|November 25, 2004|
Extensive Anomalies Defined on Surigao Joint Venture Project
|Mindoro Resources Ltd. (TSX-V: MIO; Frankfurt: OLM) and Panoro Minerals Ltd. (TSX-V: PML) today announced an update on their major exploration program being carried out on the Surigao Joint Venture project on Mindanao Island in the Philippines. To date a total of 90 line kilometers of induced polarization, and 30 kilometers of magnetic geophysical surveying, as well as detailed geological mapping and sampling has been completed. The exploration program is being carried out over porphyry copper-gold targets on the Tapian San Francisco, Tapian Main and Agata Projects.|
The Mindoro/Panoro Joint Venture project comprises a total land area of 24,000 hectares and is believed to be the second largest land positions in the Surigao Gold District, where there have been several significant porphyry copper-gold discoveries in recent years. A map showing recent discoveries is available on both companies' websites at the links below:
Mindoro's website: http://www.mindoro.com/news-nov252004.htm
Panoro's website: http://www.panoro.com/news-nov252004.htm
At Tapian San Francisco, the survey covered a strong porphyry copper-gold target described in a news release dated Sept. 20, 2004. Anomalous induced polarization trends have been defined that are open to extension and warrant additional surveying. The preliminary survey data are currently being modeled and results will be reported in the near future.
At Tapian Main, the geophysical surveys targeted extensive copper and gold soil anomalies in an area of altered and mineralized volcanics, limestone and ultra-mafic rocks intruded by a complex of intermediate stocks, and the site of a pre-World War II gold mine and milling facility. Strong chargeability anomalies have been outlined over a strike length of one kilometer, and are open to the north and south. These appear to coalesce at depth to form a broad anomaly, which is more than one kilometer wide. Detailed results will be reported when modeling has been completed.
Geophysical surveying and mapping are currently in progress on the Agata Project. Agata is an extensively mineralized project, with numerous epithermal/mesothermal gold showings, artisanal workings, and copper and gold soil anomalies over at least five kilometers of strike.
In 1999, reconnaissance drilling at Agata, intersected copper-gold mineralization, associated with quartz-magnetite alteration within multiphase intrusives, interpreted to be of porphyry copper-gold affinity. The principal target at Agata is porphyry copper-gold mineralization associated with the intrusive rocks. Geophysical results will be reported upon completion of the survey and the modeling of the data.
Agata also has a nickel laterite prospect, which has attracted interest from a major nickel mining group, with whom discussions are ongoing.
Mindoro is the operator of the Joint Venture project and work is carried out under the supervision of Tony Climie, P.Geol., who is a qualified person as defined by National Instrument 43-101, and President of Mindoro.
Mindoro is a Tier One Company listed on the TSX Venture Exchange (TSX-V: MIO) and the Frankfurt Stock Exchange (OLM). The Company is exploring for gold and gold-copper in the prolifically mineralized magmatic arcs of the Asia-Pacific Region. Mindoro has been active in the Philippines for seven years and is presently focused on six promising projects in politically stable jurisdictions of the Philippines. For further information please visit Mindoro's website at: http://www.mindoro.com
Panoro Minerals Ltd. is a Canadian mineral exploration company listed on the TSX Venture Exchange (TSX-V: PML). Panoro's strategic focus is on exploring for large-potential gold and copper/gold deposits in countries with the corresponding geological potential and where the right political and economic conditions are present. For further information please visit Panoro's website at: http://www.panoro.com
Investor Relations contact for Mindoro and Panoro
Marshall Farris, Ascenta Capital Partners Inc.
Phone: (1-604) 628-5800
Toll Free: 1-866-684-4209
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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