Filing Services Canada
October 15th, 2008 | by mantrionline |Edmonton, Alberta CANADA, October 14, 2008 Mindoro Resources Ltd. is pleased to report results for a further 21 drill holes from the Agata North Nickel Laterite Project, Philippines. The limonite horizon averages 1.10 percent nickel, 0.12 percent cobalt and 46.04 percent iron over an average thickness of 3.18 meters. The underlying saprolite horizon averages 1.26 percent nickel over an average thickness of 7.83 meters. Grades and thicknesses are consistent with those previously reported and continue to be of potential economic interest.
The resource delineation drilling program was recently terminated at Agata North, with about 80 per cent of the mineralization drill-defined. Results of a further 80 drill holes are awaited. An updated NI 43-101 resource estimate will be released in November. Management believes that an adequate resource has now been defined in order to establish the optimal mining and processing concept, and on which to base an initial scoping study.
The vibrant Asian economies, led by powerhouses China (consistently in the 10 to 12% growth range over the past decade) and India (growing at 7%), will now experience some set-back due to the current “Western Economic Crisis”. It remains to be seen what this fallout will be; most likely a dampening down on their rate of spectacular growth. But the progress of hundreds of millions of industrious Asians to middle class consumerism will not be stopped by western economic excesses, nor will the creation of entire new regional infrastructures. There seems little doubt that the growth of China, India, and other developing nations in the region, will continue with but a temporary pause and will provide a ready market for the nickel, cobalt and iron mined in the Philippines.
A full listing of the latest drill results and a drill hole location map is available with this release on Mindoro’s website. The following table presents the average values of the latest assay results from 18 drill holes:
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Laterite Horizon Ave. Thickness (meters) % Ni % Co % Fe
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Ferruginous Laterite 1.38 0.68 0.09 50.05
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Limonite 3.18 1.10 0.12 46.04
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Saprolite 7.83 1.26 0.02 11.00
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