Mundoro drills to expand Maoling resources (August 24, 2005)

Vancouver — Recent drilling by Mundoro Mining (MUN-T) has intersected mineralization outside the resource envelope previously outlined at the Maoling gold project in China’s Liaoning province.

Mundoro holds a 79% interest in the 20-sq.-km project through a joint venture with a unit of the provincial government. A final feasibility study is nearing completion for the Zone 1 deposit, one of two known deposits at Maoling. The study is examining an open-pit mine capable of producing about 328,000 oz. gold annually for at least eight years.

The previously released feasibility study focused on the northern half of the Zone 1 deposit, which hosts an indicated resource of 120 million tonnes grading 1 gram gold per tonne, using an 0.5-gram cutoff grade. The project also hosts an inferred resource of 183 million tonnes grading 0.9 gram gold.

Some 36 holes totaling 9,890 metres have been drilled to date in the 2005 program. Results are in hand for ten holes, four of which were reconnaissance holes that returned no significant gold values.

Two infill and extension holes returned 140 metres of 0.96 grams, including 36 metres of 1.74 grams, and 66 metres of 1.37 grams, including 30 metres of 1.89 grams, respectively.

The two holes that intersected mineralization outside the known limits of the deposit returned 210 metres of 0.89 gram gold, including 90 metres of 1.23 grams, and 212 metres of 0.8 gram, including 80 metres of 1 gram.

Drilling is continuing at the property, with the bulk of holes directed to upgrade and expand resources.