Newcrest quits Mindoro's S. Sumatra gold project

Canadian Venture Exchange listed gold mineral explorer Mindoro Resources Ltd said on Monday that Newcrest International Pty Limited of Australia had withdrawn from its Tiris gold project in South Sumatra, due to disappointing drill results on September.

Mindoro said with Newcrest's withdrawal, it wuld be difficult to continue exploration in current conditions, and no further work was planned at Tiris.

In June 2001, Mindoro granted Newcrest the right to undertake a drilling program, and to elect to earn a 75 percent interest in its Tiris gold project in return for 6-year drilling financing.

Mindoro holds 100 percent interst in the project. (alex)