The five holes drilled did not reach the strong target IP chargeability anomalies. This was due to intensely fractured and sheared ultra-mafic cap rock.

In a recent announcement, Mindoro says it will be looking at new strategies to successfully test the the high potential of the targets, of the porphyry copper-gold mineralization that had previously been discovered by Mindoro on the Assmicor prospect at Agata.

In August last year IP surveys had defined a cluster of strong and extensive chargeability anomalies in a favorable structural setting near the intersection of cross-faults with the Philippine Fault. The two strongest anomalies, Agata North and Agata South, were selected for drill testing. Porphyry-related vein mineralization had previously been intersected by Mindoro in 1999 on the Assmicor prospect, confirming the porphyry potential of the Agata Project.

At Assmicor, porphyry-type quartz-magnetite-chalcopyrite veining grading 0.70% copper and 0.19 grams/tonne gold was intersected over 2.5 metres, as well as several gold-mineralized intercepts in east-dipping intrusive sills.

Agata North is a strong chargeability anomaly, extending over 2km by 300 to 400 metres wide, with correlating copper-zinc-gold-in-soil anomalies, extensive rock alteration and fracturing, and several copper showings. The stacked anomalies are consistent with a porphyry copper-gold system at depth. Drilling started in November last year. After more than three months and three lost holes, the deepest of which reached only 123 meters in highly broken, sheared and gougy ultra-mafics, a new drill contractor was selected.

A fourth drill hole was attempted and was lost at 233 meters in the ultra-mafic cap. Agata North remains a very high priority porphyry copper-gold target with a strong sulphide concentration indicated below the ultra-mafic cap, and with abundant indications of a porphyry setting. Mindoro will be working with drill contractors to devise a method of completing a hole into the target zone during early next year, likely by pre-collaring an open hole through the cap ultra-mafic using a tricone bit and heavy drill muds, followed by coring.

Agata South is also a strong chargeability anomaly, with flanking resistivity anomalies, and extending over 2km of strike.

Porphyry-related alteration has been mapped near-by. Extensive copper-gold and zinc-in soil anomalies have been defined, as well as copper showings, and abundant epithermal gold prospects, some of which are being actively mined by artisanal miners. These multiple stacked anomalies point strongly to the presence of a porphyry copper-gold system at depth. A single hole was drilled, starting in March. This intersected limestone and schist before intersecting ultra mafics at 180 metrrs. Considerable difficulties were again encountered in the ultra mafics, and after three months the hole was abandoned at 251 metres. Agata South is also a very high priority porphyry copper-gold target and the joint venture will persevere with drilling. In this case it is thought that the terrain will allow the target to be drilled from the west avoiding the ultra-mafic sheet.

The Surigao Joint Venture holds one of the largest land positions in the Surigao Gold District where there have been several significant porphyry copper-gold discoveries in recent years. The Surigao Joint Venture partners are Mindoro, Minimax Mineral Exploration Corp, a private Philippine company, and Panoro Minerals Ltd. The current phase of work and budget has been completed, and planning is in progress for ongoing work.

Agata also covers an area of nickel-iron laterite mineralization which has been described in releases dated July 12 and July 26, 2006 . Similar nickel-iron laterite is being mined on the Tubay project, 9km to the south. The Surigao joint venture will be seeking ways to aggressively advance the Agata nickel-iron laterite prospect in the near future.