🕐11.01.10 - 21:55 Uhr
Major Nickel Resource Potential for Mindoro in Philippines
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Re: Press Release - Monday, January 11, 2010
Major Nickel Resource Potential for Mindoro in Philippines
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Significant new areas of potential nickel laterite mineralization
identified
.
Company has commissioned independent study of development and
processing alternatives
EDMONTON, Alberta; January 11, 2010 - Mindoro Resources Ltd.
(TSXV: MIO;
Frankfurt: WKN 906167) is pleased to announce an Exploration Target on
its northern Surigao Projects of from 50 to 70 million dry metric tonnes
(DMT) in a grade range of 0.9 percent to 1.2 percent nickel and 28 to 32
percent iron (combined limonite and saprolite).
This is in addition to Mindoros Agata North Project, for which a
resource estimate was announced on Nov 19, 2009, with an indicated and
measured resource of 26.92 million DMT at 1.11% nickel and 0.06%
cobalt, containing 657 million lbs nickel and 24 million lbs cobalt;
and an additional 3.79 million DMT in the inferred category, containing
89 million lbs nickel and 2 million lbs cobalt.
The NI 43-101 technical
report was filed on SEDAR on December 30, 2009, and is also available
on Mindoros website at www.mindoro.com.
Mindoros Surigao projects are located in an important nickel producing
district.
The Agata North project contains major strategic nickel
laterite resources with strong competitive advantages, including
excellent infrastructure, close proximity to the ocean and markets,
abundant limestone on site and potential for the establishment of a
world class nickel and cobalt processing operation.
BASIS FOR THE EXPLORATION TARGET
Mindoro previously reported (Feb.
26, 2008) that mapping north of the
Agata Project indicated potential for extensive additional nickel
laterite mineralization.
Consequently, a program of hand auger drilling
was conducted to establish nickel laterite areas at least three meters
thick and around one percent nickel.
The auger is capable of
penetrating only part of the upper limonite horizon and, rarely, the
higher-grade saprolite horizon below.
A total of 125 hand auger holes
were drilled and a total of 438 samples assayed.
Thicknesses and nickel
grades within an economically relevant range were utilized in deriving
the Exploration Target.
A conservative doubling of the thickness
achieved by hand augering was utilized for thickness estimates.
Nickel
laterite boundaries were estimated from mapping and hand augering.
A
specific gravity factor of 1.24 was used for both limonite and
saprolite.
Most of the laterite areas are within two to three kilometers of the
ocean, and limestone, important for any acid processing technologies,
is abundant on the projects.
The Exploration Target covers
approximately 900 hectares and the Agata North resource about 300
hectares.
The reader is cautioned that the nickel laterite mineralization on the
northern Surigao Projects is currently an exploration target only.
Detailed drilling will be required to move the Exploration Target into
NI 43-101-compliant resources.
There is no guarantee that these
resources, if delineated, will be economic or sufficient to support a
commercial mining operation.
Until a feasibility study has been
completed there is no certainty that the companys projections will be
economically viable.
Agata already has a NI 43-101 compliant resource.
PLANS
This large Exploration Target substantially augments Mindoros plans to
evaluate the feasibility of establishing a local processing plant.
Mindoro has commissioned an independent study of development and
processing alternatives projected for completion in February 2010.
The
study will also evaluate the merit of a two phase development: Phase 1
selective production of direct shipping ore (DSO) of medium to higher
grade material (greater than 1.4 percent nickel) from Agata North to
supply feedstock for processing plants, followed by a major Phase 2
processing operation.
SURIGAO NICKEL LATERITE DISTRICT
The Surigao region is emerging as a major nickel producing district,
and there are at least ten DSO nickel laterite mines either in
production or being developed.
There are two main nickel laterite belts
in the Surigao Distirct- an eastern coastal belt that is held by a
variety of companies and a western coastal belt, which is a region
largely controlled by Mindoro..
Much of the Surigao District nickel laterite provides DSO to processing
plants in Japan, Australia and China.
However, an improved generation
of HPAL plants, currently being used with great success by Sumitomo and
partner Nickel Asia on their Philippine Coral Bay operation, shows
considerable promise for the local processing of Surigao ores.
Of major
significance is the recent commencement of construction by Sumitomo /
Nickel Asia of a HPAL processing operation at Taganito in the eastern
Surigao District which will produce 30,000 tonnes of nickel product per
annum.
This will launch the Surigao District into the ranks of globally
important nickel processing camps.
Tony Climie, P.Geol, is the Qualified Person responsible for monitoring
the supervision and quality control of Mindoros programs and who has
reviewed and verified the technical information contained in this news
release.
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
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 three joint
venture projects with Gold Fields in the Batangas area, Philippines.
In addition to advancing the Agata North nickel laterite project,
drilling funded by Gold Fields is in progress on the El Paso
copper-gold project and soon to start on the Lobo project.
Drilling has
recently been competed on the American Tunnels gold and copper-gold
targets.
Mindoro is assessing various alternatives to commercialize the
Kay Tanda gold resource in the best interests of the shareholders.
Other objectives include finalizing two joint venture arrangements on
Mindoros porphyry copper-gold prospects at Pan de Azucar and Surigao.
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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