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Mindoro Resources Ltd.: Projekte auf den Philippinen verlaufen Planmässig
EDMONTON,
Alberta; 10. August 2007 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) freut sich, ein Update der Aktivitäten bei seinen Projekten auf den Philippinen bekannt zu geben. Der Bericht gemäß 43-101 für das epithermale Gold-Silber-Vorkommen Kay Tanda geht gut voran und erste Minenplanungsarbeiten sind bereits im Gange. Beim nördlichen Nickel-Laterit-Projekt Agata wurden die vorläufige Planung der Straße und der ersten Abbaufläche abgeschlossen, und auch das Erlangen des Umweltverträglichkeitszertifikats geht gut voran. Rahmenuntersuchungen sind ebenfalls im Gange. Die Bohrungen am Kupfer-Gold-Projekt Calo gehen weiter, und moderne Bohrzieldefinitionen werden auf mehreren Porphyr-Kupfer-Gold-Zielen bei den Projekten EL PASO und Archangel begonnen. Gespräche mit potenziellen Jointventure-Partnern für einige der über zwanzig Kupfer-Gold-Ziele von Mindoro werden zurzeit geführt.
GOLD-SILBER-PROJEKT KAY TANDA
Die Erstellung eines Ressourcenschätzungsberichts gemäß NI 43-101 geht gut voran und wird voraussichtlich Ende August oder Anfang September abgeschlossen werden. Der Bericht wird von Dr. B. Rohrlach, einem unabhängigen geologischen Berater in Australien, in Zusammenarbeit mit Golder Associates aus Brisbane, Australien, erstellt. Als Folge einer geostatistischen Übersicht von Golder Associates (siehe Pressemitteilung vom 12. Juni 2007) wurde eine vollständige Ressourcenschätzung gemäß National Instrument 43-101 in Auftrag gegeben und ein Explorationsziel für das bisher abgebohrte Gebiet definiert. Bei einem Cutoff-Gehalt von 0,3 Gramm pro Tonne (g/t) Gold enthält das Explorationsziel zwischen 35 und 40 Millionen Tonnen von im Tagebau produzierbarem Material mit einem Gehalt von 0,76 bis 0,80 g/t Gold und 2,4 bis 2,8 g/t Silber ? insgesamt zwischen 860.000 und 1.000.000 Unzen Gold und zwischen 2,7 und 3,6 Millionen Unzen Silber.
Bei einem Cutoff-Gehalt von 0,5 g/t Gold enthält das Explorationsziel zwischen 15 und 20 Millionen Tonnen von im Tagebau produzierbarem Material mit einem Gehalt von 1,1 bis 1,4 g/t Gold und 3,0 bis 3,4 g/t Silber ? insgesamt zwischen 530.000 und 900.000 Unzen Gold und zwischen 1,45 und 2,2 Millionen Unzen Silber.
Die Mineralisierung ist weiterhin in mehrere Richtungen und in die Tiefe offen; zu einem späteren Zeitpunkt sind weitere Vertiefungsbohrungen geplant. Indes konzentriert MAN sich auf die Evaluierung und Erschließung von Kay Tanda als Tagebau-Haufenlaugungsbetrieb. Dallas Cox BE (Min), ein Minentechniker mit viel Erfahrung im Tagebau von Goldminen in der südwestlichen Pazifikregion, arbeitete eine vorläufige Minenplanung und eine Rahmenuntersuchung aus. Vorverlegte Programme hinsichtlich der örtlichen Kommunikationsbeziehungen und Umweltuntersuchungen sind zurzeit im Gange.
NICKEL-LATERIT-PROJEKT AGATA
Das nördliche Nickel-Laterit-Projekt kann in Kürze in Produktion gehen. Vorläufige Planungen für die erste Mine, die Transportstraße und die Abraumhalden wurden bereits abgeschlossen. Ein angemessener Ort für das Erzlager an der Küste- und Verladeeinrichtungen wurde ermittelt. Eine Rahmenuntersuchung ist im Gange.
Trotz des jüngsten Rückgangs des LME-Nickelpreises gibt es weiterhin eine Nachfrage für das Nickel-Laterit-Material mit einem Gehalt von etwa 1,1% Nickel und 40% Eisen. Wie in der Pressemitteilung vom 13. Juli 2007 gemeldet, lauten die Explorationsziele von Mindoro für die unterschiedlichen Laterithorizonte beim nördlichen Lateritprojekt wie folgt:
Kombination aus eisenhaltigen Deckgestein-, Limonit- und Saprolithorizonten: 50 bis 60 Millionen WMT (Feucht metrische Tonnen) bei einem Gehalt von 0,9 bis 1,1% Nickel und 28 bis 32% Eisen. Dies inkludiert die folgende Tonnenverteilung zwischen den Deckgestein-/Limonithorizonten und dem Saprolithorizont:
? Kombination aus eisenhaltigen Deckgestein- und Limonithorizonten: 30 bis 35 Millionen WMT bei einem Gehalt von 0,9 bis 1,1% Nickel und 40 bis 44% Eisen.
? Darunter liegender Saprolithorizont: 20 bis 25 Millionen WMT bei einem Gehalt von 1,0 bis 1,4% Nickel und 8 bis 10% Eisen.
Das Management von Mindoro ist der Ansicht, dass Agata ein sehr attraktives Projekt bleiben und in der ersten Hälfte des Jahres 2008 in Produktion gehen wird, um die jährliche Produktion bis zum Jahr 2010 auf 1 Million WMT zu steigern. Agata ist aufgrund seiner Nähe zur Küste (die Transportstraße ist 3,5 km lang) und aufgrund der kurzen Verschiffungszeit nach China (zwei Tage) wettbewerbsfähig. Mindoro wird auch die Option evaluieren, die Cutoff-Gehalte zu erhöhen und ausgewähltes höher gradiges Material abzubauen und zu verschiffen. Mindoro ist jedoch der Ansicht, dass sogar die niedrigeren Werte von etwa 1% Nickel die Produktion des Projektes rechtfertigen.
Ein Gebiet mit einer Nickel-Laterit-Mineralisierung wurde im Süden des Projektes Agata erkundet (das südliche Nickel-Laterit-Projekt), das 1,5 km von der SR Metals Mine entfernt ist. SR Metals baut Nickel-Laterit-Erz ab und verschifft dieses nach China.
KUPFER-GOLD-PROJEKTE
Die Bohrungen am Porphyr-Kupfer-Gold-Projekt Calo werden fortgesetzt ? zurzeit wird das siebte Bohrloch bebohrt. Eine detaillierte Bohrzieldefinition wird zurzeit bei mehreren Zielen auf dem neu erworbenen Projekt El Paso, auf dem Projekt Archangel sowie auf anderen Projekten durchgeführt. Mindoro führt mit mehreren Unternehmen, welche ihr Interesse an den über zwanzig Kupfer-Gold-Zielen von Mindoro bekundeten, Gespräche über ein mögliches Jointventure.
Die Programme werden unter Aufsicht von Tony Climie, P.Geol., einer qualifizierten Person gemäß National Instrument 43-101, durchgeführt. Die Probenaufbereitung und -untersuchung erfolgen im McPhar Laboratory in Manila, einem ISO 9001/2000-zertifizierten Labor. . Golduntersuchungen erfolgten mittels 50 gm Brandprobenfusionen; Golduntersuchungen mit einem Gehalt von über 3 ppm erfolgten mittels einer Gravimetrie; Gold mit Werten unterhalb dieser Grenze mittels einer AAS-Analyse. Die Silberwerte wurden mit einer AAS-Analyse nach einem HCI-HNO3-HCIO4-Extrakt ermittelt. . Untersuchungen auf Ni, Co, Fe, MgO und Al2O3 werden mittels einer AAS-Analyse nach einem HCl-HNO3-HClO4-Extrakt, und Untersuchungen auf SiO2 durch gravimetrische Methoden durchgeführt. Normale Qualitätskontrollen und Qualitätssicherung erfolgen über ein System mit Doppel-, Standard- und Leerproben.
Der Leser wird darauf hingewiesen, dass die Menge des Potenzials und der Gehalt des beschriebenen Explorationsziels nur ein Konzept darstellt, dass noch zu wenige Explorationen stattgefunden haben, um eine Mineralressource zu erkunden, und dass es nicht gewiss ist, ob weitere Explorationen zu Zielen führen, die als Mineralressourcen beschrieben werden. Bis zum Abschluss einer Machbarkeitsstudie besteht keine Gewissheit, ob das Vorhaben des Unternehmens wirtschaftlich realisierbar ist.
ÜBER MINDORO
Mindoro ist eines der Tier-1-Unternehmen an der Börse von Toronto (MIO) sowie der Frankfurter Börse (WKN 906167). Zurzeit führt das Unternehmen drei größere Bohrprogramme durch: eine Ressourcendefinitionsbohrung am Kay Tanda in dem epithermalen Gold/Silber-Grubenfeld, wo eine NI 43-101 entsprechende Ressourcenberechnung in Arbeit ist, eine Erkundungsbohrung in dem Porphyr-Kupfer-Gold-Grubenfeld Calo und den Aufschluss eines signifikanten Nickellaterit-Grubenfelds. Außerdem besitzt das Unternehmen 22 identifizierte Porphyr-Kupfer-Gold-Konzessionen auf den Philippinen.gemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
Aug 02, 2007 13:03 ET
Mindoro Receives El Paso Exploration Permit
EDMONTON, ALBERTA--(Marketwire - Aug. 2, 2007) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) today is very pleased to announce that Mindoro Resources Ltd.'s Philippine subsidiary, MRL Gold Phils. Inc., has been granted an Exploration Permit (EP) covering the El Paso Prospect, Batangas Province, Philippines. The EP 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 is planned later in 2007 or 2008, once ground work has been completed and priority drill targets defined.
The El Paso EP, covering 6,315 hectares, is located 11 kilometers southeast of Phelps Dodges's Taysan porphyry copper-gold deposit and seven kilometers northeast of Mindoro's Pica porphyry copper-gold prospect.
Main features of El Paso are shown on the compilation map accompanying this release on Mindoro's website (www.mindoro.com). El Paso is immediately north of the major west-northwest-trending structural boundary that separates older northeastern batholithic terrain (San Juan Diorite), and the younger southern volcanic terrain. This major boundary is an especially favorable structural setting which served to localize mineralizing intrusions, including Taysan. The area is underlain largely by San Juan Diorite with islands of metavolcanics, intruded by younger quartz diorite and andesite porphyry intrusions, and overlain in places by younger Quaternary volcanic tuff. Extensive porphyry-related phyllic and intermediate argillic alteration has been mapped, as well as potassic alteration in places.
Widespread copper-gold mineralization occurs associated with the 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 southwest 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-nineties. Results are unknown. However, the area tested by drilling is not associated with significant IP anomalies and is considered to represent copper +/- gold mineralization on the periphery of the porphyry copper-gold system.
Subsequent IP surveys by Mindoro defined two large and strong chargeability anomalies, known as Calantas and Mulawin, approximately two kilometers east of the copper showings. Each is about two kilometers by one kilometer in extent with chargeability values ranging from 20 to over 50 msec, against a background of 4 to 8 msec.
A thin cover of volcanic ash obscures much of the area, but scattered outcrops indicate geology consists of stocks of younger fine-medium grained, quartz diorite and andesite porphyry intruding metavolcanics. Independent petrology confirms that alteration consists of quartz-sericite-chlorite and sericite-clay-chlorite. These alteration assemblages are common to Philippine porphyry systems and are usually transitional to the core potassic zone at depth. The petrology also confirms the presence of quartz veining with magnetite and the copper minerals chalcopyrite and bornite. A channel sample from the metavolcanics yielded 0.24% copper over 15 meters. This suggests the strong chargeability anomaly below is of considerable potential. High molybdenum values of 806 parts per million over a 10 meter trench are associated with a younger quartz diorite stock at Calantas, and also suggest a porphyry source.
The results of a trenching and channel sampling program at El Paso, originally disclosed in an October 4, 2005, press release, appear in a compilation map accompanying this release on Mindoro's website and the following table. High copper values in the 1% plus range were outlined in most trenches over lengths from three meters to 30 meters.
Programs are carried out under the supervision of Tony Climie, P.Geol., who is a qualified person as defined by National Instrument 43-101.
ABOUT MINDORO
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). The Company is carrying out three major drill programs: resource delineation and expansion drilling on the Kay Tanda epithermal gold-silver prospect where a NI 43-101 compliant resource estimate is in progress; reconnaissance drilling on the Calo porphyry copper-gold prospect; and advancing a significant nickgemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
Aug 14, 2007 05:00 ET
Mindoro Resources Ltd.: Further Positive Drill Results From Agata Nickel Laterite
EDMONTON, ALBERTA--(Marketwire - Aug. 14, 2007) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT: WKN 906167) is pleased to report results from a further thirteen drill holes on two drill cross sections; 10250N and 10300N on the Agata nickel laterite project, Philippines. For section 10250N the limonite horizon averages 1.10 percent nickel and 42.67 percent iron over an average thickness of 8.45 meters. For section 10300N, 50 meters to the north, the limonite horizon averages 0.95 percent nickel and 41.46 percent iron over an average thickness of 5.73 meters. The underlying saprolite horizon on section 10250N averages 0.95 percent nickel over an average thickness of 6.10 meters, while for section 10300N the saprolite horizon averages 1.25 percent nickel over an average thickness of 5.73 meters. Mineralization grades and thicknesses meet Company expectations and are in line with requirements for direct shipping grade material for ferro-nickel feedstock. Notwithstanding the recent softening of nickel price, demand remains for ferro-nickel feedstock.
As reported on March 13, 2007, the company's current objective on the Agata nickel laterite project is to define a NI 43-101 compliant resource adequate, initially, for three to five years of production at a rate of 500,000 to 700,000 wet metric tonnes per annum of direct shipping-grade material for the very high demand ferro-nickel markets of China, India and Korea. Mindoro has a target production date of the first half of 2008, and would ramp up production to one million tones or more per year thereafter depending on market demand. The initial drill program covers less then ten percent of the area of nickel laterite mineralization mapped to date at Agata. On June 20, 2007, Mindoro released a revised global Exploration Target for the northern part of the Agata Project (see "About The Agata Nickel Laterite Project" below).
Results from sections 10250N and 10300N are consistent with the previously reported sections 9950N, 10000N, 10050N, 10100N, 10150N and 10200N (see news releases dated June 6 and 18, July 3, 2007). Mineralization is wide open to the east on both sections. A drill location map accompanies this release on Mindoro's website, as well as two cross sections showing assay results. The iron-rich overburden above the limonite horizon also has high iron content in the range of 38 to 42 percent, as well as 0.65 to 0.66 percent nickel, and has potential for blending purposes. The nickel and iron grades of the limonite horizon are robust, consistent between all eight sections reported to date, and are in line with grade requirements for ferro-nickel feedstock.
Mindoro management considers the results to date form a sound basis for fast-tracking the project. The Environmental Compliance Certificate is well advanced and the recently hired mine manager is advancing mine design planning (see release of July 13, 2007).
ABOUT THE AGATA NICKEL LATERITE PROJECT
The nickel laterite prospect is situated on the Agata Project, Surigao Gold District, northern Mindanao, Philippines. There are several nickel laterite mines already in production in the Surigao District, providing direct shipping-grade ore to markets and processing plants in China, Japan, Korea and Australia. The geological extension of the Agata nickel laterite mineralization into an adjacent property, one kilometer south of Agata, is in production and product is being shipped to markets in China (see map accompanying this release). Mindoro's Exploration Target for the various laterite horizons in the northern laterite area is as follows:
Combined ferruginous overburden, limonite and saprolite horizons: 50 to 60 million wet metric tonnes (WMT) at a grade of 0.9 to 1.1 percent nickel and 28 to 32 percent iron. This includes the following division of tonnage between the overburden/limonite horizon and the saprolite horizon:
- Combined ferruginous overburden and limonite horizons: 30 to 35 million WMT of material at a grade of 0.9 to 1.1 percent nickel and 40 to 44 percent iron.
- Underlying saprolite horizon: 20 to 25 million WMT of material at a grade of 1.0 to 1.4 percent nickel and 8 to 10 percent iron.
The northern nickel laterite mineralization covers approximately 340 hectares. As shown on the accompanying map, a total of over 90 drill holes has been completed to date within this area. Average thicknesses and grades encountered and a specific gravity of 1.5 grams per cubic centimeter were used to arrive at the revised Exploration Target. The Exploration Target does not include significant thicknesses of low-grade, partially lateritized saprolitic rock, grading in the 0.6 to 0.8 percent nickel range, that also has market potential. Nor does it include additional areas of nickel laterite mineralization further south on the Agata Project.
This revised Exploration Target will form the basis for evaluating several attractive value-added processing options, which includes constructing a local blast or electric furnace for nickel pig iron production. In the meantime, Mindoro will continue to fast-track the direct shipping ore scenario with the objective of achieving production in 2008. Uniquely, direct shipping grade nickel laterite deposits have a low-capital cost and offer a rapid route to production and cash-flow.
The reader is cautioned that the potential quantity and grade of the Exploration Target described is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource. Until a feasibility study has been completed there is no certainty that the Company's projections will be economically viable.
Programs are carried out under the supervision of Tony Climie, P.Geol., president of Mindoro, who is a qualified person as defined by National Instrument 43-101. Sample preparation and assaying is being performed by McPhar Laboratory of Manila, an ISO 9001/2000 accredited laboratory. Ni, Co, Fe, MgO and Al2O3 assays are performed by AAS after an HCl-HNO3-HClO4 digest, and SiO2 by gravimetric method. Normal Quality Control and Quality Assurance procedures are being carried out, using a system of duplicate, standard and blank samples.
ABOUT MINDORO
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). In addition to advancing the Agata nickel laterite project towards production, Mindoro is carrying out a major resource delineation program on its Kay Tanda gold-silver project. The company has also identified 22 porphyry copper-gold prospects in the Philippines and has an aggressive strategy of drilling multiple targets in 2007.
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 of estimates and projections relating to production). 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 TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
gemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
Aug 23, 2007 08:31 ET
Mindoro Resources Ltd.: Agreement Reached With Delta to Advance Southern Agata Nickel Laterite
EDMONTON, ALBERTA--(Marketwire - Aug. 23, 2007) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT: WKN 906167) is pleased to advise that it has reached agreement with Delta Earthmoving Inc. (Delta) to explore, and advance to production if warranted, a new nickel laterite prospect in the southern part of the Agata project, Surigao District, Mindanao. The agreement does not cover the northern Agata nickel laterite project where Mindoro has completed over 90 drill holes with the objective of producing direct shipping ore in 2008.
Tony Climie, president of Mindoro, commented; "This is a good deal for Mindoro. Our resources are currently heavily committed advancing both the northern Agata nickel laterite and our Kay Tanda epithermal gold-silver projects towards production, as well as exploring a large number of porphyry copper-gold targets. We would not be able to advance the southern Agata nickel laterite for quite some time. This agreement gives us the opportunity to advance another nickel laterite prospect to production at no risk and cost, and the potential to share in significant cash flow".
An area of nickel laterite has been mapped at a reconnaissance scale in the southern part of the Agata Project. No drilling or sampling has been carried out in this area, which is 1 to 2 kilometers north of the operating nickel laterite mine of SR Metals, just to the south of the Agata Project (see map accompanying this release, http://www.ccnmatthews.com/docs/mio0823.pdf). Delta will at its sole cost and risk carry out exploration of the southern Agata nickel laterite and, if results warrant, within six months may select an area of up to 250 hectares to advance to production from a target area of 1,800 hectares. Delta will finance all mine development and production costs, as well as market the product. Delta will receive U.S. $10.50 per wet metric tonne mining cost and 55 per cent of net profits. Mindoro will receive 45 per cent of net profits. This agreement is in line with other similar deals recently concluded on nickel laterite deposits in the Philippines.
Delta is a private Philippine earthmoving company with the financial and operational capability to develop the southern Agata nickel laterite. It is currently the mining contractor of the Hinatuan Nickel Project, Hinatuan Island, Surigao del Norte and the Kalamazoo Nickel Project in Claveria, Surigao del Norte, producing a combined output of 450,000 tonnes of saprolitic and limonitic nickel laterite ores per month. Delta has strong political and market contacts. Delta is fast tracking the southern Agata nickel project with the intent of being in production in early 2008. Work is commencing immediately.
ABOUT MINDORO
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). In addition to advancing the southern Agata nickel laterite project towards production, Mindoro is carrying out a NI 43-101 resource estimate on its Kay Tanda gold-silver project, as well as preliminary mine planning and scoping work. The company has also identified 22 porphyry copper-gold prospects in the Philippines and has an aggressive strategy of drilling multiple targets in 2007.
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 of estimates and projections relating to production). 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.gemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
MINDORO RESOURCES LTD
Mindoro Announces Private Placement
8/29/2007
EDMONTON, ALBERTA, Aug 29, 2007 (CCNMatthews via COMTEX News Network) --
Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) today announced that it intends to raise up to CDN$3,900,000 through the sale of 6,500,000 units to qualified investors at a price of $0.60 per unit. Each unit will consist of one Common Share and one Common Share Purchase Warrant. Each Purchase Warrant entitles the holder to acquire one additional Common Share at a price of $0.90 per share for a period of one year after the close of the offering, and thereafter at $1.10 per share for one additional year. The Company may pay finder's fees as allowed by the policies of the TSXV.
Net proceeds of the offering will be used for advancing the Company's projects in the Philippines. The terms of the private placement are subject to regulatory approval. A news release will be made when the placement closes and shares are issued.
ABOUT MINDORO
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). The Company is carrying out three major drill programs: advancing a significant nickel laterite prospect towards production, resource delineation drilling on the Kay Tanda epithermal gold-silver prospect, and reconnaissance drilling on the Calo porphyry copper-gold prospect, in addition to holding another 22 identified porphyry copper-gold prospects in the Philippines.
SOURCE: Mindoro Resources Ltd.
Mindoro Resources Ltd.
Penny Gould
Executive Vice President
(780) 413-8187
Email: penny@mindoro.com
Website: www.mindoro.com
Ascenta Capital Partners Inc.
Trent Dahl
Investor Relations-Canada
(604) 628-5800 or Toll Free: 1-866-684-4209 ext. 228
Email: info@mindoro.com
Argentuminvest GmbH
Richard Mayr
Investor Relations-Europe
+49.9421.785250
+49.9421.785255 (FAX)
Email: info@argentuminvest.com
Copyright (C) 2007 CCNMatthews. All rights reserved.gemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
Aug 30, 2007 04:00 ET
Mindoro Receives Target-Rich Batangas Exploration Permit
EDMONTON, ALBERTA--(Marketwire - Aug. 30, 2007) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) is pleased to announce that it has been granted an Exploration Permit (EP) covering five parcels of land within its Batangas Project area, Luzon Island, Philippines. The EP parcels cover multiple gold and copper-gold targets, with IP chargeability and resistivity anomalies, favorable intrusive rocks with associated porphyry-related alteration, as well as abundant copper and gold showings. Drill testing is planned for 2008 once ground work has been completed and priority drill targets defined.
The EP, covering 1,538 hectares, is located within Mindoro's overall Batangas Project area, comprising more than 30,000 hectares in a well-mineralized copper-gold belt. The EP was acquired under an agreement with Philex Mining Corporation wherein Mindoro and its partner, Egerton Gold Phils. Inc., can acquire a 100 percent interest, subject to an underlying net smelter royalty of two percent to Philex. A summary of the main features defined by due diligence work follow:
- Parcel 1 (162 hectares) is located on the western side of the Calo porphyry copper-gold prospect which is currently being drill-tested. The parcel covers several copper showings associated with argillic to advanced argillic alteration. Outcrop grab samples taken from the eastern part of the parcel assayed up to 3.0 g/t Au, 56.0 g/t Ag, and 3.80 percent Cu.
- Parcel 2 (405 hectares) is located immediately to the mid-east portion of the Lobo Project, where in 2005 Mindoro announced a small NI 43-101 compliant gold resource. The parcel includes a copper-gold prospect.
- Parcel 3 (567 hectares) is located immediately to the west of the Archangel Project. It covers the Talon copper prospect where disseminated copper mineralization is associated with argillic to intermediate argillic-altered andesitic and dacitic volcanics. An 18 meter channel sample located near the headwaters of Talon Creek assayed 3.8 g/t Au, 1.91 g/t Ag, and 0.10 percent Cu.
- Parcel 4 (243 hectares) is located immediately northeast and contiguous to the Archangel Project. It covers the northeast extension of the Bootin Prospect. Bootin is characterized by high chargeability, resistivity and magnetic anomalies associated with high-sulphidation epithermal copper-gold mineralization and advanced argillic alteration. In addition, phyllic alteration and the magnetic anomaly suggest a porphyry copper-gold target at depth.
- Parcel 5 (161 hectares) is located immediately northeast and contiguous to the Archangel Project. It covers the projected extension of the Kay Tanda epithermal gold-silver prospect on which Mindoro has drilled over 150 drill holes and is carrying out a NI 43-101 resource estimate. The parcel contains strong and extensive chargeability anomalies. It includes part of Mindoro's strongest porphyry copper-gold prospect on the Archangel Project, the Marita Prospect, which covers a two by 1.5 kilometer, very strong IP anomaly with coincident phyllic alteration, iron oxide (after sulphide) stockworking and copper-gold showings. The main features of Parcels 4 and 5 appear on the Archangel Project compilation map accompanying this release (to view this map please click on: http://www.ccnmatthews.com/docs/mio0830map.pdf).
MINDORO RESOURCES LTD
Mindoro Resources Ltd.: Further Positive Drill Results From Agata Nickel Laterite
9/5/2007
EDMONTON, ALBERTA, Sep 5, 2007 (CCNMatthews via COMTEX News Network) --
Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) is pleased to report results from a further twelve drill holes on one long drill cross section (10350N) of the northern laterite zone on the Agata project, Philippines. The limonite horizon averages 0.98 percent nickel and 43.51 percent iron over an average thickness of 3.51 meters. The underlying saprolite horizon averages 1.18 percent nickel over an average thickness of 4.88 meters. Mineralization grades and thicknesses meet Company expectations, and are in line with requirements for direct shipping grade material for ferro-nickel feedstock. Notwithstanding the recent softening of nickel price, demand remains for ferro-nickel feedstock. The Agata project has competitive advantages, in that it is two to three kilometers from tide water, with corresponding low haul distance and costs, and only two days shipping from China.
As reported on March 13, 2007, current objective on the Agata northern nickel laterite project is to define a NI 43-101 compliant resource adequate, initially, for three to five years of production at a rate of 500,000 to 700,000 wet metric tonnes per annum of direct shipping-grade material for the ferro-nickel markets of China, India and Korea. Mindoro has a target production date of the first half of 2008, and would ramp up production to one million tonnes or more per year thereafter depending on market demand. The initial drill program covers less then ten percent of the area of nickel laterite mineralization mapped to date at Agata. On June 20, 2007, Mindoro released a revised global Exploration Target for the northern zone of the Agata project (see "About The Agata Nickel Laterite Project" below).
Results from section 10350N are comparable with previously reported drill sections 10250N, 10300N, 9950N, 10000N, 10050N, 10100N, 10150N and 10200N (June 6 and 18, July 03, and August 14, 2007). A drill location map accompanies this release, as well as the cross section showing assay results. The iron-rich overburden above the limonite horizon also has high iron content of 41.96 percent, and 0.66 percent nickel, and has potential for blending purposes. This section covers an east-west distance of 600 meters and is open to the east, where mineralization is believed to continue for a further 1 kilometer approximately. The nickel and iron grades of the limonite horizon are robust, consistent between all nine sections reported to date, and are in line with grade requirements for ferro-nickel feedstock.
The Environmental Impact Statement is nearing completion and will be submitted in the near future. Mine planning is at an advanced stage.
On August 23, 2007, Mindoro announced that it had reached agreement with Delta Earthmoving Inc. to explore, and advance to production if warranted, a new nickel laterite prospect in the southern part of the Agata project, giving the Company the opportunity to advance another nickel laterite prospect to production at no risk and cost, and the potential to share in significant cash flow.
ABOUT THE AGATA NICKEL LATERITE PROJECT
The nickel laterite prospect is situated on the Agata Project, Surigao Gold District, northern Mindanao, Philippines. There are several nickel laterite mines already in production in the Surigao District, providing direct shipping-grade ore to markets and processing plants in China, Japan, Korea and Australia. The geological extension of the Agata nickel laterite mineralization into an adjacent property, one kilometer south of Agata, is in production and product is being shipped to markets in China (see map accompanying this release). Mindoro's Exploration Target for the various laterite horizons in the northern laterite area is as follows:
Combined ferruginous overburden, limonite and saprolite horizons: 50 to 60 million wet metric tones (WMT) at a grade of 0.9 to 1.1 percent nickel and 28 to 32 percent iron. This includes the following division of tonnage between the overburden/limonite horizon and the saprolite horizon:
- Combined ferruginous overburden and limonite horizons: 30 to 35 million WMT of material at a grade of 0.9 to 1.1 percent nickel and 40 to 44 percent iron.
- Underlying saprolite horizon: 20 to 25 million WMT of material at a grade of 1.0 to 1.4 percent nickel and 8 to 10 percent iron.
The reader is cautioned that the potential quantity and grade of the Exploration Target described is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource. Until a feasibility study has been completed there is no certainty that the Company's projections will be economically viable.
The northern nickel laterite mineralization covers approximately 340 hectares. As shown on the accompanying map, a total of over 90 drill holes has been completed to date within this area. Average thicknesses and grades encountered and a specific gravity of 1.5 grams per cubic centimeter were used to arrive at the above Exploration Target. The Exploration Target does not include significant thicknesses of low-grade, partially lateritized saprolitic rock, grading in the 0.6 to 0.8 percent nickel range, that also has market potential. Nor does it include additional areas of nickel laterite mineralization further south on the Agata Project.
This Exploration Target will form the basis for evaluating several attractive value-added processing options, which includes constructing a local blast or electric furnace for nickel pig iron production. In the meantime, Mindoro will continue to fast-track the direct shipping ore scenario with the objective of achieving production in 2008. Uniquely, direct shipping grade nickel laterite deposits have a low-capital cost and offer a rapid route to production and cash-flow.
Programs are carried out under the supervision of Tony Climie, P.Geol., president of Mindoro, who is a qualified person as defined by National Instrument 43-101. Sample preparation and assaying is being performed by McPhar Laboratory of Manila, an ISO 9001/2000 accredited laboratory. Ni, Co, Fe, MgO and Al2O3 assays are performed by AAS after an HCl-HNO3-HClO4 digest, and SiO2 by gravimetric method. Normal Quality Control and Quality Assurance procedures are being carried out, using a system of duplicate, standard and blank samples.gemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
Sep 20, 2007 16:52 ET Mindoro Raises $3.9 Million in First Close of Private Placement
EDMONTON, ALBERTA--(Marketwire - Sept. 20, 2007) - Ms. Penny Gould, CFO of Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167), reports that pursuant to a private placement announced on August 29, 2007, the company has issued 6,589,500 units at a price of $0.60 per unit for gross proceeds of $3,953,700. Each unit consists of one common share and one common share purchase warrant. Each warrant allows the holder to purchase one additional common share at a price of $0.90 in the first year or $1.10 in the second year. The securities issued are subject to a resale restriction period of four months, which expires on January 20, 2008. Finders fees of $209,874 and 209,874 Finders Warrants are payable in connection with the private placement. Each Finders Warrant is exercisable into one common share at a price of $0.60 for two years. Insiders of the company purchased an aggregate 40,000 units in the private placement.
Due to strong institutional demand, Mindoro has arranged for the sale of an additional 6,910,500 units under the private placement, which is expected to close on or about September 26, 2007. Institutional investment in the first and second closings includes: $1,002,000 from Asian Lion Ltd., $500,010 from Lion Selection Ltd., $600,000 from Firebird Global Master Fund and $1,980,000 from RAB Capital.
Mindoro is pleased to note the Asian Lion and Lion Selection participation, which follows Asian Lion's first investment in Mindoro of over $2.0 million in December 2006. The Asian Lion Fund is a venture capital fund providing patient capital for development projects, feasibility studies and advanced exploration in junior mining companies active in Asia.
"We welcome this strong institutional support," stated Tony Climie, Mindoro's President. "By raising over $8.0 million, Mindoro will be assured the financial capability to fund the Agata nickel laterite project to production in 2008, as well as to continue feasibility and scoping work on the Kay Tanda gold project and further advance our very exciting porphyry copper-gold prospects in the Philippines. In addition to our own exploration and development plans, discussions are underway with several potential joint venture partners to further advance Mindoro's extensive portfolio of projects."
A news release will be issued following the second and final closing under this placement. Proceeds from the placement will be used for exploration and development of Mindoro's projects in the Philippines.
ABOUT MINDORO
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). In addition to advancing the Agata nickel laterite project towards production, Mindoro has a NI 43-101 resource estimate pending on its Kay Tanda gold-silver project. The company has also identified 22 porphyry copper-gold prospects in the Philippines and is pursuing aggressive strategy of drilling multiple targets in 2008.
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 of estimates and projections relating to production). 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 TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Mindoro Raises $4 Million in Final Tranche of Private Placement
EDMONTON, ALBERTA--(Marketwire - Oct. 1, 2007) - Ms. Penny Gould, CFO of Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167), reports that pursuant to a private placement announced on August 29, 2007, the company has issued a second and final tranche of 6,896,338 units at a price of $0.60 per unit for gross proceeds of $4,137,802. Each unit consists of one common share and one common share purchase warrant. Each warrant allows the holder to purchase one additional common share at a price of $0.90 in the first year or $1.10 in the second year. The securities issued are subject to a resale restriction period of four months, which expires on January 29, 2008.
Finders fees of $179,004 and 179,004 Finders Warrants are payable in connection with this second tranche of the private placement. Each Finders Warrant is exercisable into one common share at a price of $0.60 for two years.
Proceeds from the placement will be used for exploration and development of Mindoro's projects in the Philippines.
ABOUT MINDORO
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). In addition to advancing the Agata nickel laterite project towards production, Mindoro has a NI 43-101 resource estimate pending on its Kay Tanda gold-silver project. The company has also identified 22 porphyry copper-gold prospects in the Philippines and is pursuing aggressive strategy of drilling multiple targets in 2008.
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 of estimates and projections relating to production). 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 TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Each warrant allows the holder to purchase one additional common share at a price of $0.90 in the first year or $1.10 in the second year.
Der Preis von 0,60 per unit hätte etwas höher sein dürfen, der Erlös für den warrant zeigt wo der Zug
hinfährt! gemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) is pleased to advise that it has intersected transported clasts (rock fragments) of porphyry copper mineralization in a lithic tuff in drill hole 7 on the Calo porphyry copper-gold prospect, located within the Batangas projects, Luzon Island, the Philippines. The potassic-altered diorite and chlorite-clay altered volcanic clasts contain up to one percent chalcopyrite and are believed to have been transported a relatively short distance from their source. This new porphyry mineralization occurrence, along with Freeport McMoRan's Tayson porphyry copper-gold prospect eight kilometers to the north, and Mindoro's Pica porphyry copper-gold prospect four kilometers to the south, are confirming the potential of the very large Calo target area for a cluster of porphyry copper-gold deposits.
Drill hole 7 was the final hole of a scout drilling program on the Calo target. Previous results were reported in news releases dated March 28, July 4 and August 25, 2007. Hole 7 was drilled on line 12,000N to test a strong chargeability anomaly of 50 to 100 msecs (to view map please see Mindoro Resources' website: www.mindoro.com). It is near a major north-south graben fault along Lobo River, which has down-dropped the Talahib Volcanics, the regional host to mineralization. The graben was filled with younger cover volcaniclastics and sediments which range in thickness from zero in the western part of the Calo prospect, to about 580 meters thick near the Lobo River Fault; thus forming a wedge of cover rocks that thickens towards the Lobo River (to view interpreted cross section please see Mindoro Resources' website: www.mindoro.com).
Drill hole 7 intersected 580 meters of cover volcanics and volcaniclastics and then went into a lithic tuff at the top of the Talahib Volcanics. Clasts of diorite intruding volcanics were found in the tuff (which can be considered a kind of scree deposit or local lahar). Petrology by Mindoro's independent petrology consultant describes strong potassic (secondary biotite to 20%), clay (to 10%) and chlorite (to 10%) alteration and silicification (to 25%), with from trace to 1% chalcopyrite (copper-iron sulphide) and up to 3% hydrothermal magnetite in clasts of the diorite and volcanics.
These clasts are interpreted to be derived from the core of a porphyry copper-gold system, where there is a diatreme about 700 meters to the west. Diatremes are commonly associated with porphyry copper-gold deposits in Southeast Asian island arcs. Anomalous soil values of up to 150 parts per million copper are noted in proximity to the diatreme. Cover thickness near the diatreme is thin. Drill hole 7 passed from the lithic tuff into propylitic-altered andesitic volcanics at 710 meters.
Calo drill hole 6 had previously been completed at a depth of 358 meters, three kilometers south of drill hole 7. Cover volcanics were intersected to 296 meters, and below these, the Talahib Volcanics; generally with weak alteration, but containing structurally-controlled zones of argillic alteration and pyritization (to 5% pyrite). No significant mineralization was encountered in this hole.
With the completion of the current phase of drilling, all results to date will be carefully evaluated to assist in vectoring in to the mineralization center in a second, more focused, round of drilling. Clearly, the diatreme area will be one of the priority areas for that more detailed drilling.
Mindoro's Batangas projects cover about 30,000 hectares in a well-mineralized copper-gold belt and include the Kay Tanda epithermal gold-silver prospect, where a NI 43-101 compliant resource estimate is in progress, as well as the Calo and El Paso porphyry copper-gold targets. Phelps Dodge's (now Freeport McMoRan) Taysan porphyry copper-gold deposit is approximately nine kilometers north of Calo.
ABOUT CALO
As described in Mindoro's November 30, 2006, press release, the Company has defined a cluster of unusually large Induced Polarization anomalies at Calo, with extremely high chargeability readings of up to 100 msecs against a background of 6-8 msecs. Much of the anomaly cluster, which is at least four kilometers by six kilometers in extent, is covered by younger rocks; with the source, therefore, being obscured. The anomalies are interpreted as related to porphyry-copper-gold mineralization, possibly with multiple mineralization centers. High-sulphidation epithermal copper-gold showings, along with advanced argillic alteration - which are usually indicative of proximity to porphyry mineralization in the Philippines - as well as diatreme breccias and porphyry-type alteration, occur around the margins of the chargeability anomalies, and in erosional windows.
Porphyry copper-gold mineralization has already been drill-intersected by Mindoro on the far-eastern margin of Calo, where Pica drill hole two intersected 213 meters of 0.18 percent copper and 0.30 grams per tonne gold below a cap of advanced argillic alteration. In another area, young volcanic breccia above the chargeability anomaly contain exotic copper mineralization, which is typically associated with porphyry copper deposits. The copper has been transported in by ground waters from an unknown source, and quite possibly from the chargeability anomaly below.
Programs are carried out under the supervision of Tony Climie, P.Geol., who is a qualified person as defined by National Instrument 43-101.
ABOUT MINDORO
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). In addition to advancing the Agata nickel laterite project towards production, Mindoro is carrying out a major resource delineation program on its Kay Tanda gold-silver project. The company has also identified 22 porphyry copper-gold prospects in the Philippines and has an aggressive strategy of drilling multiple targets in 2007/2008.
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 of estimates and projections relating to production). 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.
SOURCE: Mindoro Resources Ltd.
Mindoro Resources Ltd. - Head Office
Penny Gould
Executive Vice President
(780) 413-8187
Email: penny@mindoro.com
Website: www.mindoro.com
Ascenta Capital Partners Inc. - Investor Relations-Canada
Trent Dahl
(604) 628-5800 or Toll Free: 1-866-684-4209 ext. 228
Email: info@mindoro.com
Argentuminvest GmbH - Investor Relations-Europe
Richard Mayr
+49.9421.785250
+49.9421.785255 (FAX)
Email: info@argentuminvest.com
Copyright (C) 2007 Marketwire. All rights reserved.gemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
Oct 11, 2007 04:00 ET
Mindoro Resources Ltd.: Update on Philippine Projects
EDMONTON, ALBERTA--(Marketwire - Oct. 11, 2007) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) is pleased to provide an update on activities from its projects in the Philippines. The NI 43-101 report for the Kay Tanda epithermal gold-silver prospect is well advanced and preliminary mine planning is in progress. At the Agata North Nickel Laterite Project, work on the 43-101 report has resumed, preliminary design of the road and starter pit have been completed, and the Environmental Impact Statement has been filed. Drilling funded by Delta Earthmoving Inc. has commenced on the Agata South Nickel Laterite Project. Advanced drill target definition work has commenced on multiple porphyry copper-gold targets at the El Paso and Archangel projects. Discussions with potential joint venture partners for some of the company's over 20 porphyry copper-gold projects are continuing.
KAY TANDA GOLD-SILVER PROJECT
Expected completion date of the NI 43-101 resource estimate is late November, two months behind the projected date, due to consultant availability factors. The main report is being prepared by Dr. B. Rohrlach, independent geological consultant in Australia, with the geostatistical resource estimate now underway by Ravensgate Minerals Industry Consultants of Australia. A change in geostatistical consultant was made due to availability factors.
The mineralization is still open in several directions and to depth and, at a later date, further resource extension drilling is planned. In the meantime, the focus is evaluating and advancing Kay Tanda as an open-pit, heap-leach operation. Preliminary mine planning and scoping work are in progress and accelerated community relations programs and environmental base line studies are being carried out.
AGATA NICKEL LATERITE
In addition to 35 drill holes completed on the Agata North Nickel Laterite Project in 2006, the company released results from an additional 54 holes on June 6, June 18, July 3, August 4, and September 5, 2007. Additional drill results are expected to be released shortly.
A priority in recent months has been completion of an Environmental Impact Statement, which has now been filed with the Environmental Management Bureau of the Department of Environment and Natural Resources of the Philippines (the DENR-EMB). Subject to no significant deficiencies being identified in the company's Assessment, the DENR-EMB has a maximum of 120 days from filing to issue an Environmental Compliance Certificate (ECC) to the Company.
Shortly after receipt of the ECC, the company plans to commence construction of the mine haul roads and facilities, which is estimated to take approximately three months, subject to weather conditions and availability of materials and labor. The company currently does not anticipate any significant construction delays.
The company has continued to receive expressions of interest from various parties to negotiate contracts for the sale and purchase of nickel laterite ore and will be pursuing serious negotiations in the coming months. Despite a softening in the LME nickel price in the third quarter of 2007, there remains demand for nickel laterite material grading about 1.0 percent nickel and 40 percent iron. Further demand for higher grade material, which can be achieved by applying higher cut-off grades, remains strong. The Agata Project has competitive advantages in that it is close to the coast (the proposed haul road is 3 km) and just two days shipping to China.
The company previously expected preparatory work on a National Instrument 43-101 resource estimate on Agata North to commence in late spring of 2007; however, due to other operational demands and a shortage of independent qualified persons, the company deferred work on the report pending completion of the more pressing environmental compliance requirements. Having now filed the Environmental Impact Statement with the DENR-EMB and awaiting issuance of the ECC, the company has resumed preparation of a NI 43-101 technical report. Although completion date of the NI 43-101 report is uncertain at this time, this is not expected to delay construction of facilities, contract negotiations, or the actual excavation, shipping and sale of nickel laterite material.
The reader is cautioned that the nickel laterite mineralization is currently an exploration target only. The company has not yet established mineral resources or mineral reserves that would support a commercial mining operation. There is no guarantee that future exploration will result in the discovery of mineral resources or that these resources, if delineated, will be economic or sufficient to support a commercial mining operation. Until a feasibility study has been completed there is no certainty that the company's projections will be economically viable.
On August 23, 2007, the company announced it had reached agreement with Delta Earthmoving Inc. to explore, and advance to production if warranted, the Agata South Nickel Laterite Project. The agreement does not cover Agata North. Drilling commenced almost immediately and there are currently three drill rigs in operation at Agata South.
COPPER-GOLD PROJECTS
On October 9, 2007, the company reported the drill intersection of porphyry copper-gold mineralized clasts / fragments in Calo Project hole seven, believed to have been derived from an area near a diatreme, 700 meters distant. Intensive surface work has commenced in the area of the diatreme to define drill targets for a phase two drill program planned for early 2008. Detailed drill target definition work is in progress on multiple targets on the newly granted El Paso project, on the Archangel project, and elsewhere. The company is discussing joint venture possibilities with several companies who have expressed interest in Mindoro's more than 20 copper-gold targets. The company expects to have several porphyry copper-drill programs underway in 2008.
Programs are carried out under the supervision of Tony Climie, P.Geol., who is a qualified person as defined by National Instrument 43-101.
Nov 01, 2007 09:30 ET
Mindoro Resources Ltd.: Continuing Excellent Drill Results From Agata Nickel Laterite Project
EDMONTON, ALBERTA--(Marketwire - Nov. 1, 2007) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) is pleased to report results from a further eleven drill holes on one long cross section (10450N) in the northern laterite zone on the Agata project, Philippines. The limonite horizon averages 1.01 percent nickel and 38.47 percent iron over an average thickness of 2.12 meters. The underlying saprolite horizon averages 1.20 percent nickel over an average thickness of 5.37 meters.
Mineralization grades and thicknesses meet Company expectations, and are in line with requirements for direct shipping grade material for ferro-nickel feedstock for which demand remains strong. The Agata project has strong competitive advantages, with good grades, just two to three kilometers from tide water, with corresponding low haul distance and costs, and only two days shipping from China. Mindoro has also recently received several expressions of interest in its nickel laterite as potential feedstock for a new generation of HPAL nickel processing plants which are planned in the region.
As reported on March 13, 2007, the current objective on the Agata northern nickel laterite project is to define a NI 43-101 compliant resource adequate, initially, for three to five years of production at a rate of 500,000 to 700,000 wet metric tonnes per annum of direct shipping-grade material for the ferro-nickel markets of China, India and Korea. Mindoro has a target production date of the first half of 2008, and would ramp up production to one million tonnes or more per year thereafter, depending on market demand. The initial drill program covers less than fifteen percent of the area of nickel laterite mineralization mapped to date at Agata. On June 20, 2007, Mindoro released a revised global Exploration Target for the northern zone of the Agata project (see "About the Agata Nickel Laterite Project" below).
Results from section 10450N are comparable with previously reported drill sections 9950N, 10000N, 10050N, 10100N, 10150N and 10200N, 10250N, 10300N, 10350N and 10400N (June 6 and 18, July 03, August 14, Sept. 5 and Oct. 16, 2007). The iron-rich overburden above the limonite horizon, which averages 1.95 meters thick, also has high iron content of 36.10 percent, and 0.57 percent nickel, and has potential for blending purposes. This section covers an east-west distance of over 500 meters and is still open to the east (and to the north and south), where mineralization is believed to continue for a further one kilometer approximately. The nickel and iron grades of the limonite horizon are robust, consistent between all ten sections reported to date, and are in line with grade requirements for ferro-nickel feedstock and new generation HPAL plants.
As reported on October 11, 2007, the Environmental Impact Statement, a prerequisite to the grant of an Environmental Compliance Certificate (the ECC), has now been filed with the Environmental Management Bureau of the Department of Environment and Natural Resources of the Philippines (the DENR-EMB). Shortly after receipt of the ECC, the Company plans to commence construction of the mine haul roads and facilities, which is estimated to take approximately three months, subject to weather conditions and availability of materials and labor. The Company is not currently anticipating any significant construction delays. Mindoro has continued to receive expressions of interest to negotiate contracts for the sale and purchase of nickel laterite ore and will be pursuing serious negotiations in the coming months.
The reader is cautioned that the nickel laterite mineralization is currently an exploration target only. The Company has not yet established mineral resources or mineral reserves that would support a commercial mining operation. There is no guarantee that future exploration will result in the discovery of mineral resources or that these resources, if delineated, will be economic or sufficient to support a commercial mining operation. Until a feasibility study has been completed there is no certainty that the Company's projections will be economically viable.
On August 23, 2007, the Company announced it had reached agreement with Delta Earthmoving Inc. to explore, and advance to production if warranted, the Agata South Nickel Laterite Project. The agreement does not cover Agata North. Drilling commenced almost immediately and there are currently three drill rigs in operation at Agata South. Over 63 drill holes have been completed to date. This gives the Company the opportunity to advance another nickel laterite prospect to production at no risk and cost, and the potential to share in significant cash flow.
ABOUT THE AGATA NICKEL LATERITE PROJECT
The nickel laterite prospect is situated on the Agata Project, Surigao Gold District, northern Mindanao, Philippines. There are several nickel laterite mines already in production in the Surigao District, providing direct shipping-grade ore to markets and processing plants in China, Japan, Korea and Australia. The geological extension of the Agata nickel laterite mineralization into an adjacent property, one kilometer south of Agata, is in production and product is being shipped to markets in China (see map accompanying this release). Mindoro's Exploration Target for the various laterite horizons in the northern laterite area is as follows:
Combined ferruginous overburden, limonite and saprolite horizons: 50 to 60 million wet metric tonnes (WMT) at a grade of 0.9 to 1.1 percent nickel and 28 to 32 percent iron. This includes the following division of tonnage between the overburden/limonite horizon and the saprolite horizon:
- Combined ferruginous overburden and limonite horizons: 30 to 35 million WMT of material at a grade of 0.9 to 1.1 percent nickel and 40 to 44 percent iron.
- Underlying saprolite horizon: 20 to 25 million WMT of material at a grade of 1.0 to 1.4 percent nickel and 8 to 10 percent iron.
The reader is cautioned that the potential quantity and grade of the Exploration Target described is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource. Until a feasibility study has been completed there is no certainty that the Company's projections will be economically viable.
The northern nickel laterite mineralization covers approximately 340 hectares and a total of over 130 drill holes have been completed to date within this area. Average thicknesses and grades encountered and a specific gravity of 1.5 grams per cubic centimeter were used to arrive at the above Exploration Target. The Exploration Target does not include significant thicknesses of low-grade, partially lateritized saprolitic rock, grading in the 0.6 to 0.8 percent nickel range, that also has market potential. Nor does it include additional areas of nickel laterite mineralization further south on the Agata Project.
This Exploration Target will form the basis for evaluating several attractive value-added processing options, which include constructing a local blast or electric furnace for nickel pig iron production. In the meantime, Mindoro will continue to fast-track the direct shipping ore scenario with the objective of achieving production in 2008. Uniquely, direct shipping grade nickel laterite deposits have a low-capital cost and offer a rapid route to production and cash-flow.
Programs are carried out under the supervision of Tony Climie, P.Geol., president of Mindoro, who is a qualified person as defined by National Instrument 43-101. Sample preparation and assaying is being performed by McPhar Laboratory of Manila, an ISO 9001/2000 accredited laboratory. Ni, Co, Fe, MgO and Al2O3 assays are performed by AAS after an HCl-HNO3-HClO4 digest, and SiO2 by gravimetric method. Normal Quality Control and Quality Assurance procedures are being carried out, using a system of duplicate, standard and blank samples.gemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
Feb 06, 2008 07:00 ET Mindoro Resources Ltd.: NI 43-101 Mineral Resource Estimate Received
EDMONTON, ALBERTA--(Marketwire - Feb. 6, 2008) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) is pleased to report results for a National Instrument 43-101 compliant mineral resource estimate for that part of its Kay Tanda epithermal gold-silver prospect drilled to date. To date, from 40 to 67 percent of the previously defined Exploration Target, at a cut-off of 0.5 grams per tonne (g/t) gold, has been converted to resources (see "About Kay Tanda" below). Summary results are:
Kay Tanda: Inferred Resource: 10,592,000 tonnes @ 0.70 g/t Au, 1.9 g/t Ag (238,000 contained ounces Au)
Pulang Lupa: Inferred Resource: 1,007,000 tonnes @ 0.73 g/t Au, 15.1 g/t Ag (24,000 contained ounces Au)
Total Inferred Resource: 11,599,000 @ 0.70 g/t Au, 3.0 g/t Ag (262,000 contained ounces Au)
Kay Tanda: Indicated Resource: No indicated resource
Pulang Lupa: Indicated Resource: 3,365,000 tonnes @ 0.88 g/t Au, 8.0 g/t Ag (95,000 contained ounces Au)
Total Indicated Resource: 3,365,000 @ 0.88 g/t Au, 8.0 g/t Ag (95,000 contained ounces Au)
The tonnage and contained ounces figures above have been rounded to the nearest thousand and gold grades to the nearest 2nd decimal.
Many gold mineralized intercepts, including much of the bonanza grade material, were not included in the resource estimate due to wide drill spacing, averaging 50 meter centers, and lack of information on geological controls. Additional drilling is required to understand these geological controls and further upgrade the resource estimate. Mindoro has received an expression of interest from a company with considerable gold mining expertise in the region, to advance and potentially co-develop Kay Tanda, and negotiations are at an advanced stage.
Tony Climie, president of Mindoro, commented, "We are pleased with results to date. While we would like to have hit our Exploration Target ounces at this early stage of evaluation, we are confident that with additional drilling and geological work we will significantly increase the resource at Kay Tanda. In particular, as we gain a better understanding of the high grade zones and bring these into the resource, we have the potential to significantly increase grade. We agree with our consultants that there is excellent potential to unlock at Kay Tanda and on our adjacent ground, both for epithermal gold-silver and porphyry copper-gold deposits. We apologize that our reporting timeline for the Mineral Resource slipped back due to the intense competition for specialized expertise."
The Mineral Resource Report was completed jointly by Dean Fredericksen, Principal Consultant, of Ravensgate Mineral Industry Consultants of Australia, who carried out the Mineral Resource estimate, and Dr. Bruce Rohrlach, geological consultant, also of Australia, who completed the geological and quality control / quality assurance components of the report. The report will be filed on SEDAR and Mindoro's website within 45 days. Mr. Fredericksen and Dr. Rohrlach have reviewed and verified the technical information detailed in this release.
The Mineral Resource estimate has been estimated by Ordinary Kriging inside as series of primary mineralization domains interpreted at greater than 0.15 and greater than 0.25 g/t gold for Pulang Lupa and Kay Tanda respectively. A later mineralization event is evident in the drilling results and is characterized by a strong gold-base metal signature with locally "bonanza" relatively high gold grades. This mineralization has not been included in the Mineral Resource estimate at this stage, given that the geological controls on distribution and continuity of the mineralization are not yet certain. The Mineral Resources have been reported above a cut-off of 0.4 g/t Au for oxide and transitional material and above a cut-off of 0.6 g/t for fresh material. "Top cuts" were applied for Pulang Lupa at 9 g/t gold and for Kay Tanda at 10 g/t gold, and these result in a significant reduction in the mean grade of the composites of approximately 15% and 17% in the Pulang Lupa and Kay Tanda domains respectively.
Dr. Rohrlach concludes:
- The Kay Tanda and Pulang Lupa prospects are interpreted to form part of a substantially larger mineralizing system which to date remains to be fully explored. Mindoro's resource delineation drilling at Kay Tanda and Pulang Lupa has focussed within a relatively small area that is contained within the shallow portions of the southwest quadrant of an otherwise extensive IP chargeability anomaly at Kay Tanda-Pulang Lupa that is approximately 1.6 kilometres wide. This is one of four recognised mineralization centres along the Archangel corridor, and there are several potential avenues for adding substantial ounces of gold-silver to the preliminary resource base at Kay Tanda-Pulang Lupa.
- The present indicated component of the resource is contained entirely within the Pulang Lupa prospect. Additional tonnages of material that are presently classified as an inferred resource at Pulang Lupa as well as the significantly larger Kay Tanda inferred resource could be largely converted to the indicated resource category with relatively modest amounts of additional drilling that would better define grade continuity.
- The majority of the high-grade and locally bonanza grade intersections at depth, which relate to the younger base-metal-rich mineralizing event, are not accounted for in the present resource calculation due to insufficient understanding of their orientation, thus preventing reliable estimation domains to be defined. These deeper, high-grade and locally bonanza-grade quartz-carbonate-base metal vein arrays are an important exploration target in the deeper parts of the Kay Tanda system that have potential to markedly improve any economic outlook of Kay Tanda.
- There is geological reason to believe that the deeper base-metal vein systems trend NNW, near orthogonal to the older and shallower Au-Ag quartz stockworks which have a prominent northeast control. Using carefully targeted diamond drillholes oriented orthogonal to the current drilling, Mindoro is well placed to rapidly test the orientation of these bonanza veins. Once their orientation is confirmed, Mindoro would then be able to more rapidly delineate the zones of bonanza grade and trace them along strike, thus incorporating them into the resource estimate at Kay Tanda and Pulang Lupa. This would have potential to substantially improve the result of any future economic analysis.
- Extensive areas of excellent potential for both porphyry Cu-Au mineralization and additional epithermal mineralization occur within the broader Archangel property and particularly in and around the Kay Tanda mineralizing centre.
- There is good potential for delineation of contiguous extensions of the shallow Kay Tanda quartz-Au-Ag stockwork mineralization to the ENE of Kay Tanda along the zone of argillic alteration (defined by Pima surveys and which coincides with Au anomalism in soils) that trend toward the Marita prospect. This zone passes through the prospective north and south Lumbangan areas where IP anomalies are strong and where Pima data indicates the presence of Fe-oxides at surface and high-temperature illite alteration.
- The area contiguous with and directly North and NNE of Kay Tanda has potential for underlying porphyry mineralization. The presence of intense chlorite-sericite (SCC) alteration and anhydrite veining at depth in diamond holes that lie near the northeast margin of the Kay Tanda prospect, and the location of the center of the 1.6-km-wide IP chargeability anomaly that lies near the northeast margin of the Kay Tanda drill grid suggest that a porphyry target may lay at depth proximal to the northeast margin of the Kay Tanda deposit.
- The Marita and Bootin prospects remain prime porphyry exploration targets.
ABOUT KAY TANDA
Epithermal gold-silver mineralization at Kay Tanda is associated with extensive and intense quartz stockworks, veins and hydrothermal breccias, with accompanying base metal sulphides. Kay Tanda is reflected by an induced polarization chargeability anomaly that is about 1.5 kilometers by 1.4 kilometers in extent, which is part of a much larger chargeability anomaly which extends over six kilometers along strike to the northeast. To date, drilling has been conducted only on the Kay Tanda part of the trend.
Mindoro has completed 147 reverse circulation (RC) and twenty six core drill holes at Kay Tanda. Almost all holes have encountered near-surface, generally flat-lying to gently-dipping blanket-like low-grade stockwork mineralization. This is strongly to partially oxidized to depths of 40 to 160 meters and non-oxide below this. Drilling, especially at deeper levels, has encountered at least five steeply-dipping, much higher-grade zones with bonanza grades to 246 g/t gold and over 1,000 g/t silver, which are interpreted as structurally controlled upflow, or "feeder" zones.
Structural studies are in progress to determine the nature and controls of the high-grade zones, and the latest hole (KTDH-24) has helped considerably in this regard. The high-grade mineralization appears to occur preferentially at elevations below 250 meters (ASL) interpreted to be a paleo-boiling zone. Few holes have penetrated to this depth to date. Such upflow zones can be associated with bonanza mineralization and constitute some of the world's best epithermal gold-silver deposits.
At a cut-off 0.3 grams per tonne (g/t) gold, the immediate Exploration Target is from 35 to 40 million tonnes of open-pitable material at a grade of 0.76 to 0.80 g/t gold and 2.4 to 2.8 g/t silver, containing between 860,000 and 1,000,000 ounces of gold and 2.7 million to 3.6 million ounces of silver. At a cut-off at 0.5 g/t gold, the immediate Exploration Target is from 15 to 20 million tonnes of open-pitable material at a grade of 1.1 to 1.4 g/t gold and 3.0 to 3.4 g/t silver, containing from 530,000 to 900,000 ounces of gold and from 1.45 to 2.2 million ounces of silver.
Kay Tanda is being evaluated for its open-pit, heap leach potential. Initial metallurgical test work has produced excellent results. Kay Tanda is interpreted as intermediate to low sulphidation epithermal quartz-carbonate-gold-silver-base-metal mineralization telescoped into the top of an underlying porphyry copper-gold system.
The reader is cautioned that the potential quantity and grade of the Exploration Target described is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource. Until a feasibility study has been completed there is no certainty that the Company's projections will be economically viable.
Programs are carried out under the supervision of Tony Climie, P.Geol., who is a qualified person as defined by National Instrument 43-101. Sample preparation and assaying is performed by McPhar Laboratory of Manila, an ISO 9001/2000 accredited laboratory. Gold assays were by 50 gm fire assay fusion; where gold assays greater than 3 ppm were by gravimetric finish, and by AAS where the gold values were less than that threshold. Silver was determined by AAS after an HCl-HNO3-HClO4 digest. Normal Quality Control and Quality Assurance procedures are being carried out, using a system of duplicate, standard and blank samples.
Feb 07, 2008 09:00 ET Mindoro Resources Ltd.: Update on Agata Nickel Laterite Project
EDMONTON, ALBERTA--(Marketwire - Feb. 7, 2008) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) is pleased to provide an update on its Agata nickel laterite. On the Agata North project, a Phase 2 drilling program has commenced, a NI 43-101 resource estimate is in preparation, and mine planning and permitting are well advanced. On the Agata South - Delta joint venture project, over 142 drill holes have been completed to date. While initial plans are for Direct Shipping Ore (DSO) operations on both projects, due to the large tonnage potential of Agata and evolution of attractive processing technologies applicable to Philippine ores, enhanced value, local processing alternatives are being actively evaluated. Mindoro has recently received several written expressions of interest to take product from Agata.
AGATA NORTH PROJECT
A total of 134 drill holes have been completed to the end of the Phase 1 drilling program, which finished in August 2007. All assay results have previously been reported. Results were most encouraging and a Phase 2 drill program commenced in December 2007, with two drill rigs. A further two drill rigs have been added to the project. For the Phase 1 program, conventional diamond drilling was used. However, due to the possibility of water washing the lateritic core, thereby reducing the reported grade, Phase 2 is using a dry drilling technique, but drilling is much slower. In the Phase 2 program to date, three holes have been completed and two are ongoing. Eighty-two samples will be submitted this week for assay analysis to the McPhar Philippine laboratory.
Preparation of a National Instrument 43-101 mineral resource estimate report has commenced. This will cover the area drilled to date, which is just a small part of the interpreted nickel laterite mineralization at Agata. This will be the basis for the initial DSO and enable economic evaluations to be released. Drilling will continue to expand and define the Exploration Target (see "About the Agata Nickel Laterite Project" below). The scope of the 43-101 report is far less than for the Kay Tanda gold project, the results of which were released on February 6, 2008, and the Agata report is expected to be completed by early Q2 of this year. The report will be followed immediately by scoping and feasibility studies.
Mindoro is continuing to fast-track the DSO scenario with the objective of achieving production in 2008. The bench level plans are in preparation for the detailed mine planning design and grade control blending purposes. Construction of the on-site accommodation for mine construction crews is commencing. Mining fleet equipment inspection has been carried out, and tender specifications are being prepared for mine, haul road and causeway construction. Permitting for all phases of the operation is well-advanced.
AGATA SOUTH PROJECT - DELTA JOINT VENTURE
On August 23, 2007, the Company announced it had reached agreement with Delta Earthmoving Inc., an experienced nickel laterite mining contractor, to explore, and advance to production if warranted, the Agata South nickel laterite project. The agreement does not cover Agata North. To date, a total of 147 drill holes have been completed on Agata South. Assays have not yet been reported.
Mine planning for an initial DSO operation, to commence in conjunction with Agata North, is advancing. This gives the Company the opportunity to advance another nickel laterite prospect to production at no risk and cost, and the potential to share in additional significant cash flow.
The reader is cautioned that the nickel laterite mineralization at both the Agata North and South projects are currently exploration targets only. The company has not yet established mineral resources or mineral reserves that would support a commercial mining operation. There is no guarantee that future exploration will result in the discovery of mineral resources or that these resources, if delineated, will be economic or sufficient to support a commercial mining operation. Until a feasibility study has been completed there is no certainty that the company's projections will be economically viable.
ENHANCED VALUE PROCESSING ALTERNATIVES
Mineralization grades and thicknesses encountered to date meet Company expectations and are in line with requirements for DSO ferro-nickel feedstock; demand for which remains strong, especially for material grading in excess of 1.2 percent nickel, which Mindoro anticipates will comprise the bulk of its material. Philippine nickel laterite ores generally have lower moisture, sulfur and phosphorous content than its competitors in New Caledonia and Indonesia. In particular, Agata has strong competitive advantages, with good grades, just two to three kilometers from tide water, with corresponding low haul distance and costs, and only two days shipping from China. Uniquely, DSO nickel laterite operations have a low-capital cost and offer a rapid route to production and cash-flow.
However, it is management's strong conviction that the real future for the Agata Project is for enhanced value, local processing. Mindoro management believes that it has excellent potential to outline sufficient resources to support this concept. Several attractive alternatives are emerging, which include:, at the low technology end of the spectrum, constructing a blast or electric furnace for nickel pig iron production (low grade ferro-nickel product which is increasingly entrenching itself as a substitute for refined nickel in stainless steel production), atmospheric leaching for which pilot testing on another Philippine laterite has produced promising results, and a new generation of High Pressure Acid Leach (HPAL) plants. The new generation HPAL plants are being used by Sumitomo on its Philippine Coral Bay operation. This HPAL technology has much lower capital costs and is far more efficient than HPAL operations previously attempted in Australia. Sumitomo recently announced a doubling of capacity at Coral Bay, and plans to construct a new HPAL plant in the Surigao District.
We see abundant evidence that we are at the beginning of a trend for local/on-site processing of Philippine laterite ores and the growth of a large high-value industry in the Philippines.
ABOUT THE AGATA NICKEL LATERITE PROJECT
The nickel laterite prospect is situated on the Agata Project, Surigao Gold District, northern Mindanao, Philippines. There are several nickel laterite mines already in production in the Surigao District, providing DSO to markets and processing plants in China, Japan, Korea and Australia. The geological extension of the Agata nickel laterite mineralization into an adjacent property, two kilometers south of Agata, is in production and product is being shipped to markets in China (see website for map accompanying this release).
As reported on March 13, 2007, the current objective on the Agata North project is to define a NI 43-101 compliant resource adequate, initially, for three to five years of production at a rate of 500,000 to 700,000 wet metric tonnes per annum of direct shipping-grade material for the ferro-nickel markets of China, India and Korea. Mindoro has a target production date of the first half of 2008, and would ramp up production to one million tonnes or more per year thereafter depending on market demand. The initial drill program covers less than 15 percent of the area of nickel laterite mineralization mapped to date at Agata. On June 20, 2007, Mindoro released a revised global Exploration Target for the Agata North project is as follows:
Combined ferruginous overburden, limonite and saprolite horizons: 50 to 60 million wet metric tonnes (WMT) at a grade of 0.9 to 1.1 percent nickel and 28 to 32 percent iron. This includes the following division of tonnage between the overburden/limonite horizon and the saprolite horizon:
- Combined ferruginous overburden and limonite horizons: 30 to 35 million WMT of material at a grade of 0.9 to 1.1 percent nickel and 40 to 44 percent iron.
- Underlying saprolite horizon: 20 to 25 million WMT of material at a grade of 1.0 to 1.4 percent nickel and 8 to 10 percent iron.
The reader is cautioned that the potential quantity and grade of the Exploration Target described is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource. Until a feasibility study has been completed there is no certainty that the Company's projections will be economically viable.
The northern nickel laterite mineralization covers approximately 340 hectares. As shown on the accompanying map, a total of 137 drill holes have been completed to date within this area. Average thicknesses and grades encountered and a specific gravity of 1.20 and 1.50 grams per cubic centimeter were used for the limonite and saprolite ore respectively to arrive at the above Exploration Target. The Exploration Target does not include significant thicknesses of low-grade, partially lateritized saprolitic rock, grading in the 0.6 to 0.8 percent nickel range, that also has market potential. Nor does it include additional areas of nickel laterite mineralization further south on the Agata Project.
This Exploration Target will form the basis for evaluating several attractive value-added processing options, as noted above. In the meantime, Mindoro will continue to fast-track the DSO scenario with the objective of achieving production in 2008.
Programs are carried out under the supervision of Tony Climie, P.Geol. president of Mindoro, who is a qualified person as defined by National Instrument 43-101. Sample preparation and assaying is being performed by McPhar Laboratory of Manila, an ISO 9001/2000 accredited laboratory. Ni, Co, Fe, MgO and Al2O3 assays are performed by AAS after an HCl-HNO3-HClO4 digest, and SiO2 by gravimetric method. Normal Quality Control and Quality Assurance procedures are being carried out, using a system of duplicate, standard and blank samples.
ABOUT MINDORO
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). In addition to advancing the Agata nickel laterite project towards production, Mindoro has announced an initial 43-101 complaint gold-silver Mineral Resource estimate on its Kay Tanda gold-silver project, and is proceeding to advance this project. The Company has also identified 22 porphyry copper-gold prospects in the Philippines and has an aggressive strategy of drilling multiple targets in 2008.
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 of estimates and projections relating to production). 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 TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Feb 26, 2008 09:00 ET Mindoro Resources Ltd.: Expanded Nickel Laterite Resource Potential Enhances Foundation for Value-Added, Local Processing
EDMONTON, ALBERTA--(Marketwire - Feb. 26, 2008) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) is pleased to advise that reconnaissance geological mapping of its Surigao District tenements, north of its Agata project, has greatly expanded their global nickel laterite resource potential. Mapping at Agata had previously outlined an area of potential nickel laterite mineralization covering approximately 600 hectares in the Agata North and Agata South project areas where resource delineation drilling programs are ongoing. Results of the regional mapping program indicate potential for a further 1,650 hectares of nickel laterite mineralization on the adjacent Tapian Main, Tapian SF and Mat-I tenements. This further reinforces Mindoro's plans to evaluate the feasibility of establishing a local processing plant to maximize economic returns to all stakeholders.
SURIGAO NICKEL LATERITE DISTRICT
The Surigao District in north-east Mindanao, Philippines, is not only a current and historical gold producing district but, with the recent discovery of a cluster of porphyry copper gold deposits, it also has high potential to become a major copper-gold camp. Mindoro has multiple gold and copper-gold targets in the District at varying stages of drill evaluation.
The Surigao Region is now emerging as a major nickel producing district, and there are at least eight nickel laterite deposits either in production or being developed. These include the SR Metals Mine, immediately adjacent to Mindoro's Agata nickel laterite project. At Agata, significant drill results have previously been reported by Mindoro (see releases on Mindoro website).
Much of the Surigao District nickel laterite production has been as direct shipping ore (DSO) to processing plants in Japan, Australia and China. However, a new generation of High Pressure Acid Leach (HPAL) plants, currently being used with great success by Sumitomo on its Philippine Coral Bay operation, shows considerable promise for the local processing of Surigao ores. In fact, Sumitomo recently announced plans to proceed with permitting to construct an HPAL plant in the Surigao District. This HPAL technology has a proven track record, in contrast to HPAL operations previously attempted in Australia. Construction of local processing plants, rather than simply shipping out raw product, would greatly increase the returns to all stakeholders; including Mindoro, its Philippine partner, the local people, local government units, and to the Philippines itself. Mindoro considers a tonnage threshold of 50 million WMT (wet metric tonnes) to be of potential interest for this scenario.
As noted in a February 7, 2008 news release, there is abundant evidence of the beginning of a trend for local/on-site processing of Philippine laterite ores and the growth of a large high-value industry in the Philippines. We expect that the prolifically nickel laterite-mineralized Surigao District will be an important part of this evolution.
RESULTS OF REGIONAL EVALUATION OF MINDORO TENEMENTS
Reconnaissance geological mapping was recently carried out over Mindoro's Surigao tenements with the objective of defining areas of potential nickel laterite mineralization. These tenements are on the continuation of the geological trend north from the nickel laterite mineralization in the SR Metals tenement, and from the Agata project where resource delineation drilling programs are in progress in two areas. Results from Agata have been reported in a number of news releases in the past two years (see Mindoro website). At Agata North alone (see accompanying map), an Exploration Target of 50 to 60 million wet metric tonnes (WMT) (see news release dated June 20, 2007) in a grade range of 0.9 percent to 1.1 percent nickel and from 28 to 32 percent iron has been defined. As a result of drill results to date, and production grades achieved from the immediately adjacent SR Metals Mine, the upper grade range is herein increased to 1.5 percent nickel (from 1.1 percent nickel) and 46 percent iron (from 32 percent iron).
Nickel laterite in the Surigao District is manifested by the development of thick, purple-coloured clayey soils over favorable ultra-mafic rocks. Geological mapping by Mindoro has outlined lateritic soils on ultra-mafic rocks over extensive areas on these projects, as shown in the accompanying map. Areas of lateritic soils were defined on the Tapian Main (approximately 1,304 hectares), Tapian SF (163 hectares) and Mat-I (220 hectares) projects, aggregating more than 1,650 hectares. This compares with a total of 600 hectares of laterite outlined on the Agata project.
Based on the mapping alone, there is no guarantee that nickel grades and thickness will be of commercial interest. Accordingly, a program of reconnaissance auger drilling is commencing in the near future to give a preliminary indication of nickel content and laterite thickness. This will be followed by detailed NI 43-101 compliant resource delineation drilling programs, as is ongoing at Agata.
At Agata, Mindoro is continuing to fast-track the DSO scenario with the objective of achieving production in 2008. A detailed update on both the Agata North and Agata South projects will be provided shortly.
ABOUT THE AGATA NICKEL LATERITE PROJECT
The nickel laterite prospect is situated on the Agata project, Surigao Gold District, northern Mindanao, Philippines. There are eight nickel laterite mines already in production, or advancing to production in the Surigao District, providing DSO to markets and processing plants in China, Japan, Korea and Australia. The geological extension of the Agata nickel laterite mineralization into an adjacent property, two kilometers south of Agata, is in production and product is being shipped to markets in China (see website for map).
As reported on March 13, 2007, the current objective on the Agata North project is to define a NI 43-101 compliant resource adequate, initially, for three to five years of production at a rate of 500,000 to 700,000 wet metric tonnes per annum of direct shipping-grade material for the ferro-nickel markets of China, India and Korea. Mindoro has a target production date of the first half of 2008, and would ramp up production to one million tonnes or more per year thereafter depending on market demand. The initial drill program covers less than 15 percent of the area of nickel laterite mineralization mapped to date at Agata. On June 20, 2007, Mindoro released a revised global Exploration Target for Agata North as follows:
- Combined ferruginous overburden, limonite and saprolite horizons: 50 to 60 million wet metric tonnes (WMT) at a grade of 0.9 to 1.5(i) percent nickel and 28 to 46(i) percent iron.
(i) herein revised upwards from 1.1 percent nickel and 32 percent iron
The reader is cautioned that the nickel laterite mineralization at the Agata North and South projects are currently exploration targets only. The potential quantity and grade of the exploration target described above is conceptual in nature. There has been insufficient exploration to define mineral resources and it is uncertain if further exploration will result in the targets being delineated as mineral resources or that these resources, if delineated, will be economic or sufficient to support a commercial mining operation. Until a feasibility study has been completed there is no certainty that the company's projections will be economically viable.
This Exploration Target will form the basis for evaluating several attractive value-added local processing options, as noted above. In the meantime, Mindoro will continue to fast-track the DSO scenario with the objective of achieving production in 2008.
The Agata North nickel laterite mineralization covers approximately 340 hectares. A total of 143 drill holes have been completed to date within this area. Average thicknesses and grades encountered and a specific gravity of 1.20 and 1.50 grams per cubic centimeter were used for the limonite and saprolite ore respectively to arrive at the above Exploration Target. The Exploration Target does not include significant thicknesses of low-grade, partially lateritized saprolitic rock, grading in the 0.6 to 0.8 percent nickel range, that also has market potential. Nor does it include additional areas of nickel laterite mineralization on the Agata South project, where Mindoro is in a joint venture with a Philippine mining contractor (Delta Earthmoving).
Mineralization grades and thicknesses encountered to date meet and exceed company expectations and are in line with requirements for DSO ferro-nickel feedstock, demand for which remains strong, especially for material grading in excess of 1.2 percent nickel, which Mindoro anticipates will comprise the bulk of its material. Philippine nickel laterite ores generally have lower moisture, sulfur and phosphorous content than its competitors in New Caledonia and Indonesia.
In particular, Agata has strong competitive advantages, with good grades, just two to three kilometers from tide water, with corresponding low haul distance and costs, and only two days shipping from China. Uniquely, DSO nickel laterite operations have a low-capital cost and offer a rapid route to production and cash-flow.
However, it is management's strong conviction that the real future for the Agata project is for enhanced value, local processing. Mindoro management believes that it has excellent potential to outline sufficient resources to support this concept. Several attractive alternatives are emerging, which include: at the low technology end of the spectrum, constructing a blast or electric furnace for nickel pig iron production (low grade ferro-nickel product which is increasingly entrenching itself as a substitute for refined nickel in stainless steel production), atmospheric leaching for which pilot testing on another Philippine laterite has produced promising results, and a new generation of High Pressure Acid Leach (HPAL) plants. The new generation HPAL plants are being used by Sumitomo on its Philippine Coral Bay operation. This HPAL technology has much lower capital costs and is far more efficient than HPAL operations previously attempted in Australia. Sumitomo recently announced a doubling of capacity at Coral Bay, and plans to construct a new HPAL plant in the Surigao District.
Programs are carried out under the supervision of Tony Climie, P.Geol. president of Mindoro, who is a qualified person as defined by National Instrument 43-101. Sample preparation and assaying is being performed by McPhar Laboratory of Manila, an ISO 9001/2000 accredited laboratory. Ni, Co, Fe, MgO and Al2O3 assays are performed by AAS after an HCl-HNO3-HClO4 digest, and SiO2 by gravimetric method. Normal Quality Control and Quality Assurance procedures are being carried out, using a system of duplicate, standard and blank samples.
ABOUT MINDORO
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). In addition to advancing the Agata nickel laterite project towards production, Mindoro has announced an initial 43-101 compliant gold-silver mineral resource estimate on its Kay Tanda gold-silver project, and is proceeding to advance this project. The company has also identified 22 porphyry copper-gold prospects in the Philippines and has an aggressive strategy of drilling multiple targets in 2008.
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 of estimates and projections relating to production). 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 TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Mar 25, 2008 09:00 ETMindoro Resources Ltd.: Update on Mindoro's Nickel Laterite Projects
EDMONTON, ALBERTA--(Marketwire - March 25, 2008) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT: WKN 906167) is pleased to provide an update on its nickel laterite projects. On the Agata North project, a Phase 2 drilling program is underway and 17 drill holes have been completed. The NI 43-101 resource report is nearing completion, and mine planning and permitting are well advanced. The annual production target for the Direct Shipping Ore (DSO) scenario has been revised upwards to one million wet metric tonnes per year. On the Agata South - Delta joint venture project, 186 drill holes have been completed to date. While initial plans are for DSO operations on both projects, due to the large tonnage potential of Mindoro's tenements, and evolution of attractive processing technologies applicable to Philippine ores, the company is actively evaluating enhanced-value, on-site processing alternatives. To this end, mini-bulk samples have been collected for pilot high-pressure acid-leach (HPAL) testing.
AGATA NORTH PROJECT
The independent engineering consultant's resource estimate for the initial starter DSO resource has been received and preparation of the National Instrument 43-101 report is nearing completion. Scoping studies have commenced. The 43-101 report will cover the area drilled to date in the Phase 1 drill program (134 drill holes), constituting about 15 percent of the interpreted nickel laterite mineralization at Agata North. This will be the resource basis for the initial DSO operation and will enable the related economic evaluation to be released. To establish the "global" resource for Agata North, a Phase 2 drill program is in progress and 17 drill holes have been completed to date. Assay results will be reported on a per-cross-section basis as received.
Mindoro is continuing to fast-track the DSO scenario for Agata North with the objective of achieving production in 2008, subject to receipt of all relevant permits. The bench level plans are in preparation for the detailed mine planning design and grade control blending purposes. Construction of the on-site accommodation for mine construction crews is now 60 percent complete. Mining fleet equipment inspection has been carried out, tender specifications have been competed, and bids will be called once relevant permits have been received. Permitting work is well advanced, and one of the key permits, the Environmental Compliance Certificate (ECC) has passed through initial approval stages and is now waiting final approval from the Secretary of the Department of Environment and Natural Resources (DENR).
As reported on March 13, 2007, the current objective on the Agata North project is to define a NI 43-101 compliant resource, initially adequate for three to five years of production at a rate of 500,000 to 700,000 wet metric tonnes (WMT) per annum of DSO material for the ferro-nickel markets of China, India and Korea. On the basis of strong buyer interest in the Agata material and ongoing results, this production target is herein revised to one million WMT per year.
The reader is cautioned that the nickel laterite mineralization at both the Agata North and South projects are currently exploration targets only. The company has not yet established mineral resources or mineral reserves that would support a commercial mining operation. There is no guarantee that future exploration will result in the discovery of mineral resources or that these resources, if delineated, will be economic or sufficient to support a commercial mining operation. Until a feasibility study has been completed there is no certainty that the company's projections will be economically viable.
AGATA SOUTH PROJECT - DELTA JOINT VENTURE
On August 23, 2007, Mindoro announced it had reached agreement with Delta Earthmoving Inc., an experienced nickel laterite mining contractor, to explore, and advance to production if warranted, the Agata South nickel laterite project. The agreement does not cover Agata North. A total of 186 drill holes and 2,248 meters have been drilled, covering 50 hectares, near the southern boundary. Assays have not yet been reported by Delta. Drilling is now transferring one to two kilometres north, within the Agata South area.
Mine planning for an initial DSO operation, to commence in conjunction with the Agata North Project is advancing. This gives Mindoro the opportunity to advance another nickel laterite prospect to production at no risk or cost and the potential to share in additional significant cash flow.
EXPANDED GLOBAL RESOURCE EVALUATION ON SURIGAO TENEMENTS
On February 26, 2008, Mindoro advised that reconnaissance geological mapping of its Surigao District tenements, north of its Agata Project, had greatly expanded their "global" nickel laterite resource potential. Mapping at Agata had previously outlined an area of potential nickel laterite mineralization covering approximately 600 hectares in the Agata North and Agata South Project areas, where resource delineation drilling programs are ongoing. Results of the regional mapping program indicate the potential for a further 1,650 hectares of nickel laterite mineralization on the adjacent Tapian Main, Tapian SF and Mat-I tenements, further reinforcing Mindoro's plans to evaluate the feasibility of establishing a local processing plant to maximize economic returns to all stakeholders (see map accompanying February 26, 2008, news release).
To rapidly assess the potential of this large area, a hand-auger reconnaissance sampling system has been developed to define laterite containing significant nickel values. Holes will be on wide-spacing, at 200 to 400 meter centers, and to relatively shallow depths of several meters (mostly within the upper limonite horizon). If significant nickel values are encountered, detailed resource drilling will follow using mechanical drill rigs. A suitable auger system has been developed and work has commenced. To date eleven holes have been competed.
ENHANCED VALUE, ON-SITE PROCESSING ALTERNATIVES - PILOT SAMPLE COLLECTION
Mindoro is actively evaluating enhanced-value, local processing alternatives for the Agata Project and its other Surigao tenements (see section in "About the Agata Nickel Laterite Project" below). One of these promising technologies is for a new generation of High Pressure Acid Leach (HPAL) plants. The new generation HPAL plants are being used by Sumitomo on its Philippine Coral Bay operation, where it recently announced a doubling of capacity at Coral Bay, as well as plans to construct a new HPAL plant in the Surigao District.
A 125 kilogram mini-bulk sample of limonite material (low nickel and high iron) grading 1.0-1.2% nickel and greater then 40% iron, and a 20 kilogram sample of saprolite material (high nickel and low iron) grading 1.50% nickel and under 20% iron have been collected for pilot high-pressure acid-leach (HPAL) testing. The samples will be sent to the pilot plant laboratory early next week.
ABOUT THE AGATA NICKEL LATERITE PROJECT
Direct Shipping Ore (DSO) Scenario
The Agata nickel laterite prospect is situated on the Agata Project, Surigao Gold District, northern Mindanao, Philippines. There are several nickel laterite mines already in production in the Surigao District, providing DSO to markets and processing plants in China, Japan, Korea and Australia. The geological extension of the Agata nickel laterite mineralization into an adjacent property, two kilometers south of Agata, is in production and product is being shipped to markets in China (see map accompanying the February 7, 2008, news release).
Mineralization grades and thicknesses encountered to date meet and exceed Mindoro's initial expectations and are in line with requirements for DSO ferro-nickel feedstock; demand for which remains strong, especially for material grading in excess of 1.2 percent nickel, which Mindoro anticipates will comprise the bulk of its material. Philippine nickel laterite ores generally have lower moisture, sulfur and phosphorous content than its competitors in New Caledonia and Indonesia. In particular, Agata has strong competitive advantages, with good grades, just two to three kilometers from tide water, with corresponding low haul distance and costs, and only two days shipping from China. Uniquely, DSO nickel laterite operations have a low-capital cost and offer a rapid route to production and cash-flow.
The current objective on the Agata North project is to define a NI 43-101 compliant resource adequate, initially, for three to five years of production at a rate of one million WMT per annum of direct shipping-grade material for the ferro-nickel markets of China, India and Korea. Mindoro has a target production date of the first half of 2008, subject to receiving all necessary permits.
Enhanced Value, On-Site Processing Alternatives
It is management's strong conviction that the real future for the Agata Project, and Mindoro's other Surigao tenements, is for the establishment of an enhanced value, on-site processing plant, and that there is excellent potential to outline sufficient resources to support this concept. Several attractive processing alternatives are emerging, which include: at the low technology end of the spectrum, constructing a blast or electric furnace for nickel pig iron production (low grade ferro-nickel product which is increasingly entrenching itself as a substitute for refined nickel in stainless steel production); heap leaching for which pilot testing on another Philippine laterite has produced promising results; and a new generation of High Pressure Acid Leach (HPAL) plants. The new generation HPAL plants are being used by Sumitomo on its Philippine Coral Bay operation. This HPAL technology has much lower capital costs and is far more efficient than HPAL operations previously attempted in Australia. Sumitomo recently announced a doubling of capacity at Coral Bay, and plans to construct a new HPAL plant in the Surigao District.
Mindoro sees abundant evidence that the Philippines is at the beginning of a trend for local/on-site processing of Philippine laterite ores and the growth of a large high-value industry in the Philippines.
To justify construction of an on-site processing plant, an adequate tonnage of material needs to be defined. Mindoro considers a threshold tonnage in the order of 50 million tonnes to be of potential interest. The Agata North nickel laterite mineralization covers approximately 340 hectares. A total of 151 drill holes have been completed to date within this area. The initial drill program covers less than 15 percent of the area of nickel laterite mineralization mapped to date at Agata North. On February 26, 2008, Mindoro released a revised global Exploration Target for Agata North as follows:
- Combined ferruginous overburden, limonite and saprolite horizons: 50 to 60 million wet metric tonnes (WMT) at a grade of 0.9 to 1.5 percent nickel and 28 to 32 percent iron.
The reader is cautioned that the potential quantity and grade of the Exploration Target described is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource. Until a feasibility study has been completed there is no certainty that the Company's projections will be economically viable.
This Exploration Target will form the basis for evaluating several attractive value-added local processing options, as noted above. Average thicknesses and grades encountered and a specific gravity of 1.20 and 1.50 grams per cubic centimeter were used for the limonite and saprolite ore respectively to arrive at the above Exploration Target. The Exploration Target does not include significant thicknesses of low-grade, partially lateritized saprolitic rock, grading in the 0.6 to 0.8 percent nickel range, that also has market potential. Nor does it include additional areas of nickel laterite mineralization on the Agata South Project, where Mindoro is in a joint venture with a Philippine mining contractor (Delta Earthmoving), nor does it include potential nickel laterite mineralization on other Mindoro tenements in the Surigao District.
Programs are carried out under the supervision of Tony Climie, P.Geol. president of Mindoro, who is a qualified person as defined by National Instrument 43-101. Sample preparation and assaying is being performed by McPhar Laboratory of Manila, an ISO 9001/2000 accredited laboratory. Ni, Co, Fe, MgO and Al2O3 assays are performed by AAS after an HCl-HNO3-HClO4 digest, and SiO2 by gravimetric method. Normal Quality Control and Quality Assurance procedures are being carried out, using a system of duplicate, standard and blank samples
Mar 26, 2008 14:00 ET Mindoro Management and Board Changes
EDMONTON, ALBERTA--(Marketwire - March 26, 2008) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:OLM) is pleased to announce the following additions to the management team of its Philippine operating subsidiary, MRL Gold Phils. Inc.
Alan Buenavista has been appointed to the position of Exploration Manager. Alan is a well known and accomplished geologist with 25 years of mineral exploration experience in the Philippines. He is a graduate of Adamson University with a BSc degree in Geology, and started his career as a geologist in the Mines and Geo-Science Bureau where he worked from 1982 to 1986, mainly assigned to UNDP sponsored training programs. Alan then worked with Western Mining Corporation (WMC) of Australia from 1987 to 1997, rising to the position of Senior Project Geologist. While with WMC, he played an important role in the discovery of the world class Tampakan copper-gold deposit in Southern Mindanao, and was involved with its drill evaluation. From 1998 to 2006, he was Exploration Manager for Indophil Resources Phils Inc. and was part of the team that further advanced Tampakan, taking it through the feasibility stage. Xstrata Copper subsequently acquired a 62.5 percent interest in Tampakan, which is the largest development project in their portfolio. Alan will be tasked with leading MRL's exploration team in evaluating and unlocking the value of Mindoro's target-rich portfolio of copper-gold projects, as well as guiding delineation of its nickel laterite resources.
Dr. F.S. Mon Monteros has been appointed to the position of Vice President, Social and Environmental Management. His appointment reflects Mindoro's strong and demonstrated commitment to conducting its exploration and development programs in a socially and environmentally responsible manner. Dr. Monteros formerly held a senior position with the Department of Environment and Natural Resources (DENR) in the Philippines, where he was involved with information, communication, education and community development programs in partnership with mining companies. Dr. Monteros has held university teaching positions, and is an accredited consultant of the Partnership Brokers' Accreditation Scheme (PBAS) under the aegis of the Overseas Development Institute (ODI) and the International Business Leaders' Forum (IBLF). He completed his PBAS residential at Deakin University of Victoria, Australia. He was also a fellow of the Partnering Event at Cambridge University, UK. In 2004 and 2005, he was part of a DENR-World Bank project developing multi-sectoral partnerships in mining communities. He has written various papers and books on the subject of community monitoring and involvement in mining projects, and has played a leading role in this field in the Philippines.
Mindoro also advises that Marshall L. Farris has resigned as Director of Mindoro. Mr. Farris played an integral role in assisting the company with its financing and marketing activities over the past four years. The Board of Directors sincerely thanks Mr. Farris for his valuable contributions to Mindoro and extends their best wishes for his success in his future endeavors.
Apr 02, 2008 09:00 ET Mindoro Signs Benefits Sharing Agreement With Indigenous Community
EDMONTON, ALBERTA--(Marketwire - April 2, 2008) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN906167) is pleased to announce that its Philippine operating subsidiary, MRL Gold Phils. Inc., has signed a Memorandum of Agreement (MOA) with the Mamanwa and Manobo Tribes and the National Commission on Indigenous Peoples (NCIP). The MOA is a result of the continuing consultation process by the company with the stakeholders within the company's Agata Project area, Northern Mindanao, the Philippines.
The MOA will allow the people of the Mamanwa and Manobo Tribes to participate in the company's future success by granting a royalty of one percent of the gross output of any mining project. In addition to the royalty payments, Mindoro has committed to provide skills training, employment opportunities, educational scholarships, and medical and dental services. The MOA also ensures the preservation and development of the community's culture, traditions and institutions, and the protection of burial grounds and sacred places.
Mindoro will sponsor economic development training for tribal leaders and elders who, along with representatives of the NCIP, will comprise a committee for the formulation of a community development plan. The goal is to ensure that the financial resources flowing back to the community from the company's mining project will be properly utilized for the benefit of the whole community and will foster economic sustainability.
Upon signing of the MOA, Mindoro's president, Tony Climie, commented: "We have been committed to socially and environmentally responsible exploration practices in the Philippines since 1997, designed to identify and develop economic mineral deposits that will provide lasting benefits to all stakeholders; including our shareholders, our employees and the local communities in which we work. As part of our commitment to this philosophy, we welcome the Mamanwa and Manobo Tribes as partners in the Agata nickel project."
Mindoro's Agata Project hosts significant areas of nickel laterite mineralization. Mindoro is initially advancing the project as a direct shipping ore operation, due to the low capital investment required and the opportunity for near-term cash flow. However, the company believes adquate nickel laterite tonnage exists to justify a local processing plant and management is actively evaluating various processing technologies as part of its long-term plan for Agata.
Apr 11, 2008 09:00 ET Mindoro Completes Purchase of Surigao Interest
EDMONTON, ALBERTA--(Marketwire - April 11, 2008) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) today announced it has paid $500,000 and issued 500,000 Mindoro common shares to Panoro Minerals Ltd. pursuant to the company's purchase of Panoro's 40% interest in a package of properties in the Surigao Gold District of Northern Mindanao, the Philippines.
This payment is in addition to $750,000 cash paid to Panoro plus 500,000 Mindoro common shares previously issued on April 10, 2007. Under the terms of the Purchase and Sale Agreement, in the event that the nickel laterite prospect located on the Agata project should proceed to production and upon shipment of an aggregate one million tonnes of nickel laterite, Mindoro will pay Panoro $500,000 cash plus an additional $500,000 cash payment on the first anniversary of the shipment.
ABOUT THE AGATA NORTH PROJECT
Mindoro is continuing to fast-track the direct shipping ore (DSO) scenario for Agata North with the objective of achieving production in 2008, subject to receipt of all relevant permits. Permitting work is well advanced, and one of the key permits, the Environmental Compliance Certificate (ECC), has passed through initial approval stages and is now waiting final approval from the Secretary of the Department of Environment and Natural Resources (DENR).
As reported on March 25, 2008, the current objective on the Agata North project is to define a NI 43-101 compliant resource, initially adequate for three to five years of production at a rate of one million wet metric tonnes (WMT) per annum of DSO material for the ferro-nickel markets of China, India and Korea.
The reader is cautioned that the nickel laterite mineralization at both the Agata North and South projects are currently exploration targets only. The company has not yet established mineral resources or mineral reserves that would support a commercial mining operation. There is no guarantee that future exploration will result in the discovery of mineral resources or that these resources, if delineated, will be economic or sufficient to support a commercial mining operation. Until a feasibility study has been completed there is no certainty that the company's projections will be economically viable.
ABOUT THE AGATA SOUTH PROJECT
On August 23, 2007, Mindoro announced it had reached agreement with Delta Earthmoving Inc., an experienced nickel laterite mining contractor, to explore, and advance to production if warranted, the Agata South nickel laterite project. The agreement does not cover Agata North. Mine planning is advancing for an initial DSO operation, to commence in conjunction with the Agata North Project. This gives Mindoro the opportunity to advance another nickel laterite prospect to production at no risk or cost and the potential to share in additional significant cash flow.
ENHANCED VALUE, ON-SITE PROCESSING ALTERNATIVES - PILOT SAMPLE COLLECTION
It is Mindoro's strong conviction that, given the large tonnage potential of the Mindoro Surigao tenement, the real future for the company's nickel laterite prospects is for the establishment of an enhanced value, on-site processing plant; therefore, Mindoro is actively evaluating various processing alternatives. One of these promising technologies is for a new generation of High Pressure Acid Leach (HPAL) plants. The new generation HPAL plants are being used by Sumitomo on its Philippine Coral Bay operation, where it recently announced a doubling of capacity at Coral Bay, as well as plans to construct a new HPAL plant in the Surigao District.
A 125-kilogram mini-bulk sample of limonite material (lower nickel and high iron) grading 1.0-1.2% nickel and greater than 40% iron, and a 20 kilogram sample of saprolite material (higher nickel and lower iron) grading 1.50% nickel and under 20% iron have been collected and sent to a pilot high-pressure acid-leach (HPAL) testing laboratory.
Programs are carried out under the supervision of Tony Climie, P.Geol. President of Mindoro, who is a qualified person as defined by National Instrument 43-101. Sample preparation and assaying is being performed by McPhar Laboratory of Manila, an ISO 9001/2000 accredited laboratory. Ni, Co, Fe, MgO and Al2O3 assays are performed by AAS after an HCl-HNO3-HClO4 digest, and SiO2 by gravimetric method. Normal Quality Control and Quality Assurance procedures are being carried out, using a system of duplicate, standard and blank samples.
ABOUT MINDORO
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). In addition to advancing the Agata nickel laterite project towards production, Mindoro has announced an initial 43-101 compliant gold-silver mineral resource estimate on its Kay Tanda gold-silver project, and is proceeding to advance this project. The company has also identified 22 porphyry copper-gold prospects in the Philippines and has an aggressive strategy of drilling multiple targets in 2008.
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 of estimates and projections relating to production). 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 TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
ARTISANAL MINERS EXPOSE HIGH-GRADE, PORPHYRY-RELATED COPPER MINERALIZATION AT MINDORO'S AMERICAN TUNNELS PROSPECT
Five areas of high-grade copper mineralization have been discovered recently by artisanal miners at the American Tunnels porphyry copper-gold prospect on Mindoro Resources Ltd.'s Agata project. These are being actively mined from six shafts and tunnels. The high-grade copper mineralization occurs in intrusive dikes and sills that exhibit porphyry and skarn-related alteration and occur in proximity to strong and untested IP chargeability anomalies. Given the strength of copper mineralization observed and extent and nature of alteration, the intrusive-related copper mineralization is taken as strong evidence of a significant porphyry copper-gold source nearby, probably related to the adjacent IP anomalies. Detailed evaluations are in progress.
Artisanal miners have been mining epithermal gold in the American Tunnels area for several decades (to see accompanying map please visit Mindoro's website). The phenomenon of the artisanal miners now mining high-grade copper ore is the result of both the discovery of the high-grade copper mineralization and high copper prices, which can support this small-scale mining and transportation of raw ore to China for processing.
Mindoro, working with the Philippine Mines and Geosciences Bureau, encourages local miners to profit from legitimate small-scale mining of shallow ores, providing that this is done in an environmentally and socially acceptable manner. The company is working in several areas to assist in the formation of small-scale mining co-operatives to assist this process. Mindoro sees this as a mutually beneficial operation; with the artisanal miners earning a living and at the same time providing useful information on the potential for large-scale associated deposits at depth. The relatively small loss of ore at these shallow levels is not considered a detriment to potential large-scale mining operations by Mindoro.
There are now six tunnels/shafts in operation over an area of 150 metres by 50 m. A further 11 workings are being actively mined for epithermal gold (an overprinting shallower event). The copper ore is being mined by manual methods; ore grading 5 per cent to 15 per cent copper is loaded into 40-kilogram sacks and sold to local buyers to be sent to China for processing. Mindoro sampled one of the more easily accessible shafts, obtaining the following results from channel samples:
1.1 m vertical channel sample across exposed part of dike at 7.91 per cent copper, 0.23 gram per tonne (g/t) gold and 35.70 g/t silver;
1.0 m horizontal channel sample across floor of shaft at 4.89 per cent copper, 0.15 g/t gold and 16.80 g/t silver;
1.9 m vertical channel sample across exposed part of dike at 7.37 per cent copper, 0.13 g/t gold and 27.80 g/t silver;
1.05 m vertical channel sample across exposed part of dike at 2.02 per cent copper, 0.07 g/t gold and 7.70 g/t silver.
Mapping by Mindoro and petrology work by an independent petrologist indicate mineralization is associated with multiphase syenite, quartz monzonite, monzodiorite and diorite intrusives. These occur as dikes, sills and small stocks of intruding ultramafic rocks. Petrographic studies indicate early potassic alteration (secondary biotite, actinolite), plus the copper minerals chalcopyrite, covellite and bornite. This is overprinted by later phyllic (sericite and/or calcite and/or actinolite and/or epidote) and skarn alteration/mineralization. These features are indicative of a porphyry copper setting. A younger epithermal gold mineralization event cuts the earlier porphyry-related alteration.
The American Tunnels prospect is characterized by a strong IP chargeability anomaly, extending over 800 m by 300 m, is capped by a resistivity anomaly and coincident with a magnetic anomaly. Extensive copper, gold and zinc soil anomalies are associated. The IP chargeability anomaly is part of a string of strong chargeability anomalies extending over at least six kilometres of strike through the Agata project, which are associated with intersections of splays of the Philippine fault and crosscutting faults. In a remarkable geological coincidence, extensive nickel laterite mineralization is juxtaposed in close proximity to the porphyry copper-gold prospects, and is itself the subject of intensive economic evaluation and predevelopment work by Mindoro.
The American Tunnels is an as yet untested high-priority drill target for both epithermal gold and especially, for porphyry copper-gold mineralization. The extent of alteration, abundance and strength of copper-gold showings, and of the associated IP anomalies, indicate a source of considerable potential interest.
About the Agata project
Epithermal gold and porphyry copper-gold
The Agata project is situated in the Surigao gold district, northern Mindanao, Philippines. The Surigao gold district is not only a current and historical gold producing district, but with the recent discovery of a cluster of porphyry copper-gold deposits by two Anglo-American joint ventures, it also has high potential to become a major copper-gold mining camp. Mindoro has multiple gold and copper-gold targets in the Surigao district at varying stages of drill evaluation. Agata itself has a cluster of porphyry copper-gold prospects and two epithermal gold prospects which are being advanced by Mindoro.
During 1999, seven of eight drill holes completed by Mindoro on Agata's Assmicor prospect intersected better than 0.5 g/t gold near surface in oxidized intrusives and dikes. The two best holes were 1.1 g/t gold over 19 metres and 1.4 g/t gold over 24 metres. The mineralization is open to the north and east. Porphyry-related alteration, accompanied by grey quartz-magnetite veins with copper and gold mineralization, characteristic of the margins of a porphyry copper-gold system, was intersected associated with east-dipping dikes and intrusions. At the nearby Limestone prospect, two 1999 drill holes encountered 2.7 g/t gold and 2.2 g/t gold over seven and eight metres respectively, at shallow depths; mineralization resembles important limestone-hosted gold deposits in Nevada, United States.
Extensive IP geophysical surveys, subsequently carried out in 2004 to 2005, defined strong and semi-continuous chargeability with resistivity and magnetic anomalies, extending over at least six kilometres at Agata. Abundant gold and copper-gold showings are associated with this trend, as well as extensive alteration and soil geochemistry anomalies. The major porphyry targets defined are the American Tunnels and the North and South porphyry prospects.
The North porphyry prospect is a large and strong chargeability anomaly of greater than 28 metres per second covering 1.2 kilometres by 500 metres. It is coincident with soil copper and gold anomalies, and alteration of ultramafic rocks (pyrite and magnetite disseminations and silica veining). Several copper showings and intrusive dikes have been found in the area. A 2005 drill program experienced considerable operational difficulties in the intensely fractured broken and gougy ultramafic cap rock and three holes were lost at shallow depths. This degree of structural preparation is consistent with that seen associated with porphyry copper-gold systems. Mindoro is developing a strategy it believes will overcome the drill-operational difficulties.
The South porphyry prospect is also a large, 1.5 kilometres by 500 metres, and strong chargeability anomaly of greater than 28 metres per second, with a flanking high resistivity anomaly. Geology consists of limestone, greenschist and ultramafics intruded by small dikes or stocks of altered intrusive, likely the top of a much larger intrusive complex, exhibiting phyllic alteration in places. There are continuing artisanal gold mining operations in the area. Soil geochemical surveys defined gold, zinc and copper anomalies. Evidence strongly points to a porphyry copper-gold system at depth. In 2006 a single hole was drilled on the South target, which also encountered operational difficulties and was terminated before target depth. However, in this case it is believed that the target can be drilled from the western side and the difficult ultramafic cap rock circumvented.
Agata nickel laterite
The Surigao region is now emerging as a major nickel-producing district and there are at least eight nickel laterite deposits either in production or being developed, providing direct shipping ore (DSO) to markets and processing plants in China, Japan, Korea and Australia. These include the SR Metals mine, immediately adjacent to Mindoro's Agata nickel laterite project. At Agata, significant drill results have previously been reported by Mindoro (see releases on Mindoro website). Agata has strong competitive advantages, with good grades, just two to three kilometres from tide water, with corresponding low haul distance and costs, and only two days shipping from China.
In Stockwatch on April 30, 2008, Mindoro reported an initial National Instrument 43-101 resource estimate from the Agata North nickel laterite project. The estimate for combined measured and indicated resources is 4.40 million wet metric tonnes (WMT) grading 1.25 per cent nickel, 0.063 per cent cobalt and 23 per cent iron, at a cut-off grade of 0.80 per cent nickel. In addition, the inferred resource estimate is 2.45 million WMT grading 1.23 per cent nickel, 0.062 per cent cobalt and 22 per cent iron, also at a cut-off grade of 0.80 per cent nickel. The resource estimate represents just 15 per cent of mapped area of nickel laterite at Agata North. Drilling is continuing and updated resource figures will be released as they come to hand.
Exploration target for Agata North is:
Combined ferruginous overburden, limonite and saprolite horizons: 40 to 60 million wet metric tonnes (WMT) at a grade of 0.9 to 1.5 per cent nickel and 18 to 28 per cent iron.
In Stockwatch on Aug. 23, 2007, Mindoro announced that it had reached agreement with Delta Earthmoving Inc., an experienced nickel laterite mining contractor, to explore and advance to production if warranted, the Agata South nickel laterite project. The agreement does not cover Agata North. A total of 186 drill holes and 2,248 metres have been drilled, covering 50 hectares, near the southern boundary. Assays have not yet been reported by Delta.
Enhanced value, on-site processing alternatives
While much of the Surigao district nickel laterite production has been as DSO to processing plants in Japan, Australia and China, several attractive alternatives are emerging for local processing, which include; at the low technology end of the spectrum, ferronickel smelting, heap-leaching for which pilot testing on another Philippine laterite deposit has produced promising results, and a new generation of high-pressure acid leach (HPAL) plants. HPAL technology is currently being used with great success by Sumitomo on its Philippine Coral Bay operation, and show considerable promise for the local processing of Surigao ores. In fact, Sumitomo recently announced plans to proceed with permitting to construct an HPAL plant in the Surigao district. This HPAL technology has a proven record, in contrast to several HPAL operations previously attempted in Australia.
Construction of a local processing plant, rather than simply shipping out raw product, would greatly increase the returns to all stakeholders; including Mindoro, its Philippine partner, the local people, local government units, and to the Philippines itself. Mindoro considers a tonnage threshold of 50 million WMT to be of potential interest for this scenario.
Programs are carried out under the supervision of Tony Climie, PGeol, president of Mindoro, who is a qualified person as defined by National Instrument 43-101. Sample preparation and assaying are performed by McPhar Laboratory of Manila, an ISO 9001/2000 accredited laboratory. Gold assays were by 50-gram fire assay fusion; where gold assays greater than three parts per million (ppm) were by gravimetric finish and by AAS where the gold values were less than that threshold. Silver was determined by AAS after an HCl-HNO3-HClO4 digest. Normal quality control and quality assurance procedures are being carried out, using a system of duplicate samples. MRL has also conducted assays verification by using standard samples and reassaying of field, coarse and pulp duplicates.
The potential quantity and grade of the exploration target described above is conceptual in nature. There has been insufficient exploration to define mineral resources other than those disclosed in this release, and it is uncertain if further exploration will result in the targets delineating additional mineral resources or that these resources, if delineated, will be economic or sufficient to support a commercial mining operation. Until a feasibility study has been completed there is no certainty that the company's projections will be economically viable.
May 27, 2008 09:00 ET Mindoro Resources Ltd.: Environmental Compliance Certificate Granted for Agata Nickel Project
EDMONTON, ALBERTA--(Marketwire - May 27, 2008) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) is very pleased to announce that the Environmental Compliance Certificate (ECC) for the Agata nickel laterite project has been signed by Secretary Jose L. Atienza, Jr. of the Department of the Environment and Natural Resources, Philippines. The ECC is the major permitting hurdle required to clear the way for the Direct Shipping Ore (DSO) production planned for this year. Mindoro can now proceed to acquire/process several additional minor permits/requirements necessary to commence production. These are considerably less comprehensive and less onerous to acquire than the ECC.
On April 30, 2008, Mindoro announced an early National Instrument 43-101 compliant mineral resource estimate for its Agata Nickel Laterite Project, Philippines (see below About the Agata Nickel Laterite Project). This will constitute the starter resource for the DSO operation. Expansion of this resource is in progress.
A scoping evaluation for the Agata North nickel laterite project is in progress. Mindoro notes that there has been a recent softening in prices quoted for DSO nickel laterite ore. It is believed that this is a result of the shutdown of many nickel pig iron blast furnaces in China for environmental reasons; likely accelerated by the upcoming Olympic Games. It is not known whether these will be re-commissioned once the Olympics are over. Nevertheless, it is noted that the Chinese stainless steel industry, which continues to expand, will still require nickel feedstock, for which nickel pig iron has now formed an important source. It is uncertain where and how this demand will be met. It is possible that the shutdown will lead to an acceleration in the construction of processing plants offshore, which Mindoro believes offers considerable potential for the development of an integrated nickel laterite mining and processing industry in the Philippines (see about the Agata Nickel Laterite Project below).
Mindoro is continuing to receive expressions of interest to purchase material from the Agata Project and will continue to advance all development alternatives for the Agata nickel laterite in the best interests of its shareholders.
There has been insufficient exploration to define mineral resources other than those disclosed in this release; it is uncertain if further exploration will result in additional mineral resources or that these resources will be economic or sufficient to support a commercial mining operation. Until a feasibility study has been completed there is no certainty that the company's projections will be economically viable.
The ECC covers an area of 600 hectares within the Agata Mineral Production Sharing Agreement (MPSA), including both the Agata North and Agata South projects. Agata South is a joint venture with Delta Earthmoving of the Philippines, who have also been operating exploration of Agata South. Mindoro recently received from Delta the exploration results to date from Agata South, and is currently having an independent nickel laterite expert evaluate these.
ABOUT THE AGATA NICKEL LATERITE PROJECT
The nickel laterite prospect is situated on the Agata Project, Surigao Gold District, northern Mindanao, Philippines. The Surigao Gold District is not only a current and historical gold producing district but, with the recent discovery of a cluster of porphyry copper gold deposits, it also has high potential to become a major copper-gold camp. Mindoro has multiple gold and copper-gold targets in the Surigao District at varying stages of drill evaluation.
The Surigao Region is now emerging as a major nickel producing district, and there are at least eight nickel laterite deposits either in production or being developed; providing DSO to markets and processing plants in China, Japan, Korea and Australia. These include the SR Metals Mine, immediately adjacent to Mindoro's Agata nickel laterite project. A preliminary, starter resource has been released for Agata (see below). Agata has strong competitive advantages, with good grades, just two to three kilometers from tide water, with corresponding low haul distance and costs, and only two days shipping from China. Uniquely, DSO nickel laterite operations have a low-capital cost and offer a rapid route to production and cash-flow.
Agata North Mineral Resource Estimate
The Mineral Resource model was generated by Dallas Cox, BE (Min), an independent qualified person as defined by NI 43-101. A total of 134 drill holes, comprising 2,921 meters of diamond drill core and 2,874 assay samples, were used for the estimate. An Inverse Distance Squared grade estimation method was utilized within tightly constrained lithological and grade domains. Both dry metric tonnes (DMT) and wet metric tonnes (WMT) are quoted since the saleable unit for DSO production is actually WMT.
Summary of the Mineral Resource Estimate:
-----------------------------------------------------------------------Resource: Combined limonite and saprolite @ 0.8% Ni cutoff grade-----------------------------------------------------------------------Category Mil. WMT Mil. DMT Ni% Co% Fe%-----------------------------------------------------------------------Measured 1.22 0.9 1.27 0.063 23-----------------------------------------------------------------------Indicated 3.18 2.36 1.24 0.064 23-----------------------------------------------------------------------Total Meas. + Ind. 4.40 3.26 1.25 0.063 23-----------------------------------------------------------------------Inferred 2.45 1.83 1.23 0.062 22-----------------------------------------------------------------------
- Mineral resources which are not mineral reserves do not have demonstrated economic viability.
- The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
- It is uncertain if further exploration will result in upgrading the Inferred mineral resource to an Indicated or Measured mineral resource or the Indicated mineral resource to a Measured Resource category.
While much of the Surigao District nickel laterite production has been as DSO to processing plants in Japan, Australia and China, several attractive alternatives are emerging for local processing, which include; at the low technology end of the spectrum, constructing a blast or electric furnace for nickel pig iron production (low grade ferro-nickel product which is increasingly entrenching itself as a substitute for refined nickel in stainless steel production), heap leaching for which pilot testing on another Philippine laterite deposit has produced promising results, atmospheric (tank) leaching, and a new generation of High Pressure Acid Leach (HPAL) plants. HPAL technology is currently being used with great success by Sumitomo on its Philippine Coral Bay operation, and show considerable promise for the local processing of Surigao ores. In fact, Sumitomo recently announced plans to proceed with permitting to construct an HPAL plant in the Surigao District. This HPAL technology has a proven track record in the Philippines.
Construction of a local processing plant, rather than simply shipping out raw product, would greatly increase the returns to all stakeholders; including Mindoro, its Philippine partner, the local people, local government units, and to the Philippines itself.
As noted in a February 7, 2008 news release, there is abundant evidence of the beginning of a trend for local/on-site processing of Philippine laterite ores and the growth of a large high-value industry in the Philippines. Mindoro expects that the prolifically nickel laterite-mineralized Surigao District will be an important part of this evolution.
Programs are carried out under the supervision of Tony Climie, P.Geol., president of Mindoro, who is a qualified person as defined by National Instrument 43-101. Sample preparation and assaying were performed by McPhar Laboratory of Manila, an ISO 9001/2000 accredited laboratory. Ni, Co, Fe, MgO and Al2O3 assays are performed by AAS after an HCl-HNO3-HClO4 digest, and SiO2 by gravimetric method. Normal Quality Control and Quality Assurance procedures are being carried out, using a system of duplicate samples. MRL has also conducted assays verification by using standard samples and re-assaying of field, coarse and pulp duplicates.
IRW-PRESS: MINDORO LTD: Mindoro Resources Ltd: Umweltverträglichkeitsbescheinigung für Nickelprojekt Agata
Mindoro Resources Ltd: Umweltverträglichkeitsbescheinigung für Nickelprojekt Agata
EDMONTON, Alberta; 27. Mai 2008 Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) freut sich mitteilen zu können, dass die Umweltverträglichkeitsbescheinigung für das Nickel-Laterit-Projekt Agata durch den Minister Jose L. Atienza, Jr. des Ministeriums für Umwelt und Naturressourcen der Philippinen, unterzeichnet wurde. Die Umweltverträglichkeitsbescheinigung ist die größte Hürde in dem Genehmigungsverfahren für den Direktversand des Erzes, der für dieses Jahr geplant ist. Mindoro kann jetzt weitere kleinere Genehmigungen beantragen und Voraussetzungen schaffen, um mit der Förderung zu beginnen. Diese sind deutlich weniger aufwändig und unkomplizierter zu erhalten als die Umweltverträglichkeitsbescheinigung.
Am 30. April 2008 informierte Mindoro über eine erste mit der Nationalen Vorschrift NI 43-101 kompatible Mineralressourcenschätzung für das Nickel-Laterit-Projekt Agata auf den Philippinen (siehe die folgenden Informationen zum Nickel-Laterit-Projekt Agata). Damit sind erste Ressourcen für den Erzversand vorhanden. Die Erweiterung dieser Ressourcen läuft noch.
Eine Wirtschaftlichkeitsstudie für das Nickel-Laterit-Projekt Agata North ist noch nicht abgeschlossen. Mindoro ist bewusst, dass die Preise für direkt verschifftes Nickel-Lateriterz in jüngster Zeit nachgegeben haben. Dies dürfte auf die Schließung diverser Nickel-Roheisen-Hochöfen in China aus Umweltschutzgründen zurück zu führen sein; durch die Olympischen Spiele verstärkt sich dieser Trend. Es ist zurzeit unklar, ob dieser Trend sich nach den Olympischen Spielen wieder umkehrt. Dessen ungeachtet braucht die chinesische Edelstahlindustrie, die weiter expandiert, weitere Nickelvorräte, für die sich Nickel Pig Iron zu einer wichtigen Quelle entwickelt hat. Wie und wo diese Nachfrage gedeckt werden soll, ist noch unklar. Es ist möglich, dass diese Schließungen zur schnelleren Errichtung von Aufbereitungsanlagen in anderen Ländern führen, was nach Ansicht von Mindoro ein erhebliches Potential für die Entwicklung einer ganzheitlichen Nickel-Laterit-Förder- und Verarbeitungsindustrie auf den Philippinen eröffnet (siehe Informationen zu dem Nickel-Laterit-Projekt Agata im Folgenden).
Mindoro erhält weiterhin Anfragen von Interessenten zum Kauf von Material des Projekts Agata und wird im Interesse seiner Aktionäre alle Entwicklungsalternativen für das Nickel-Laterit-Projekt Agata weiter verfolgen.
Es wurden bisher nur unzureichende Explorationsarbeiten zur Definition von anderen Mineralressourcen außer den in dieser Mitteilung offenbarten durchgeführt; Es ist unklar, ob weitere Explorationen dazu führen werden, dass weitere Mineralressourcen gefunden werden oder dass diese Ressourcen wirtschaftlich abbaubar sind oder ausreichen, um einen kommerziellen Bergbaubetrieb aufrecht zu erhalten. Solange keine Machbarkeitsstudie abgeschlossen wurde, bleibt unklar, ob die Pläne des Unternehmens wirtschaftlich sinnvoll sind.
Die Umweltverträglichkeitsbescheinigung betrifft ein Gebiet von 600 ha aus dem Agata Mineral Production Sharing Agreement (MPSA) mit den beiden Projekten Agata North und Agata South. Agata South ist ein Joint-Venture mit Delta Earthmoving of the Philippines, wobei letztere auch die Exploration für Agata South übernimmt. Mindoro erhielt kürzlich von Delta die bisherigen Explorationsergebnisse für Agata South, die zurzeit von einem unabhängigen Nickel-Laterit-Experten geprüft werden.
INFORMATIONEN ZU DEM NICKEL-LATERIT-PROJEKT AGATA
Das Nickel-Laterit-Projekt liegt auf der Liegenschaft Agata, im Golddistrikt Surigao im nördlichen Mindanao auf den Philippinen. Der Golddistrikt Surigao ist nicht nur ein Gebiet, in dem heute und in der Vergangenheit Gold gefördert wurde, sondern besitzt angesichts der jüngsten Entdeckung eines Porphyr-Clusters mit Kupfer- und Goldvorkommen, auch guten Aussichten, sich zu einem wichtigen Kupfer-Gold-Fördergebiet zu entwickeln. Mindoro besitzt mehrere Gold- und Kupfer-Gold-Explorationsziele im Distrikt Surigao mit verschiedenen Phasen des Bohrfortschritts.
Die Region Surigao entwickelt sich zu einem wichtigen Nickelfördergebiet, zurzeit gibt es 8 Nickel-Laterit-Vorkommen, die entweder schon in Betrieb sind oder noch erschlossen werden; sie verschiffen Erz direkt an die Märkte und Hütten in China, Japan, Korea und Australien. Dazu gehört die Mine SR Metals direkt neben dem Nickel-Laterit-Projekt Agata von Mindoro. Für Agata wurde eine vorläufige Anfangsressource freigegeben (siehe unten). Agata verfügt über deutliche Vorteile gegenüber den Wettbewerbern, z. B. hohe Metallgehalte, nur 2-3 km Entfernung bis zum Meer, somit kurze Transportwege und geringe Kosten, und nur 2 Tage Lieferzeit bis China. Der Direktversand des Erzes Nickel-Laterit erfordert nur wenig Kapital und hat den Vorteil, dass die Förderung schnell begonnen und ein Cashflow erzeugt werden kann.
Agata North - Mineralressourcenschätzung
Das Mineral-Ressourcenmodell wurde von Dallas Cox, BE (Min), einem freien qualifizierten Sachverständigen im Sinne der Vorschrift Ni 43-101, erstellt. Für die Ressourcenschätzung wurden insgesamt 134 Bohrungen mit 2.921 Bohrmetern Diamantbohrkernen und 2.874 Analysen ausgewertet. Bei den eng verwobenen lithologischen und metallhaltigen Domänen wurde zur Schätzung des Metallgehaltes die IDS-Interpolation verwendet. Angegeben sind sowohl die metrischen Trockentonnen (DMT) als auch die metrischen Naßtonnen (WMT), da die Erzförderung für den Direktversand in WMT gemessen wird.
Zwar ist die Nickel-Laterit-Förderung im Distrikt Surigao im wesentlichen für den Direktversand an Hütten in Japan, Australien und China vorgesehen, es ergeben sich aber einige attraktive Alternativen für die Verarbeitung vor Ort: als technisch einfache Lösung der Bau eines Hochofens oder Elektroschmelzofens zur Produktion von Nickel-Pig-Iron (nickelhaltigem Roheisen, das zunehmend als Ersatz für raffiniertes Nickel bei der Produktion von Edelstahl eingesetzt wird), Einsatz der Haufenlaugung, für die ein Pilotversuch bei einem anderen Lateritvorkommen auf den Philippinen vielversprechende Ergebnisse lieferte, atmosphärische (Tank-) Laugung und eine neue Generation von Hochdruck-Säurelaugungs-Anlagen (HPAL-Anlagen). Das HPAL-Verfahren wird zurzeit mit großem Erfolg von Sumitomo bei Coral Bay auf den Philippinen eingesetzt, und dürfte auch für die Verarbeitung der Surigao-Erze vor Ort gut geeignet sein. Tatsächlich informierte Sumitomo kürzlich über Pläne, die Genehmigung für den Bau einer HPAL-Anlage im Distrikt Surigao zu beantragen. Diese HPAL-Technologie wurde auf den Philippinen schon erfolgreich eingesetzt.
Der Bau einer lokalen Aufbereitungsanlage statt der bloßen Verschiffung des Erzes würde die Erträge für alle Beteiligten deutlich erhöhen; d. h. für Mindoro, den philippinischen Partner, die Menschen vor Ort, die lokalen Behörden und die Philippinen selbst.
Wie am 7. Februar 2008 gemeldet, gibt es zahlreiche Hinweise, dass auf den Philippinen Lateriterze bevorzugt vor Ort verarbeitet werden sollen, und auf den Philippinen eine Branche mit hoher Wertschöpfung entsteht. Mindoro geht davon aus, dass die viel versprechende Nickel-Laterit-Mineralisierung im Distrikt Surigao bei dieser Entwicklung eine wichtige Rolle spielen wird.
Die Programme werden unter Aufsicht von Tony Climie, P.Geol., President of Mindoro durchgeführt, der der qualifizierte Sachverständige im Sinne der Definition der Nationalen Vorschrift 43-101 ist. Probenvorbereitung und Analyse übernahm McPhar Laboratory of Manila, ein nach ISO 9001/2000 zertifiziertes Labor. Analysen auf Ni, Co, Fe, MgO und Al2O3 wurden mit AAS nach Aufschluss mit HCl-HNO3-HClO4 durchgeführt, Analysen auf SiO2 gravimetrisch. Außerdem erfolgten die üblichen Qualitätskontroll- und Qualitätssicherungsmaßnahmen mit einem System von Duplikatproben. MRL hat auch eine Analysenkontrolle mit Standardproben und eine Neuanalyse der Feld-, Grob- und Schlämmduplikate vorgenommen.
ÜBER MINDORO
Mindoro ist ein Tier-1-Unternehmen, das an der TSX Venture Exchange (MIO) und der Frankfurter Börse (WKN 906167) notiert. Mindoro entwickelt nicht nur das Nickel-Laterit-Projekt Agata bis zur Förderreife, sondern veröffentlichte auch eine erste mit der Vorschrift NI 43-101 kompatible Gold-Silber-Mineralressourcenschätzung für das Gold-Silber-Projekt Kay Tanda, das weiter entwickelt werden soll.
Das Unternehmen erkundete auch 22 Porphyr-Kupfer-Gold-Gebiete auf den Philippinen und verfolgt eine intensive Strategie, welche für das Jahr 2008 mehrere Bohrziele vorsieht.
Jun 06, 2008 08:00 ET Mindoro Announces Executive Appointments
EDMONTON, ALBERTA--(Marketwire - June 6, 2008) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167) is very pleased to announce the appointment of Penny Gould to the position of President and Eugene Zarowny to the position of Chief Financial Officer. Tony Climie will continue as the company's Chief Executive Officer and has been appointed Chief Operating Officer. These appointments are effective immediately.
Penny Gould has been with Mindoro since 1996 and for the past several years has been responsible for the day-to-day operations of the company's Canadian head office as well as the administrative and financial functions of the Philippine subsidiary. Penny is well-qualified for her new position, which recognizes the corporate leadership she has provided to date. Penny's appointment as President will allow Tony Climie to further focus on advancing the company's multiple nickel laterite, porphyry copper-gold, and epithermal gold prospects in the Philippines. As CEO and COO, Tony Climie will continue to provide strategic guidance and hands-on operational leadership. Tony is responsible for overseeing Mindoro's strategy of maintaining a diverse resource exposure in the Philippines and advancing early stage opportunities through to production or joint venture.
Tony Climie commented that "For the past decade Penny has played a major role in managing Mindoro's corporate functions and in helping build the Company; a role she has handled superbly and continues to grow into. Penny has effectively been the face of Mindoro in Canada, allowing me to concentrate on our Philippine operations. Her promotion to President will allow me to have an even greater focus on advancing and expanding our Agata North nickel, and Kay Tanda and SW Breccia gold resources, as well as unlocking the value of over 20 promising porphyry copper-gold and epithermal gold prospects. These changes are a natural evolution of management responsibilities as we continue to grow the company, and I look forward to working with Penny and Eugene in their new roles."
Eugene Zarowny is a Chartered Accountant and Certified Financial Planner who brings more than 15 years of financial accounting, corporate finance, strategic planning and management experience to Mindoro. He was most recently the Manager of Finance for a private construction services company with significant annual revenues and previously served as the Interim Chief Financial Officer for the Canadian division of an international company listed on the NYSE. Eugene will be responsible for all the company's accounting functions. Eugene's appointment to CFO will further strengthen Mindoro's well-focused management team
30.07.2008 08:08
IRW-News: MINDORO LTD
IRW-PRESS: MINDORO LTD: Mindoro meldet weitere Bohrergebnisse seines Nickel-Laterit-Projektes
Mindoro meldet weitere Bohrergebnisse seines Nickel-Laterit-Projektes
EDMONTON, Alberta; 29. Juli 2008 - Mindoro Resources Ltd. (News) (TSXV: MIO; Frankfurt: WKN 906167) freut sich, die Ergebnisse von weiteren 22 Bohrlöchern des Phase-II-Bohrprogramms auf dem Nickel-Laterit-Projekt Agata auf den Philippinen bekannt zu geben. Der Limonithorizont weist durchschnittlich 1,03% Nickel und 45,96% Eisen bei einer durchschnittlichen Dicke von 3,40m auf. Der darunter liegende Saprolithorizont weist durchschnittlich 1,22% Nickel bei einer durchschnittlichen Dicke von 5,00m auf. Die Gehalte und Dicken stimmen mit jenen überein, die bereits zuvor gemeldet wurden, und sind weiterhin von potenziellem wirtschaftlichem Interesse. Das Bohrprogramm wird die Ressource weiterhin vergrößern. Eine aktualisierte Ressourcenschätzung gemäß NI 43-101 wird im August veröffentlicht werden.
Am 30.April 2008 meldete Mindoro eine erste Mineralressourcenschätzung gemäß NI 43-101 für Agata North (siehe Über das Nickel-Laterit-Projekt Agata). Ziel des Phase-II-Bohrprogramms war die Bestätigung der internen Beständigkeit der Mineralisierung bei Bohrlöchern in geringeren Abständen sowie die Erweiterung der ursprünglichen Ressource. Am 16. Juli 2008 meldete Mindoro die Ergebnisse der ersten 49 Bohrlöcher des Phase-II-Bohrprogramms, die die interne Beständigkeit der Mineralisierung bestätigten und die Ressource erweiterten. Die Ergebnisse von weiteren 40 Bohrlöchern sind noch ausständig; die Bohrungen werden inzwischen mit vier Bohrgeräten fortgesetzt. Der aktuelle Bohrabstand beträgt 100m, was zumindest für die Kategorie einer inferred Ressource und bei einem Großteil der Mineralisierung wahrscheinlich auch für eine indicated Ressource ausreicht.
Eine vollständige Liste der jüngsten Bohrergebnisse sowie eine Karte mit den Standorten der Bohrlöcher kann auf der Website von Mindoro abgerufen werden. Die folgende Tabelle zeigt die Durchschnittswerte der jüngsten Untersuchungsergebnisse von 22 Bohrlöchern an:
04.09.2008 07:41
IRW-News: MINDORO LTD
IRW-PRESS: MINDORO LTD: MINDORO UND GOLD FIELDS UNTERZEICHNEN EINVERSTÄNDNISERKLÄRUNG FÜR DREI PROJEKTE IN BATANGAS
MINDORO UND GOLD FIELDS UNTERZEICHNEN EINVERSTÄNDNISERKLÄRUNG FÜR DREI PROJEKTE IN BATANGAS
EDMONTON, Alberta; 3. September 2008 - Mindoro Resources Ltd. (News) (TSXV: MIO; Frankfurt: WKN 906167) freut sich bekannt zu geben, dass das Unternehmen eine unverbindliche Einverständniserklärung (die Vereinbarung) mit einem Mitglied der Gold Fields-Unternehmensgruppe unterzeichnet hat. Diese bildet den Rahmen der Geschäftsbeziehung, wonach Gold Fields eine bis zu 75%ige Beteiligung an jedem der Porphyr-Kupfer-Gold-Projekte von Mindoro - El Paso, Lobo und Talahib erwerben kann. Die Projektgebiete befinden sich, wie auf der beiliegenden Karte ersichtlich, in der Provinz Batangas im Süden von Luzon auf den Philippinen.
Mindoro hat Gold Fields eine Frist von 90 Tagen eingeräumt, innerhalb der das Unternehmen mit der gebührenden Sorgfalt zu handeln hat. In diesem Zeitraum wird erwartungsgemäß eine formelle Vereinbarung abgeschlossen. Für diesen Zeitraum hat Mindoro Gold Fields eine exklusive Beteiligung an diesen Projekten eingeräumt. Kurz gesagt, Gold Fields hat die Möglichkeit, eine Beteiligung von bis zu 75% an jedem der drei Projekte zu erwerben, indem es in die Explorationsaktivitäten im Rahmen von Einzelfinanzierungen investiert und eine Machbarkeitsstudie für jedes einzelne Projekt durchführt; diesbezüglich sind bestimmte Investitionsgrenzen wie nachfolgend beschrieben zu beachten. Im Falle einer Produktionsentscheidung behält Mindoro einen Anteil von 25 %. Gold Fields wird jedes Projekt während des Farm-ins verwalten. Weitere Earn-in-Bestimmungen sind im nachfolgenden Abschnitt mit dem Titel zur Vereinbarung beschrieben.
Tony Climie, CEO von Mindoro, meint dazu: Diese Vereinbarung ist ein wichtiger Bestandteil der progressiven Strategie von Mindoro, die darauf ausgerichtet ist, den weiteren Ausbau der Kupfer-Gold-Projekte in unseren aussichtsreichen Grundstückspaketen zu beschleunigen und weiter zu forcieren, während wir gleichzeitig die Förderung und Verarbeitung unserer Nickellaterit-Ressourcen in Surigao weiter optimieren. Wir freuen uns, diese Vereinbarung mit einem so renommierten Unternehmen wie Gold Fields unterzeichnet zu haben und betrachten dies als Bestätigung des Potentials unserer Projekte in Batangas.
ZUR VEREINBARUNG
1. Phase Gold Fields hat die Möglichkeit, eine 51%ige Beteiligung an den Projekten El Paso und Lobo zu erwerben, wenn das Unternehmen innerhalb von 60 Monaten ab offiziellem Start des Farmin-Agreements 4.000.000 AU$ in das entsprechende Projekt investiert. Gold Fields hat die Möglichkeit, sich zu 51% am Talahib-Projekt zu beteiligen, wenn das Unternehmen 2.000.000 AU$ in das Talahib-Projekt investiert. Um eine 51%ige Beteiligung zu erwerben, muss sich Gold Fields dazu verpflichten, mindestens 350.000 AU$ pro Jahr in jedes Projekt zu investieren.
2. Phase - Machbarkeit Nach Abschluss der ersten Phase hat Gold Fields die Möglichkeit, weiterhin Investitionen in das jeweilige Projekt in Form einer Einzelfinanzierung zu tätigen. In diesem Fall ist Gold Fields zum Erwerb einer weiteren Beteiligung von 24% am jeweiligen Projekt berechtigt, wenn das Unternehmen eine Machbarkeitsstudie durchführt oder eine Milestone-Zahlung tätigt. Die Milestone-Zahlung für die Projekte El Paso und Lobo beträgt 16.000.000 AU$ und für das Talahib- Projekt 12.000.000 AU$. Zur Klarstellung sei gesagt, dass diese meilensteinabhängigen Zahlungen zusätzlich zu den in der ersten Phase getätigten Ausgaben erfolgen.
ÜBER GOLD FIELDS Gold Fields Limited ist einer der weltweit größten ungehedgten Goldproduzenten und bietet seinen Investoren ein maximales Leverage auf die Entwicklung des Goldpreises. Gold Fields kann mit einer Jahresproduktion von ca. 4,0 Mio. Unzen, 83 Mio. Unzen an Mineralreserven und 251 Mio. Unzen an Mineralressourcen aufwarten. Die Gruppe beschäftigt rund 50.000 feste Mitarbeiter in ihren Betrieben und notiert an der JSE Limited South Africa (im Prime Market), an der New York Stock Exchange (NYSE) und an der Dubai International Financial Exchange (DIFX). Die Projektgeneration von Gold Fields konzentriert sich auf hochrangige Explorationsziele in international aufstrebenden Lagerstätten, basierend auf drei ausgewählten Typen von Lagerstätten: Gold-Kupfer-Porphyr-Vorkommen, hochgradig sulfidierte epithermale Systeme und orogene Goldmineralisierungen in Sedimentgestein. Ziel ist es, eine Reihe von Vorkommen im Frühstadium zu identifizieren, die ausreichend Potential haben, sich zu erstklassigen Goldminen zu entwickeln.gemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
Mindoro (WKN 906167)- Panoro (WKN 914959)– auf dem Weg zur alten Stärke?
Die Analysten des Smallcap-Investors haben folgenden interessanten Bericht veröffentlicht:
Bei vielen Explorationsunternehmen ist es in den letzten Wochen und Monaten relativ ruhig geworden. Die Hauptursache lag vor allem daran, dass Explorationsunternehmen enorme Finanzierungsschwierigkeiten hatten. Dies führte dazu, dass Sie Ihre Explorationskosten kürzten und somit weniger explorierten was wiederum zu weniger Pressemeldungen führte.
Zwei Unternehmen auf die dies besonders zutraf waren die Unternehmen Mindoro (WKN 906167) und Panoro (WKN 914959). Für die aktiven Smallcap-Investor Leser von Ihnen sind diese 2 Unternehmen keine unbekannten. Mindoro und Panoro waren früher Joint-Venture Partner in ihrem philippinischen Projekt bevor Mindoro diese von Panoro vollständig übernahm. Mindoro konzentriert sich seitdem auf ihre philippinischen Kupfer- Gold- und Nickelprojekte, während Panoro sich vollständig auf Peru konzentriert. Dazu hat Panoro vor einigen Jahren ein großes Landpaket von CVRD International übernommen. 2 dieser Projekte, nämlich das Antilla-Projekt und das Cotabambas-Projekt verfügen bereits über historische und 43-101 zertifizierte Ressourcen.
Obwohl sich der Kupferpreis deutlich von seinen Tiefständen erholt hat und der Goldpreis fast täglich zu neuen „All Time Highs“ läuft, befinden sich beide Aktien jedoch noch deutlich von Ihren Höchstständen entfernt. Maßgeblich dafür verantwortlich ist sicher, dass die Investoren und Anleger ihre Investments derzeit auf Produzenten bzw. Near-Term-Produzenten konzentrieren. Dieser Umstand wird sich jedoch im Laufe des Zyklus wieder ändern und daher gilt es sich rechtzeitig zu positionieren bzw. interessante Titel zu selektieren, die man gleich oder dann wieder in seine Depots aufnimmt.
Aus diesem Grund wollen wir uns heute die Unternehmen Panoro und Mindoro einmal näher ansehen.
Panoro Minerals (WKN 914959) – die Perle von Peru?
Panoro besitzt 14 Projekte in Peru, wobei sich 2 Projekte im fortgeschrittenen Explorationsstadium befinden.
Das erste große Projekt ist das Antilla-Projekt, die über eine Ressource nach NI 43-101 von 154 Mio. Tonnen mit 0,47 % Kupfer und 0,09 % Molybdän besitzt. Erst im Juni dieses Jahres wurde die Ressourcenschätzung erneuert. Dabei wurden rund 1,6 Mrd. Pfund Kupfer mit einem aktuellen Marktwert von rund 4,5 Mrd. US$ festgestellt. Dazu kommen noch rund 30 Mio. Pfund Molybdän. Das zweite große Projekt ist das Cotabambas-Projekt. Hier wurden in einer früheren Studie von 2007 1,7 Mrd. Pfund im Wert von rund 4,8 Mrd. US$ und 1,39 Mio. Unzen Gold im aktuellen Wert von rund 1,4 Mrd. US-Dollar festgestellt.
Diese 2 Projekte stellen mit einem Gesamtwert von über 10 Mrd. US$ Erz im Boden den Hauptwert des Unternehmens dar. Im Vergleich dazu ist die Marktkapitalisierung von rund 20 Mio. CAN$ mickrig. Auch wenn wir nur 1 % oder ½ % der Mineralressourcen im Boden als gerechtfertigt ansehen, müsste sich der Kurs verdoppeln bis vervierfachen. Die Hauptursache für diese Unterbewertung liegt meines Erachtens darin, dass viele Investoren wie bereits beschrieben derzeit den Explorationssektor meiden und ein weiterer Grund liegt darin, dass das Unternehmen lange Zeit keine Bohrgenehmigungen erhalten hatte. Durch eine Gesetzesänderung sind diese Bohrgenehmigungen vor allem am Widerstand der lokalen Communitys gescheitert. In diesen Gemeinden wurde vor allem von illegalen Minenbetreibern bzw. Non-Profit Organisations und sogenannten NGO´s, massive Stimmung gegen die Explorationsunternehmen betrieben. Erst intensive Arbeit mit den Communitys und diverse Leistungen wie Stipendien für Studenten, Verbesserung der lokalen Versorgung und der Infrastruktur oder Sportbekleidung für das lokale Fußballteam und Spenden für Festivals konnte das Vertrauen in diesen Gemeinden zum Unternehmen deutlich verbessern. So haben diese Maßnahmen dazu geführt, dass seit Ende September für 2 wichtige Projekte die Genehmigungen der Communitys vorliegen. Damit ist jetzt die Basis für einen weiteren Aufschwung gelegt.
Das Unternehmen muss jetzt innerhalb der nächsten Monate sicher eine Kapitalerhöhung bzw. ein Private Placement durchführen, denn es muss zuerst die zukünftige Explorationsarbeit finanzieren. Wir gehen davon aus, dass einer der nächsten Schritte sich vor allem auf das Cotabambas-Kupfer-Gold-Projekt konzentrieren wird. 1,7 Mrd. Pfund Kupfer und nahezu 1,4 Mio. Unzen Gold sind auch schon für größere Gold- und Kupferproduzenten interessant. Sollte daher das nächste Bohrprogramm die Ressource noch erweitern, wäre das für das Unternehmen ein enormer Zugewinn.
Das Ziel des Unternehmens ist, vor allem für das Antilla und das Cotabamba-Projekt in Kürze eine Feasability Study zu erstellen. Anhand dieser Feasability Study wird das Unternehmen dann entscheiden, ob Sie das Projekt selber in Produktion bringen will oder es an einen großen Produzenten abgeben wird. Beide Entscheidungen würden für das Unternehmen einen Zugewinn bedeuten. Auch wenn diese 2 Projekte den Hauptwert von Panoro darstellen, so darf man nicht das enorme Explorationspotenzial vergessen. Vor allem das Kusiorcco-Kupfer-Projekt scheint von enormem Interesse zu sein.
Fazit:
Auch wenn Panoro sich von seinen Kurstiefständen schon deutlich erholt hat, so liegt der aktuelle Wert des Unternehmens noch deutlich unter seinen bereits definierten Rohstoffreserven im Boden. Alleine die zwei fortgeschrittenen Projekte Antilla und Cortabambas stehen an Erzwert von über 10 Mrd. US$ den Boden dar.
Das Unternehmen wird in den nächsten Wochen versuchen eine Finanzierung aufzustellen, um gerade diese 2 Projekte weiter zu explorieren und eine Feasibility Study dazu zu erstellen. Sollte es dem Unternehmen, wovon wir ausgehen, die Finanzierung in den nächsten Wochen gelingen, so können wir mit einem sehr spannenden Jahr 2010 rechnen, denn dann wären Bohrergebnisse wieder an der Tagesordnung, aber weitere Explorationsprojekte dürfen wir nicht vergessen. So stellt der Kurs Kusiorcco-Kupferprojekt ein hochinteressantes Explorationstarget dar. Ende September wurde dann auch noch mit Strait Gold Corp. ein Agreement abgeschlossen, indem man das Alicia-Projekt abgibt, dafür erhält Panoro eine Mio. Aktien von Strait Gold und einem Net-Smelter Return – kurz NSR von 2 %. In Summe schafft damit Panoro jetzt die Grundlagen für den Kursaufschwung 2010 und sollte nichts unvorhersehbares passieren, bin ich sehr zuversichtlich, dass im nächsten Jahr Panoro zu den bestperformanden Explorationsstocks gehören wird.
Mindoro (WKN 906167) – wie geht es weiter?
In einer ähnlichen Situation wie Panoro befindet sich auch Mindoro. Das Unternehmen verfügt über ausgezeichnete Explorationsprojekte in den Philippinen. Der Aktienkurs jedoch konnte sich im Gegensatz zu Panoro bis jetzt noch nicht erholen. Dieser öffnet uns eine interessante Investitionsmöglichkeit, denn im Gegenzug zu Panoro ist Mindoro schon einen Schritt weiter. Mitte August gab das Unternehmen ein kleines Private Placement bekannt, bei dem Sie über 600.000 CAN$ finanzierte. Dieses Geld wurde benötigt um die Exploration im Projekt American Tunnels voranzutreiben. Auf diesem Gebiet wird derzeit gerade gebohrt und wir können in den nächsten Wochen die ersten Ergebnisse rechnen. Des weiteren besitzt Mindoro mit Gold Fields, einen der größten Goldproduzenten der Welt ein Joint Venture auf Mindoro´s Batangas-Projekt. Auch hier laufen aktuell Bohrungen und wir können auch hier in den nächsten Monaten mit verschiedenen Ergebnissen rechnen.
Ich bin daher sehr zuversichtlich, dass in den nächsten Wochen und Monaten Mindoro für eine Überraschung sorgen wird. Der aktuelle Aktienkurs von rund 12 CAN$ Cent entspricht einer Marktkapitalisierung von rund 12 Mio. CAN$. Diese Marktkapitalisierung stehen jedoch im krassen Gegensatz zu dem, was das Unternehmen bereits besitzt. Denn neben den bereits 2 beschriebenen Projekten besitzt das Unternehmen noch ein fertig exploriertes Nickelprojekt im Norden von Surigao. Auf diesem Projekt sind in den verschiedenen Ressourcenkategorien über 317 Mio. Pfund Nickel und rund 20 Mio. Pfund Kobalt festgestellt worden. Leider ist der aktuelle Nickelpreis noch zu niedrig, um dieses Projekt wirtschaftlich abarbeiten zu können. Ich bin jedoch sehr zuversichtlich, dass dieses bereits explorierte Projekt in Zukunft noch zu einem sehr großen Zugewinn für das Unternehmen führen wird.
Fazit:
Obwohl die Kurse bei den Rohstoffen schon massiv gestiegen sind, ist dieser Kursanstieg bei dem meisten Rohstoffexplorer total vorbeigegangen. Mindoro zum Bespielt notiert nahezu am Jahrestiefstand. Dabei wird das Unternehmen in den nächsten Wochen mit mehreren News zu ihren Bohrprojekten im Projekt American Tunnels und im Joint Venture Projekt mit Gold Fields aufwarten können. Beide Projekte bzw. die Ergebnisse daraus sollten den Kursverlauf von Mindoro nachhaltig beeinflussen. Ich bin sehr zuversichtlich, dass uns Mindoro in den nächsten Wochen positiv überraschen wird.
Kurs auf
Ihr
Joachim Brunnergemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
