🕐07.07.11 - 00:00 Uhr
MINDORO INTERSECTS STRONG NICKEL AND IRON GRADES AT AGATA SOUTH
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A Successful Explorer with License to Operate in the Philippines Agata Nickel
Laterite Resource Area Picture
NEWS RELEASE
July 6, 2011
TSXV: MIO
ASX: MDO
Frankfurt: OLM
www.mindoro.com
MINDORO INTERSECTS STRONG NICKEL AND IRON GRADES AT AGATA SOUTH
Highlights: 17.05m of 1.02% Ni, 10.50m of 1.06% Ni, and 11.70m of 1.07%
Ni, all from surface
High iron zone intersected: 4.7m of 50% Fe, 0.59% Ni and 0.11% Co from
surface
EDMONTON, ALBERTA, July 06, 2011 Mindoro Resources Ltd (TSXV: MIO; ASX: MDO;
Frankfurt: WKN 906167) is pleased to report positive results from its Agata
South nickel laterite drilling program, with strong nickel and iron grades
intersected at surface and thicker than expected limonite and saprolite
profiles.
Agata South is part of the larger Agata Project, located in the Surigao nickel
district of NE Mindanao, Philippines, which hosts the NI 43-101 compliant Agata
mineral resource several kilometers to the north.
As illustrated on the
accompanying map (also available with this release on Mindoros website), Agata
South encompasses three areas of nickel laterite mineralization, with the
southern most of those initially drilled at 100m x 100m centers, now with
in-fill drilling underway at 50m x 50m centers.
We are very pleased with the strong nickel and iron results generated from
drilling at Agata South, said Mindoros President and Chief Executive Officer
Jon Dugdale.
Upon completion of in-fill drilling in July, we will be in a
position to upgrade the resource at the Agata Nickel Project.
The upgraded
resource will be incorporated into the prefeasibility study production schedule
and the near-surface high-iron material will be evaluated for early stage
production.
A total of 645 holes, for 7,045m of a 10,000m program to systematically test
regional nickel targets, have been completed.
A table of results from the
first 41 drill holes at Agata South is attached to this release (also available
on Mindoros website), with highlights summarized below:
ASL-1: Total 12.1m @ 0.96% Ni from surface,
Including 4.7m @ 0.59% Ni, 0.11% Co, 50% Fe from surface
and 7.4m @ 1.20% Ni from 4.7 m saprolite
ASL-3: Total 17.05m @ 1.02% Ni from surface,
Including 4.75m @ 0.53% Ni, 46% Fe from surface
and 12.3m @ 1.20% Ni from 4.75 m saprolite
ASL-4: Total 10.50m @ 1.06% Ni from surface
ASL-8: Total 14.30m @ 0.93% Ni from surface
Including 7.0m @ 0.77% Ni, 0.11% Co, 47% Fe from surface
and 7.3m @ 1.09% Ni from 7m saprolite
ASL-10: Total 11.70m @ 1.07% Ni from surface
Including 10.50m @ 1.08% Ni from 1.2m saprolite
ASL-45: Total 9.00m @ 1.05% Ni from 2.85m
ASL-49: Total 14.45m @ 0.94% Ni from 0.20m
Upon completion of the Agata South program, drilling will return to the
northern laterite targets, such as San Jose.
On behalf of the board of directors
Jon Dugdale,
President and CEO
For further information about Mindoro, please contact:
Australia
Nathan Ryan, NWR Communications
Tel: +61420 582 887
Canada
Jennie Guay, CHF Investor Relations
Tel: +416 868 1079
Germany
Robert Sarcher, Aprendo Capital, Tel: +49 821 6089051
Email: [1]
Website
[2]www.mindoro.com
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 exploration and development and 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 that include a measured and indicated resource of 32.6 million tonnes
at 1.04% nickel for 340,000 tonnes contained nickel 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 percent interest in three of Mindoros
projects at Batangas through direct project expenditure.
Mindoro recently released an integrated preliminary economic assessment (PEA)
on the Agata Nickel Project in the Surigao District, Mindanao, where the
company controls major nickel laterite resources and is drill testing regional
targets.
The company has commenced a prefeasibility study into an integrated on
site nickel processing project based on the PEA.
The company is also assessing
the potential to develop a thermally processed (upgraded) nickel ore operation
to generate early cash flow.
Drilling is in progress testing the Pan de Azucar gold-copper massive sulphide
where extensions at shallow depth are being tested.
Gold Fields are finalising
reports on the results from their recent drilling program at Lobo (Batangas).
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 Companys thermal processing and large scale production objectives are
intended to provide an indication of managements 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.
Mindoros exploration programs are prepared and/or designed and carried out
under the supervision of Tony Climie, P.Geo., who is a qualified person as
defined by National Instrument 43-101 and is a competent person as defined by
the JORC Code, and who has reviewed and verified the pertinent disclosure of
exploration related technical information contained in this news release.
Mr.
Climie is an executive and a director of Mindoro and is a member 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
pertinent exploration related technical information in the form and context in
which it appears.
Boyd Willis, MAusIMM, who is a qualified person as defined by National
Instrument 43-101, and a competent person as defined by the JORC Code, has
reviewed and verified the disclosure of a development nature contained in this
news release.
Mr.
Willis has more than five years of experience which is
relevant to the activity which he has undertaken and he has consented to the
release of the pertinent development related information in the form and
context in which it appears.
The Companys 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 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 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.
References
1.
mailto:
2.
http://www.mindoro.com/
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