GOLD AND PRECIOUS METAlS — Mindoro to proceed to next phase at Agata

MRL Gold, the Philippine subsidiary of Mindoro Resources (MIO-A), has opted to continue exploring the Agata gold project after receiving encouraging results from preliminary work programs.

Agata covers a portion of the Surigao gold district on the Philippine island of Mindanao. MRL Gold has been conducting geochemical and geological surveys in two areas, the Lao and American Tunnels prospects. Gold values recovered from 1,026 soil samples ranged from 10 parts per billion (PPB) to 2,300 ppb, with an average of 44.6 ppb.

At the Lao prospect, gold is associated with the contact between intrusives, ultramafics and limestone. The area has been extensively worked by artisanal miners, who have left behind about 30 adits, pits or shafts. Soil geochemical work there identified a semi-continuous gold anomaly measuring 500 metres by 250 metres, within which a smaller zone, dubbed the Limestone target, returned 2,300 ppb gold. Gold mineralization at that location is associated with quartz-carbonate-sulphide stockworks and sulphide disseminations and stringers.

Channel sampling at the Limestone target returned values as high as 2.8 grams gold per tonne over 5 metres from altered limestone exhibiting limonitic weathering.

At the Assmicor mine, 300 metres north of the Limestone target, artisanal miners are producing gold from ore grading 13 grams. Underground channel sampling there by MRL Gold returned 4.5 grams gold along 28 metres of existing tunnels and winzes.

Drilling is planned to further evaluate the Limestone target.

Mineralization at the American Tunnels prospect is associated with a contact between intrusives and ultramafics exposed in an erosional window measuring 500 metres by 300 metres. This prospect is also being exploited by artisanal miners, who have dug at least nine tunnels, both above and below the contact. The company has identified a gold anomaly coincident with the erosional window.

Limited rock sampling at the anomaly, in which mineralization is associated with quartz-carbonate-sulphide stockworks within intrusives and ultramafics and with disseminated sulphides in silicified zones, has returned up to 32 grams gold. Planned mapping and sampling of the underground workings is designed to define a bulk-tonnage gold resource within 50 metres of the contact zone.

Mindoro is earning a 75% interest in the project from Minimax Mineral Exploration, a private Philippine company.