23.50 g/t Gold Over 21.3 Meters Intersected at Kay Tanda

Transcription

1 2350 g/t Gold Over 213 Meters Intersected at Kay Tanda EDMONTON, Alberta; October 23, Mindoro Resources Ltd (TSXV: MIO; Frankfurt: WKN today reported results from a further nine reverse circulation drill (RC holes and two core holes from the Kay Tanda epithermal gold-silver prospect, located in the Archangel Project, the Philippines Very highgrade gold mineralization was intersected over a thick interval in core hole KTDH-04; which returned 1390 grams per tonne (g/t gold over 373 meters, from 84 to 1213 meters, including 2350 g/t gold over 213 meters from 100 to 1213 meters Assay results are awaited from below 1213 meters Naturally we are very excited by this intersection commented Mindoro's President, Tony Climie, PGeol We will be placing strong emphasis on defining this newly-discovered high-grade zone and on locating other such zones At the same time we will continue to systematically drill out the low-grade, nearsurface, gold-silver resource at Kay Tanda, to establish a NI resource, and evaluate its open-pit, heap-leach potential Other highlights from the current drill results include: Hole KT-58 intersected 132 g/t gold over 24 meters Hole KT-60 intersected 8216 g/t silver and 068 g/t gold over 36 meters At the contiguous Pulang Lupa Zone, hole PL-21 intersected 153 g/t gold and 4854 g/t silver over 17 meters followed by 982 g/t gold over 6 meters deeper in the hole ABOUT KTDH-04 KTDH-04 was drilled beside RC hole KT-54, a step-out of 100 meters north of Kay Tanda KT-54 was lost at a depth of 82 meters Increasing alteration and sulphides near the bottom of KT-54 led to the drilling of core hole KTDH-04 nearby to test the mineralization at greater depth, and as a check on RC grades The two holes are located within an area of increased IP chargeability responses and near a north-east trending creek, which may be fault-controlled (see map accompanying release for location A zone of intense silica and illite alteration was intersected between depths of 89m and 126m along the margins of a wider pre-existing hydrothermal breccia, which is interpreted to have been a fluid conduit for epithermal fluids The conduit is associated with cross-cutting pebble breccia dykes containing disseminated base-metal mineralization; numerous breccia veins infilled with crustiform high-temperature silica and clotted sphalerite-galena-chalcopyrite; zones of breccia-voids with open spaces filled by crustiform quartz and base-metal sulphides; and multi-cycle breccias that display matrix silicification and disseminated sphalerite-galena clots The sulphides comprise dominantly pyrite (5-10% with significant sphalerite, galena and chalcopyrite (2-5% collectively Three internal zones of epithermal bonanza grade gold mineralization lie within the broader conduit of silica-illite-altered breccias, and are interpreted to represent intervals of focused channeling of magmatic hydrothermal fluids At about 130 meters depth this mineralized interval grades into a tremolite-actinolite-chlorite-rich assemblage that is overprinted by sericite This zone is an inner high-temperature propylitic zone or an outer potassic zone which has undergone intense retrograde alteration In either case it suggests relatively close proximity to a porphyry system As frequently observed in Philippine copper-gold systems, the epithermal gold system may be telescoped onto the top of a porphyry copper-gold system at deeper levels The geometry of the high-grade intersection in hole KTDH-04 is uncertain at present The intersection occurs within an elongate IP chargeability anomaly that appears to be a structurally-controlled upflow zone ( feeder zone associated with north-east trending faults Of particular note is the elevation of this hole It is being drilled lower down the hilly terrain, and the high-grade mineralization occurs below an elevation of 150 meters Very few other holes at Kay Tanda have been drilled down to this elevation level All data sets are being reviewed and re-interpreted to target other high-grade zones within the very extensive areas of low-grade mineralization defined to date A number of high-grade intercepts have previously been reported from Kay Tanda

2 DRILL RESULTS: (Based on a cut-off grade of 03 g/t gold SUMMARY OF SIGNIFICANT INTERCEPTS KTRC 56 From To Sample Length (m Au g/t Ag g/t 10100N : 9950E Including < Including & including Including < <05 KTRC N : 10000E KTRC N : 9650E including KTRC N : 9650E N/R Including N/R KTRC N : 9600E N/R N/R Including Including KTRC N : 9950E Direction: 140 Inclination Including PLRC N : 9500E PLRC N : 9550E <

3 Including Including PLRC N : 9450E Including & including KTDH N : 10142E Direction: 140 Inclination Including KTDH N : 9895E Including N/R N/R Including N/R NR: not yet received KTDH04 drilling is ongoing, current bottom with assay returns is at 1213m KTDH-03 will be deepened prior to releasing assay results The accompanying map ( Kay Tanda & Pulang Lupa Gold g/t X meters shows the location of all drill holes to date and distribution of gold values in grams per tonne (g/t times intercept length in meters for each hole Using a cut-off of 03 g/t gold, mineralization intercepts for each drill hole are summed and plotted in contour form Mindoro considers the contoured areas defined by numbers greater than 15 (g/t gold x length of intercept to be of particular interest This map format illustrates the distribution of mineralization and provides information on mineralization centers, structural controls, as well as mineralization trends PLANS Mindoro will continue both in-fill drilling, to provide further confidence in internal continuity, and extension drilling outside the presently known mineralized area, where mineralization is open in most directions Preparatory work on a National Instrument compliant resource report has commenced Particular emphasis will now be placed on defining and locating high-grade zones as seen in KTDH-04, and in the earlier holes KT-04, KT-28, KT-44 and KT-55 Additional drill sampling for metallurgical testing is in progress This will be followed by a scoping study to commence later this year to further evaluate Kay Tanda's open-pit, heap-leach potential ABOUT KAY TANDA Kay Tanda and the adjacent Pulang Lupa zone are part of a large area of low-sulphidation, epithermal gold-silver mineralization associated with quartz and sulphide stockworks and multi-episodic hydrothermal breccias in andesitic and dacitic volcanics and intrusives As drill-defined to date, mineralization at Kay Tanda is about 700 meters by 400 meters in extent, and is open in several directions; in particular, to grid-west and grid north Pulang Lupa, which may connect with Kay Tanda at depth, is about 300 meters by 300 meters in extent, and is also open in several directions Kay Tanda mineralization extends under younger volcanic and sediment cover to the north, which gradually thickens northwards Gold and silver mineralization is associated with multiple quartz stockwork blanket-like bodies, which are flat to gently dipping, associated with varying amounts of pyrite and base-metal sulphides Individual bodies can be over 100 meters thick (mineralization extends from near-surface to at least 178 meters depth in KT-44 The mineralization is commonly oxide down to 20 to 40 meters, to a maximum depth of 80 meters, then passes through a transition oxide / non-oxide zone of several tens of meters also

4 As described in Mindoro s December 2, 2005, press release, two phases of metallurgical testing on Kay Tanda indicate excellent leaching characteristics Intense porphyry copper-gold related phyllic (quartz-sericite-pyrite and SCC (sericite-clay-chlorite alteration plus abundant quartz veins/veinlets with low-grade copper-lead-zinc and molybdenum mineralization, continue to be encountered in all holes immediately below the overprinting epithermal gold-silver zone In hole KTDH-04, outer potassic zone alteration has been intersected below 130 meters The Kay Tanda epithermal breccia is interpreted as part of a very large hydrothermal breccia above, and overprinting a porphyry system This porphyry potential constitutes a target for later diamond drill testing Previous results from Kay Tanda are reported in releases dated May 3, May 23, June 16, July 4, July 25, August 1, August 8, August 16, September 12, September 19, October 6, and October 10, 2006 Programs are carried out under the supervision of Tony Climie, PGeol, who is a qualified person as defined by National Instrument Normal Quality Control and Quality Assurance procedures are being carried out, using a system of duplicate, standard and blank samples Checks are being carried out to establish whether there is any significant variation between core hole and RC grades ABOUT MINDORO Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO and the Frankfurt Stock Exchange (WKN In addition to the ongoing drill-delineation of a gold-silver resource at Kay Tanda, Mindoro has identified 22 porphyry copper-gold prospects and a nickel laterite prospect in the Philippines and has an aggressive strategy of drilling multiple targets in 2006 FOR FURTHER INFORMATION, CONTACT: HEAD OFFICE Penny Gould Executive Vice President Phone: penny@mindorocom Website: wwwmindorocom INVESTOR RELATIONS-CANADA Trent Dahl Ascenta Capital Partners Inc Phone: Toll Free: ext info@mindorocom INVESTOR RELATIONS-EUROPE Richard Mayr Argentuminvest GmbH Phone: Fax: info@argentuminvestcom The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release 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 (eg 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

5 9,600N 9,800N CA ,400E KT-60 10,000N 9,600E 10,200N LMRC 02 9,800E Proposed KTDH-05 9,400N 9,200N Compiled By: FMS, JSR Drafted By: FMS / JBM / AOS Checked By: FTL, IAF, JCL MINDORO RESOURCES LTD ARCHANGEL PROJECT Pulang Lupa - Kay Tanda Gramme Au Plan No: Date: Approved By: EMA CA-13 PL-14 PL-20 PL-10 PL-15 PL-22 PL-21 PL-17 PL-09 PL-11 PL-16 CA-11 PL-13 PL-03 PL-19 PL-12 PL-07 PL-01 PL-18 PL-04 CA-12 PL-02 PL-05 PL-06 Fig PL-08 4wd road KT-2 Drill hole location (RC Drill hole location (Diamond KTDDH-1 P162 Creek Proposed drill hole KT-55 KTDH-03 KT-59 KT-40 KT-50 KT-53 KTDH-04 KT-44 KT-54 KT-47 KT-52 CA-08 KT-51 KT-56 KT-29 KT-39 KT-06 KT-57 KT-58 KT-20 KT-26 KT-49 KT-37 CA-07 KT-15 KT-30 KT-04 KT-41 KT-35 CA-05 KT-28 KTDH-01 KT-13 KT-42 KT-22 KT-21 KT-25 KT-24 KT-19 KT-03 KT-48 KT-10 CA-03 KT-14 KT-05 KT-61 KT-45 KT-23 CA-09 KT-02 KT-08 KT-11 KT-12 CA-06 KT-43 KT-31 KT-07 KT-33 KT-01 KT-18 KT-46 KT-27 KT-09 KTDH-02 KT-32 KT-17 KT-16 CA-02 KT-38 Younger cover volcanics and sediments 0 100m KT-36 KT-34 Gram/ton Au X interval (m (sum of all significant intercept < >100 10,000E 10,200E