PHILIPPINES - Good Mindoro drilling results

Mindoro Resources has received further strong drill results of potential economic interest from the Bolobolo and Karihatag nickel targets in the Surigao nickel district of northeast Mindanao.

In addition the company has signed an agreement, with Philippine company, RF Mining and Agro-Industrial Corporation to acquire an exploration permit application of 230 hectares covering an area of nickel laterite mineralization and adjacent to Mindoro's Tapian Project.

A total of 380 holes for 4100 metres has been completed from the 7000 metre to 10,000 metre program systematically testing regional nickel targets with the objective of converting the Surigao regional exploration targets to resources.

Mindoro's president and chief executive officer Jon Dugdale says, “The regional drilling program continues to produce strong results in terms of thickness and grade, as we progressively test our regional targets to grow the nickel resource base.”

Best results from Bolobolo are: 15.40 metres @ 1.01% nickel from surface including 6 metres from surface in limonite @ 0.91% nickel, 0.09% cobalt and 43% iron, and 9.4 metres from 6 metres in saprolite @ 1.08% nickel; 14.50 metres @ 1.06% nickel from surface including 6 metres from surface in limonite @ 0.98% nickel, 0.10% cobalt and 48% iron, and 8.5 metres from 6 metres in saprolite @ 1.12% nickel; 8.45 metres from surface @ 1.22% nickel including 5.95 metres from 8.45 metres in saprolite @ 1.18% nickel; 8.95 metres from surface @ 1.10% nickel, including 5.60 metres from 3.35 metres in saprolite @ 1.23% nickel; and 6.65 metres from surface @ 1.23% nickel, including 5.15 metres from 1.5 metres in saprolite @ 1.23% nickel.

Best Karihatag results are: 10 metres @ 1.07% nickel from 0.25 metres including 6.40 metres from 0.25 metres in limonite @ 0.96% nickel, 0.06% cobalt and 34% iron, and 3.6 metres from 6.65 metres in saprolite @ 1.26% nickel; and 15.3 metres @ 0.81% nickel from 2.35 metres including 1.85 metres from 2.35 metres in limonite @ 0.7% nickel, 0.14% cobalt and 42% iron, and 13.45 metres from 4.2 metres in saprolite @ 0.82% nickel.

Infill drilling on 50 metre x 50 metre centres will continue at Bolobolo in conjunction with a program to test the San Jose target upon completion of a grade control drilling program at Agata.

www.mindoro.com