http://www.mb.com.ph/BSNS2006070768688.html
By MELODY M. AGUIBA

Canada-based Mindoro Resources Ltd. (MRL) is eyeing a resource of 400,000 ounces of gold in its Batangas prospect as it invests $ 4 million in exploration and pre-feasibility in the project over the next six months to one year.

MRL has struck what is called a “bonanza” vein in its Kay Tanda epithermal gold-silver prospect which signals its hitting an economically viable find, although this has to be proven more extensively through further geological and metallurgical studies.

“Most of our mineralization is low grade. We had a bonanza vein deep down but it is only over one meter or a narrow vein. We have to evaluate to define if we have an economic resource,” said Tony Climie, MRL Gold Philippines Inc. president in an interview.

“We would like to see a minimum of 300,000 to 400,000 ounces of gold so we can begin to conduct a pre-feasibility study,” he said.

Over the next year, MRL is investing $ 1 million for more exploration. It is ready to pour in within after six months $ 3 million for pre-feasibility study (PFS) if drillings indicate a viable find. It has raised fund for drilling by selling shares in Canada, Germany, and Australia.
After a PFS, it may take two more years for the company to determine if it will upgrade the project to construction and development stage. (more…)