Mindoro Resources Philippine subsidiary, MRL Gold Phils, has been granted an Exploration Permit for the El Paso copper-gold prospect, Batangas Province, Philippines.

The permit covers two large and strong IP chargeability anomalies, favorable intrusive rocks with extensive porphyry-related alteration, as well as abundant copper showings from which excellent trench results have been obtained. Drill testing will take place once ground work has been completed and priority drill targets defined.

The El Paso permit, covering 6315 hectares, is 11km south-east of Phelps Dodges's Taysan porphyry copper-gold deposit and 7km north-east of Mindoro's Pica porphyry copper-gold prospect.

Widespread copper-gold mineralization occurs associated with younger andesite porphyry and quartz diorite intrusions, as well as the older, more-eroded San Juan Diorite. The mineralization associated with the former is the principal target.

In the south-west part of the El Paso prospect, copper-gold mineralization had been known historically and was tested with shallow drill holes by a previous operator in the mid-90s. Subsequent IP surveys by Mindoro defined two large and strong chargeability anomalies, known as Calantas and Mulawin, about 2km east of the copper showings.

High molybdenum values of 806 parts per million over a 10 metre trench are associated with a younger quartz diorite stock at Calantas, and also suggest a porhyry source.