Further strong drill results of potential economic interest have been received by Mindoro Resources from the Bolobolo and Karihatag nickel targets in the Surigao nickel district of northeast Mindanao.1

Best Bolobolo results are 9.70 metres @ 1.19% nickel from surface including 8.85 metres @ 1.24% nickel from 0.85 metres in saprolite; 10.3 metres @ 1.01% nickel from surface including 7.50 metres @ 1.13% nickel from 2.80 metres in saprolite; 7.50 metres @ 1.22% nickel from surface including 5.55 metres @ 1.30% nickel from 1.95 metres in saprolite; 7.25 metres @ 1.10% nickel from surface including 5.30 metres @ 1.24% nickel from 1.95 metres in saprolite; and 6.80 metres @ 1.02% nickel from surface including 6.10 metres @ 1.05% nickel from 0.70 metres in saprolite.

Best Karihatag result is 6.75 metres @ 0.87% nickel and 0.10% cobalt from surface in limonite.

A total of 466 holes for 4990 metres have been completed from the 7000-10,000 metre program systematically testing regional nickel targets with the objective of converting a significant proportion of the Surigao regional exploration targets to resources.

Drilling on a 50 x 50 metre grid pattern at Bolobolo will provide sufficient drilling density to enable calculation of indicated resources upon completion of the full regional program.

Mindoro is focused on nickel, copper and gold exploration in the Philippines with a strategy of advancing early-stage opportunities to production or joint venture. It has NI 43-101 mineral resource estimates on its Agata nickel-cobalt project and NI 43-101 estimates on its Lobo and Archangel (Kay Tanda) gold-silver projects, as well as an additional 22 porphyry copper-gold prospects.

Senior gold producer Gold Fields may earn 75% interest in three of Mindoro's projects at Batangas through direct project expenditure.

Mindoro is assessing the potential to develop a value-added shipping ore nickel operation to generate early cash flow as well as large scale potential for an onsite processing plant in the Surigao District.

An integrated preliminary economic assessment on the Agata nickel laterite project is expected to be completed in the first quarter of 2011, leading to start of a pre-feasibility study into an integrated on site nickel processing project.


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