DJ Mindoro,Gold Fields Ink Deal Over Philippine Copper-Gold Mines

MANILA, Sep 03, 2008 (Dow Jones Commodities News via Comtex) -- MNODF | Quote | Chart | News | PowerRating -- Mindoro Resources Ltd. (MIO.V) has signed an agreement that would allow Gold Fields Ltd. (GFI) to acquire up to a 75% interest in each of Mindoro's El Paso, Lobo and Talahib porphyry copper-gold projects in Batangas, south of Manila, the company said Thursday.

The "non binding letter agreement" enables Gold Fields to conduct due diligence on the projects within 90 days, Mindoro said in a statement.

"Gold Fields may earn up to a 75% interest in each of the three projects by sole funding exploration and a feasibility study on each project. Mindoro will retain a 25% interest," the company said.

Tony Climie, chief executive of Mindoro, said the agreement represents "an important part of Mindoro's strategy going forward, which is to accelerate and reemphasize the advancement of the copper-gold projects on our target-rich land packages."

"We welcome this agreement with a company of Gold Fields's stature, and see it as an endorsement of the potential of our Batangas projects," he added.

A formal agreement is expected to be concluded within the 90-day period.

The world's fourth largest producer of the metal, Gold Fields is listed on the JSE South Africa, the New York Stock Exchange and the Dubai International Financial Exchange.

Mindoro is listed on the Canadian and Frankfurt stock exchanges.

-By Rhea Sandique-Carlos, Dow Jones Newswires, 63-918-9014158; rhea.sandique-carlos@dowjones.com

(END) Dow Jones Newswires

09-03-08 2231ET

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