🕐25.09.09 - 19:51 Uhr
Gold Fields Commences Drilling on Mindoros El Paso Copper-Gold Project
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Re: Press Release - Friday, September 25, 2009
Gold Fields Commences Drilling on Mindoros El Paso Copper-Gold
Project
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EDMONTON, Alberta; September 25, 2009 - Mindoro Resources Ltd.
(TSXV:
MIO; Frankfurt: WKN 906167) is pleased to advise that Gold Fields has
commenced drilling on Mindoros 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 Mindoros 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 Mindoros 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 Mindoros 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
Tel: 780.413.8187 or
Toll Free: 1.877.413.8187
www.mindoro.com
Investor Relations -- Canada
Senergy Communications Inc.
Investor Relations
Tel: 1.778.331.2030
Investor Relations - Europe
Robert Sarcher
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
managements 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.
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Copyright (c) 2009 MINDORO RESOURCES LTD.
(MIO) All rights reserved.
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