MELBOURNE, AUSTRALIA -- (Marketwire) -- 02/11/13 -- Mindoro Resources Ltd. (TSX VENTURE: MIO)(ASX: MDO)(FRANKFURT:WKN 906167) is pleased to announce that Red Mountain Mining Ltd. (ASX: RMX), 53.3% owned by Mindoro, has disclosed new Mineral Resource Estimates for the Batangas Project, comprised of Archangel (Kay Tanda) and Lobo (South West Breccia, "SWB"), Luzon Island, Philippines. These properties were recently acquired from Mindoro.
Red Mountain, utilizing and reinterpreting the historic drill data base of Mindoro, with additional information from recent drilling and trenching, has estimated the resources at a cut-off grade (COG) of 0.85 g/t gold (a NI43-101 compliant technical report will not be filed at this time, and is not required by ASX JORC regulations).
The new Mineral Resource Estimates for the Batangas Projects are summarized in the table below:
---------------------------------------------------------------------------- Resource Au Au Ag AgProject Category Tonnes g/t Oz g/t Oz----------------------------------------------------------------------------Archangel Inferred 3,004,000 2.0 197,000 1.3 124,000 --------------------------------------------------------- Indicated 2,582,000 2.0 165,000 5.7 471,000----------------------------------------------------------------------------Lobo (SWB) Inferred 16,000 5.3 3,000 1.7 1,000 --------------------------------------------------------- Indicated 178,000 7.4 42,000 1.8 10,000----------------------------------------------------------------------------
Red Mountain has adopted a strategy to transition Batangas' historic low-grade bulk gold tonnages to higher grade resources suitable for a Carbon in Leach (CIL) treatment facility with a focus on discovering additional high grade gold lodes and developing the current resources.
Red Mountain reports that drilling is in progress testing epithermal gold lode structures at West Drift, Lobo, where two drill rigs are operating. A third rig is being added for scout drill-testing of other gold targets in the over 10 km of epithermal vein breccia trends at Lobo.
The previous Mineral Resource Estimates for Archangel were calculated using a lower COG, with the objective of defining a bulk-tonnage, open-pittable resource, and utilized a COG at 0.3 g/t gold for oxide material and 0.5 g/t for transitional and sulphide material. At SWB, a COG of 0.5 g/t gold was utilized. NI 43-101 compliant technical reports dated April 14, 2010, for Archangel, and February 17, 2005, for SWB, are available on SEDAR and Mindoro's website.
The previous Mineral Resource Estimates using the above COG's for the Batangas Projects are shown below:
ArchangelMeasured and Indicated: 9.8Mt at 1.06 g/t Au for 337,500oz AuInferred: 3.7Mt at 0.81 g/t Au for 97,200oz Au.Lobo (SWB)Indicated: 270,000t at 6.29g/t Au for 56,380oz AuInferred: 61,000t at 5.35 g/t Au for 10,540oz
