Mindoro Investment Red Mountain Mining Discloses High-Grade Gold Results
December 03 2012 - 02:58PM
Marketwired
Mindoro Resources Ltd. (TSX VENTURE:MIO) (ASX:MDO) (FRANKFURT:WKN
906167) is pleased to announce that its 56% owned investment ASX
listed Red Mountain Mining Ltd (ASX:RMX, "Red Mountain") has
disclosed high-grade gold results from two areas on its 100%
interest Batangas project, south of Manila in the Philippines:
i. At Lobo Project, channel sampling of outcrop and trenches at 1m
intervals, in areas previously "bulk" sampled by Mindoro (Mindoro
releases 2004-2005), above and southwest of the Southwest Breccia
("SWB") resource has produced results that include 9.50m at 13.53 g/t
gold (Au) including 1m at 41.80 g/t Au; 6m at 23.55g/t Au including 1m
at 30.79 g/t Au and 150m southwest of SWB, 4.00m at 12.23 g/t Au
including 1m at 25.14 g/t Au.
ii. At Archangel Project, a high-grade gold drilling intersection in KTD
199-12 of 2.2m @ 36.53 g/t Au including 1.2m @ 62.09 g/t Au from 203m
was produced to the northwest and at depth below the Kay Tanda Resources
area. Other significant recent results from within the previously
drilled resources area include KTD 196-12: 20.55m @ 1.66 g/t Au from
21.15m including 2m @ 5.03 g/t Au from 22.15m from the Chinese Tunnels
area and KTD 195-12: 9.3m @ 3.55 g/t Au, 19.21 g/t Ag from 41.1m
including 3.95m @ 6.27 g/t Au from 45.55m from the southwestern side of
the resource area (formerly Pulang Lupa).
Drilling has also now commenced testing the West Drift "lode" on
the Lobo project, where previous drilling by Mindoro indicates a
potential target zone of greater than 400 metres strike length,
with increasing gold-grade with depth.
Mindoro President and CEO Jon Dugdale said, "We are very pleased
with the initial high-grade results from the Red Mountain program
at Batangas. The Batangas gold assets are now owned and operated by
Red Mountain, a gold focussed exploration and Development Company
in which Mindoro has a majority stake. We look forward to further
encouraging results from the Red Mountain program."
Further details can be seen in recent Red Mountain releases
accessible on the Red Mountain Mining Ltd website,
http://www.redmm.com.au/html/s01_home/home.asp. Mindoro policy, as
a substantial shareholder of Red Mountain, is to provide summaries
of news released by Red Mountain from time to time. Investors are
advised to consider Red Mountain news releases before buying and
selling Mindoro shares.
On behalf of the Board of Directors,
Jon Dugdale, President and CEO
About Mindoro
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange
(MIO), Australian Securities Exchange (MDO) and Frankfurt Stock
Exchange (WKN 906167). Mindoro has a 75% interest in the Agata
Nickel Project, Mindanao and the Pan de Azucar Sulphur-Copper-Gold
project, Iloilo, both of which are the subject of option and joint
venture agreements with TVI Pacific Inc. (release 27 September
2012). Mindoro also holds a 55.8% stake in ASX listed Red Mountain
Mining (ASX:RMX) that has a 100% direct and indirect interest in
the Batangas gold and copper-gold projects, and a 75% direct and
indirect interest in the Tapian San Francisco copper-gold
project.
The information in this report that relates to Exploration
Results and Mineral Resources is based on information compiled by
Jon Dugdale, who is a Fellow of The Australasian Institute of
Mining and Metallurgy.
Jon Dugdale is the President and CEO of Mindoro Resources Ltd
and also an Executive Director employed by Red Mountain Mining and
has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person
as defined in the 2004 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves' and is a qualified person as defined by National
Instrument 43-101. Jon Dugdale consents to the inclusion in the
report of the matters based on the information in the form and
context in which it appears.
This release may contain forward-looking statements including
management's 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 with respect to results of
exploration, 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. The Company does not
undertake to update forward-looking statements except where
required to do so by law.
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.
Contacts: Mindoro Resources Ltd.ir@mindoro.com www.mindoro.com
Mindoro Resources Ltd.- Australia Jon Dugdale +61 3 9614 5055
Canada: CHF Investor Relations Jeremy Hill +1 416 868 1079 ext 238
Germany: Aprendo Capital Robert Sarcher +49 821 6089051