🕐03.06.10 - 22:58 Uhr
Mindoro Continues to Intersect Thick Nickel Laterite Mineralization at Agata
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Re: Press Release - Thursday, June 03, 2010
Mindoro Continues to Intersect Thick Nickel Laterite
Mineralization at Agata
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EDMONTON, ALBERTA, June 3, 2010 - Mindoro Resources Ltd.
(TSXV: MIO;
Frankfurt: WKN 906167) today announced that infill drilling on the
companys Agata Nickel Project in the Philippines has continued to
intersect thick nickel laterite mineralization with grades and
thickness of potential economic interest.
A total of 108 holes for 2038 meters (m) have been completed from a
detailed infill drilling program totaling 2,500 to 3,000 meters.
More
assay results have been received for 723 core samples from 36 holes,
drilled on a 25m x 25m and 50m x 50m patterns.
The average grades and
thicknesses of significant intercepts for 34 holes are shown below.
Two of the holes located at the edge of mineralization do not have
significant intercepts.
The limonite horizon averages 1.13 percent nickel (Ni), 0.14 percent
cobalt (Co) and 48 percent iron (Fe) over an average thickness of 3.50
meters.
The following table shows the more significant limonite
intersections:
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Limonite Thickness (m) From (m) Ni % Co % Fe %
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AGL 399 7.55 2.00 1.36 0.13 48
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AGL 470 8.15 2.15 1.20 0.15 50
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AGL 391 7.40 1.00 1.21 0.19 49
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AGL 434 7.45 1.85 1.17 0.13 50
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AGL 474 7.00 2.85 1.11 0.13 42
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The underlying saprolite horizon averages 1.28 percent nickel over an
average thickness of 7.96 meters.
The following table shows the more
significant saprolite intersections:
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Saprolite Thickness (m) From (m) Ni % Co % Fe %
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AGL 386 28.20 2.20 1.09 0.01 8
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AGL 393 18.85 4.10 1.49 0.02 9
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AGL 417 20.35 3.30 1.37 0.03 9
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AGL 409 10.20 5.50 1.89 0.03 12
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AGL 380 15.70 1.40 1.13 0.01 8
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AGL 464 7.75 5.30 1.85 0.07 13
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A full list of drill results for all 34 holes is available with this
release on Mindoros website at www.mindoro.com.
The accompanying plan illustrates the distribution of nickel laterite
drilled from 2006 to date, with nickel grade times thickness (meters)
expressed as cool to hot colours.
View Map in PDF Format:
http://www.mindoro.com/i/pdf/2010-06-03_NRM.pdf
The results to date include grades and thicknesses consistent with
those previously reported.
These continue to be of potential economic
interest as potential Direct Shipping Ore (DSO) nickel-iron limonite
(>1% Nickel, >45% Iron) for the Chinese nickel-pig iron market and high
grade transition to saprolite ore (>1.4% Nickel) for Chinese Electric
Arc Furnace (EAF) and/or other acid leach or ferronickel processing
facilities in Australasia.
Results of the drilling, combined with mine
planning information, will allow preparation of an NI 43-101 Mineral
Reserve statement, scheduled for July 2010.
Following the DSO detailed definition program Mindoro will commence
drilling the regional nickel laterite exploration target in order to
convert a significant proportion of the 50 million to 70 million DMT @
0.9% to 1.2% nickel Exploration Target to NI 43-101 compliant Mineral
Resource.
The reader is cautioned that the potential quantity and grade of the
Exploration Target is conceptual in nature; it is uncertain if further
exploration will result in the Exploration Target being delineated as a
mineral resource and there is no guarantee that these resources, if
delineated, will be economic or sufficient to support a commercial
mining operation.
The companys production objectives are intended to
provide an indication of managements current expectations and are
still conceptual in nature.
It is uncertain that it will be 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.
Tony Climie, P.Geol, is the companys Qualified Person as defined by
National Instrument 43-101, who is responsible for monitoring the
supervision and quality control of Mindoros exploration programs and
who has reviewed and verified the technical information contained in
this news release.
Sample preparation and assaying were performed by
Intertek Testing Services, Phils., Inc.
(ITS).
The ITS Phils.
facility
is among Interteks global network of mineral testing laboratories.
It
provides high quality assay analysis of mineral samples for nickel
deposit exploration projects.
Each sample is analyzed for nickel (Ni),
cobalt (Co), iron (Fe), magnesium(Mg), aluminum (Al), silica (SiO2),
CaO, Cr2O3, K2O, MnO, Na2O, P2O5, and TiO2.
Whole rock analyses are
done using X-ray Fluorescence (XRF).
The samples are fused using
lithium metaborate.
XRF analysis determines total element
concentrations that are reported as oxides.
Intertek mineral testing
laboratories implement quality protocols.
Normal Quality Control and
Quality Assurance procedures are being carried out, using a system of
repeat analyses plus split sample analyses and the use of standard
reference materials and blanks.
Mindoro has also conducted assay
verification using standard samples and re-assaying field and pulp
duplicates.
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 controls major
nickel laterite resources in the Surigao District, Mindanao, where
potential for a direct shipping ore (DSO) operation to generate early
cash flow is being advanced as well as large scale potential for an
onsite processing plant.
Mindoro has NI 43-101 Mineral Resource estimates on its Agata North
nickel-cobalt project (November 2009) totaling Measured and Indicated
26.92 million dry metric tonnes (DMT) at 1.11% Nickel and 0.06% Cobalt
and Inferred 3.79 million DMT at 1.06% Nickel, 0.05% Cobalt.
The
Surigao regional exploration target is 50 million to 70 million DMT at
0.9% to 1.2% Nickel (January 2010).
Mindoro also has NI 43-101 Mineral Resource estimates on both its Lobo
and Archangel (Kay Tanda) gold-silver projects.
Mindoro has identified
22 porphyry copper-gold prospects and has three projects in the
Batangas area of southern Luzon which are the subject of a farm-in
arrangement whereby Gold Fields Ltd may earn 75% through direct project
expenditure.
Goldfields has commenced drilling on the Lobo project.
Drilling on the American Tunnels project has confirmed potential for a
near-surface, bulk-tonnage gold target and porphyry copper-gold
targets.
Other objectives include progressing joint venture
discussions on Mindoros porphyry copper-gold prospects at Surigao.
For further information, contact:
Mindoro Head Office
Penny Gould, VP Investor Relations
Tel: 780.413.8189 or
Toll Free: 1.877.413.8187
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.
View Drill Results in PDF Format:
http://www.mindoro.com/i/pdf/2010-06-03_NRT.pdf
View News Release, Map and Drill Results in PDF Format:
http://www.mindoro.com/i/pdf/2010-06-03_NR.pdf
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Copyright (c) 2010 MINDORO RESOURCES LTD.
(MIO) All rights reserved.
For more information visit our website at http://www.mindoro.com/ or
send mailto:
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