltd may earn 75 percent interest through direct projectexpenditure.
Drilling on the American Tunnels project at Agatahas confirmed potential for a near-surface, bulk-tonnage gold target anddeeper porphyry copper-gold targets and at Pan de Azucar the companyhas commenced drilling of copper-gold and massive pyritic sulphidetargets. Other gold and copper-gold targets in the Surigao region willbe reviewed prior to developing proposals for further drilling or jointventure.
The Company's DSO and large scale production objectivesare intended to provide an indication of management's currentexpectations and are still conceptual in nature. It is uncertain thatsufficient resources will be established and if established that theseresources will be converted into economically viable mining reserves.Until a feasibility study has been completed, there is no certainty thatthese objectives will be met. The potential quantity and grade of theExploration Target is also conceptual in nature; it is uncertain iffurther exploration will result in the Exploration Target beingdelineated as a mineral resource and there is no guarantee that theseresources, if delineated, will be economic or sufficient to support acommercial mining operation.
This release may containforward-looking statements including management's assessments of futureplans and operations, and expectations of future production. Thesestatements are based on current expectations that involve a number ofrisks and uncertainties, which could cause actual results to differmaterially from those anticipated. These risks include, but are notlimited to, the risks associated with the mining and explorationindustry (e.g. operational risks in development, exploration andproduction; delays or changes in plans with respect to exploration ordevelopment projects or capital expenditures; the uncertainty of reserveestimates; the uncertainty with respect to results of exploration, theuncertainty of estimates and projections relating to production and theuncertainty of the availability of capital). The assumptions used in thepreparation of such statements, although considered reasonable at thetime of preparation, may prove to be imprecise and, as such, unduereliance should not be placed on forward-looking statements. The Companydoes not undertake to update forward looking statements except whererequired to do so by law.
SOURCE: Mindoro Resources Ltd.