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Mindoro Resources hits near surface high grade gold in final holes at Lobo Project

Last updated: 00:05 17 Nov 2011 GMT, First published: 23:05 16 Nov 2011 GMT

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Mindoro Resources (TSXV: MIO; ASX: MDO; Frankfurt: WKN 906167) has received the final three gold intersections from the infill and extension drilling of the Southwest Breccia (SWB) epithermal gold shoot at the Lobo Project in the Philippines.

Results include shallow high-grades of 4.9 metres at 11.1 grams per tonne (g/t) gold from 4.8 metres depth and 7.75 metres at 4.67 g/t gold from surface.

Also a deeper mineralised intersection of 18.35 metres at 1.5 g/t gold extends SWB shoot to 150 metres depth.

Future programs by the company will target projections of the mineralised shoot down plunge.

The eight drillholes completed in the current phase at SWB have completed the infill program to an approximate 15 metres x 15 metres grid, allowing the company to upgrade the resource estimate prior to initiating development scoping studies.

Lobo has a NI 43-101 initial Indicated Resource estimate of: 270,000 tonnes at 6.49 g/t gold (56,380 ounces gold) and Inferred 61,000 tonnes at 5.35 g/t gold (10,540 ounces gold).

At Archangel, also on the island of Batangas, the company is progressing drilling testing interpreted “feeder” structures below the resource estimate areas at Kay Tanda.

Mindoro has outlined a cluster of epithermal gold-silver and porphyry copper-gold prospects along a 6 km trend on the Archangel Project.

The initial focus was the near-surface Kay Tanda epithermal gold-silver resource, which comprises just a small part of the overall 6 km mineralized trend.

Kay Tanda has a NI 43-101 Resource estimate, based on more than 200 drill holes and using a cut-off of 0.3 g/t gold for oxide and 0.5 g/t gold for transition and sulphide material.

The resources include a Measured and Indicated: 9.879 million tonnes at 1.06 g/t gold and 4.50 g/t silver containing 337,500 ounces gold and 1,427,800 ounces silver; and Inferred: 3.74 million tonnes at 0.81 g/t gold and 1.75 g/t silver containing 97,200 ounces gold and 210,800 ounces silver.

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