NICKEL EXPLORATION: Agata drilling cuts more good grades

PHILIPPINES MINDORO RESOURCES of Edmonton continues to drill good nickel, cobalt and iron grades as it continues work at its Agata laterite project near Mindanao. Results from 18 recent holes, part of the project to advance the Agata North deposit, were announced for three types of ore:

Laterite0.69% Ni, 0.09% Co and 47.11% Fe over 1.26 metres
Limonite1.09% Ni, 0.12% Co and 44.55% Fe over 3.26 metres
Saprolite1.16% Ni, 0.03% Co and 12.35% Fe over 4.84 metres

Last month the company released a resource estimate for Agata North using a 0.8% Ni cutoff grade. The measured and indicated resource in all types of mineralization averaged 1.18% Ni, 0.074% Co and 28.00% Fe in 4.95 million wet tonnes. The inferred resource estimate is 1.26% Ni, 0.5% Co and 20% Fe contained in 4.37 million wet tonnes. The amount of contained nickel in all categories may be 185 million lb. The exploration target for Agata North is 30 million to 40 million wet tonnes at a grade of 0.9% to 1.5% Ni and 18% to 28% Fe.

Complete drill results are available in the news releases posted at www.Mindoro.com. An updated corporate presentation will be available soon at the same site.