Mindoro Reports Further Drill Results From Agata Nickel Laterite Project



    EDMONTON, Sept. 4 /CNW Telbec/ - Mindoro Resources Ltd. (TSXV: MIO;
Frankfurt: WKN 906167) is pleased to report results for a further 23 drill
holes from the Phase 2 drill program on the Agata North Nickel Laterite
Project, Philippines. For the 18 drill holes that are within the area of
mineralization, the limonite horizon averages 1.09 percent nickel,
0.12 percent cobalt and 44.55 percent iron over an average thickness of
3.26 meters. The underlying saprolite horizon averages 1.16 percent nickel and
12.35 percent iron over an average thickness of 4.84 meters. Grades and
thicknesses are consistent with those previously reported and continue to be
of potential economic interest. The drill program is continuing to expand the
resource.
    On August 12, 2008, Mindoro reported an NI 43-101 mineral resource
estimate from Agata North (see About the Agata Nickel Laterite Project).
Objectives of the ongoing drill program are to completely drill out the Agata
North resource; leading to an evaluation of the most applicable processing
technologies, and selection of the optimal method to advance the project.
Results of a further 75 drill holes are awaited and drilling is ongoing with
four drill rigs. Current drill spacing is on 100 meter centers, adequate for
at least inferred resource category and likely indicated resource category for
much of the mineralization.
    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 from the latest assay results from 18 drill holes:

    
    -------------------------------------------------------------------------
    Laterite Horizon       Ave. Thickness (meters)    % Ni    % Co    % Fe
    -------------------------------------------------------------------------
    Ferruginous Laterite                     1.26     0.69    0.09   47.11
    -------------------------------------------------------------------------
    Limonite                                 3.26     1.09    0.12   44.55
    -------------------------------------------------------------------------
    Saprolite                                4.84     1.16    0.03   12.35
    -------------------------------------------------------------------------
    

    ABOUT THE AGATA NICKEL LATERITE PROJECT

    Location in the Prolific Surigao Copper-Gold and Nickel District

    The Agata Nickel Laterite Project is situated on the Agata Project,
Surigao Gold District, northern Mindanao, the Philippines. The Surigao Gold
District is not only a current and historical gold producing district but,
with the discovery of a cluster of porphyry copper gold deposits by Anglo
American, it also has high potential to become a major copper-gold camp.
Mindoro has multiple gold and copper-gold targets in the Surigao District at
varying stages of drill evaluation. The Surigao Region is now emerging as a
major nickel laterite district, and there are a number of nickel laterite
deposits either in production or being developed.

    Agata North Mineral Resource Estimate and Exploration Target

    On April 30, 2008, Mindoro announced an early-stage NI 43-101 compliant
mineral resource estimate for the Agata Nickel Laterite Project. The estimate
was updated on August 12, 2008.
    The estimate for combined Measured and Indicated Resources is
4.95 million wet metric tonnes (WMT) grading 1.18 percent nickel,
0.074 percent cobalt and 28 percent iron, at a cut-off grade of 0.80 percent
nickel; containing approximately 92.4 million pounds nickel. In addition, the
Inferred Resource estimate is 4.37 million WMT grading 1.26 percent nickel,
0.047 percent cobalt and 20 percent iron, also at a cut-off grade of
0.80 percent nickel; containing approximately 92.5 million pounds nickel.
Breakdown between limonite and saprolite is given in the August 12, 2008, news
release. A total of 228 drill holes, comprising 4,507 meters of diamond drill
core and 4,480 assay samples, were used for the estimate. This resource
estimate covers about 25% of the area of the Agata North laterite as mapped to
date.
    The Exploration Target for Agata North is 30 to 40 million WMT at a grade
of 0.9% to 1.5% nickel and 18% to 28% iron. This does not include other areas
of laterite mineralization on the Agata Project, nor other Mindoro Projects in
the Surigao District.
    The reader is cautioned that mineral resources which are not mineral
reserves do not have demonstrated economic viability. Further, the potential
quantity and grade of the exploration target described above is conceptual in
nature. There has been insufficient exploration to define mineral resources
other than those disclosed in this release, and it is uncertain if further
exploration will result in the targets delineating additional mineral
resources or that these resources, if delineated, will be economic or
sufficient to support a commercial mining operation. Until a feasibility study
has been completed there is no certainty that the company's projections will
be economically viable.

    Enhanced Value, On-Site Processing Alternatives

    While sulphide nickel deposits have dominated historical nickel
production, the future belongs to nickel laterite deposits. Once regarded as
too difficult metallurgically, break-throughs and technological refinements,
still in their relative infancy, are leading rapidly to a new generation of
nickel production centers from laterite deposits. The Agata Project with its
excellent infrastructure, proximity to tide water, potential hydro-electric
power on an adjacent river, and the markets that really count, is attractively
placed for potential development.
    While much of the Surigao District nickel laterite production has been as
direct shipping ore (DSO) to processing plants in Japan, Australia and China,
several attractive alternatives are emerging for local processing, which
include; constructing an on-site blast or electric arc furnace for nickel pig
iron production (a low grade ferronickel product); ferronickel smelting (a
ferronickel smelter recently commenced operation not far away in NW Mindanao);
heap-leaching, for which pilot testing on another Philippine laterite deposit
has produced promising results; atmospheric (tank) leaching; and an improved
generation of High Pressure Acid Leach (HPAL) plants. HPAL technology is
currently being used with great success by Sumitomo on its Philippine Coral
Bay operation, and shows considerable promise for the local processing of
Surigao ores.
    Processing technologies which may be especially suited to the Agata
Laterite Project include atmospheric (tank) leaching, or ferronickel smelting
which could potentially utilize power from a "mini-hydro plant" constructed on
an adjacent large river.
    As noted in a February 7, 2008, news release, there is abundant evidence
of the beginning of a trend for local/on-site processing of Philippine
laterite ores and the growth of a large high-value industry in the
Philippines. Mindoro expects that the prolifically nickel laterite-mineralized
Surigao District will be an important part of this evolution.
    While options are being kept open for DSO production in the short term,
on-site processing offers much more exciting and high value opportunities.
Construction of a local processing plant, rather than simply shipping out raw
product, would greatly increase the returns to all stakeholders; including
Mindoro's shareholders, its Philippine partner, the local people, local
government units, and to the Philippines itself.

    Programs are carried out under the supervision of Tony Climie, P.Geol.,
CEO and COO of Mindoro, who is a qualified person as defined by National
Instrument 43-101. Previous sample preparation and assaying were performed by
McPhar Laboratory of Manila, an ISO 9001/2000 accredited laboratory. Ni, Co,
Fe, MgO and Al2O3 assays are performed by AAS after an HCl-HNO3-HClO4 digest,
and SiO2 by gravimetric method. More recent results were from Intertek Testing
Services Phils, XRF analysis are performed to determine total element
concentrations (13 elements). Normal Quality Control and Quality Assurance
procedures are being carried out, using a system of duplicate samples. MRL has
conducted assays verification by using standard samples and re-assaying of
field, coarse and pulp duplicates.

    ABOUT MINDORO

    Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and
the Frankfurt Stock Exchange (WKN 906167). In addition to advancing the Agata
Nickel Laterite Project, Mindoro has announced an initial 43-101 compliant
gold-silver mineral resource estimate on its Kay Tanda gold-silver project,
and is proceeding to advance this project. The company has also identified
22 porphyry copper-gold prospects in the Philippines and is currently involved
in several advanced joint venture discussions.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

    This release may contain forward-looking statements including
management's assessments of future plans and operations, and expectations of
future production. These statements are based on current expectations that
involve a number of risks and uncertainties, which could cause actual results
to differ materially from those anticipated. These risks include, but are not
limited to, the risks associated with the mining and exploration industry
(e.g. operational risks in development, exploration and production; delays or
changes in plans with respect to exploration or development projects or
capital expenditures; the uncertainty of reserve estimates; the uncertainty of
estimates and projections relating to production). The assumptions used in the
preparation of such statements, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance should not
be placed on forward-looking statements.




For further information:

For further information: Investor Relations - Canada: Mindoro Resources
Ltd.: Penny Gould, President, penny@mindoro.com, (780) 413-8187, Toll Free:
1-877-413-8187, www.mindoro.com; Renmark Financial Communications Inc.:
Barbara Komorowski, bkomorowski@renmarkfinancial.com; Jason Roy,
jroy@renmarkfinancial.com, (514) 939-3989, Fax: (514) 939-3717,
www.renmarkfinancial.com; Investor relations - Europe: Argentuminvest GmbH:
Richard H. Mayr, info@argentuminvest.com, +49.9421.568899-0, Fax:
+49.9421.568899-4

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