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Gold/Mining/Energy : Mindoro Resources Ltd - MIO -- Ignore unavailable to you. Want to Upgrade?

To: Sudeep Naidoo who wrote (137)	5/27/1999 2:18:00 PM
From: Sudeep Naidoo	Read Replies (1) \| Respond to of 147

Mindoro Resources reaches approval for Agata and Pan de Azucar projects Mindoro Resources Ltd MIO Shares issued 16,305,539 May 21 close $0.19 Tue 25 May 99 News Release Mr. Tony Climie reports Title documents (mineral production sharing agreements, or MPSAs) for the Agata and Pan de Azucar projects of Mindoro and its Philippines partner Minimax Mineral Exploration Corporation have been approved and signed by Secretary Antonio H. Cerilles of the Department of Environment and Natural Resources (DENR). The Pan de Azucar MPSA covers 1,082 hectares on Panay Island, while the Agata MPSA covers a total of 7,679 hectares in the Surigao Gold District of Mindanao. Mindoro may earn up to a 75 per cent interest in both projects from Minimax through phased exploration expenditures. Mindoro had previously carried out early-stage exploration on Agata and Pan de Azucar under the old land tenement system. However, in September 1997, the government of the Philippines commenced a complete revamping and streamlining of its mining tenement system, essentially curtailing exploration of old tenements in the interim. While the process was protracted and difficult, the DENR worked closely with Mindoro and provided strong co-operation throughout the process. Mindoro has two of the first three MPSAs with foreign involvement awarded under the new administration and Mindoro is particularly proud of this achievement. Tony Climie commented, "We consider the awarding of the MPSAs an indication to the international foreign mining community that the Philippines is well on the way to resolving previous impediments to foreign mining investment. Mindoro looks forward to working toward successful and responsible development of the Philippines' extraordinary mineral potential." Pan de Azucar project Pan de Azucar is a strong high-sulphidation gold-copper system that, as previously announced, is at the drill stage (Oct. 22, 1997, Nov. 28, 1997, Feb. 23, 1998). Strongly anomalous gold and copper soil geochemistry extends at least two by 1.5 kilometres. Alteration and weathering are too intense for reliable surface rock sampling but gossanous samples give up to 2.2 grams per tonne gold. Expressions of interest in a joint venture have been received from majors, however, given the project's perceived potential, management prefers Mindoro retain its present equity rights and fund the initial drill program. The planned induced polarization program to refine drill targets may be delayed if it appears the wet season, due in June, will hamper the proposed work program. However, work will not be affected on Agata, where the wet season does not start until December. Agata project Mindoro previously released early-stage results from Agata on May 13, 1998. The Agata project has abundant gold prospects and work has focused on two major groups of gold showings: the Lao and American Tunnels prospects. Strong gold in soil anomalies have been defined over an area in excess of 600 by 600 metres at the Lao Prospect, where gold mineralization occurs in limestone and is associated with intrusive/ultramafic contacts. A saprolite (soil) horizon was mined for gold by thousands of local miners in the 1980s and local miners are actively mining mixed oxide/sulphide ore at shallow depths to 30 metres in the Assmicor mine. Encouraging gold values from rock samples have been previously reported from the Lao Prospect, which is considered a high priority drill target. Immediate plans are to proceed with evaluation of the gold resource potential of the Assmicor mine area and adjacent limestone-hosted mineralization. Drill testing of both targets is planned to commence in July 1999. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com