Mindoro Resources Ltd.

Mindoro Resources Ltd.
Panoro Minerals Ltd.

Panoro Minerals Ltd.

January 10, 2005 11:36 ET

Mindoro Resources Ltd. and Panoro Minerals Ltd.: Encouraging Results Continue for Nickel Laterite at Agata Project


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: MINDORO RESOURCES LTD.

TSX VENTURE SYMBOL: MIO
FRANKFURT SYMBOL: OLM



AND PANORO MINERALS LTD.

TSX VENTURE SYMBOL: PML

JANUARY 10, 2005 - 11:36 ET

Mindoro Resources Ltd. and Panoro Minerals Ltd.:
Encouraging Results Continue for Nickel Laterite at
Agata Project

EDMONTON, ALBERTA and VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan.
10, 2005) - Mindoro Resources Ltd. (TSX VENTURE:MIO) (FWB:OLM) and
Panoro Minerals Ltd. (TSX VENTURE:PML) today announce further
encouraging results from Taganito Mining Corporation's Phase 2
evaluation of the nickel laterite potential of the Agata Project in the
Philippines. Agata is one of several projects of the Surigao Joint
Venture, comprising Mindoro, Panoro Minerals Ltd. and a private
Philippine company, Minimax Mineral Exploration Corp. Taganito has given
notice that it wishes to proceed to a more detailed Phase 3 evaluation,
including extensive drill testing.

As reported on June 3, 2004, the Surigao Joint Venture granted Taganito
the right to assess the nickel laterite potential of Agata. Taganito was
selected from several interested parties to evaluate the nickel laterite
potential of Agata, because of the company's nickel laterite mining
expertise and because the Joint Venture is focused on copper-gold. On
August 31, 2004, Mindoro reported encouraging results from the Phase 1
program carried out by Taganito.

Taganito reports that its Phase 2 work consisted of geological mapping
and sampling. Forty-eight surface laterite and rock samples were
collected covering an area of about 300 hectares, within a much more
extensive area of nickel laterite mineralization. Nickel contents range
from very low to a high of 2.09%, with most of the values exceeding
0.5%. A full listing of assays is available with this release on
Mindoro's website. Taganito recommends a detailed geological survey and
drilling, because they consider these values to "be within the range
that normally cap the secondary nickel enriched zone."

Taganito Mining Corporation is owned by Japanese nickel smelter and
trading companies, and private Philippine interests. Taganito produces
approximately one million tonnes per year of direct shipping-grade ore
from four different mines in the Surigao Province. The ore is shipped to
Japan and Queensland, Australia, for processing.

Agata covers areas of gold mineralization where Mindoro previously
drill-intersected promising gold mineralization in intrusive rocks and
limestone as reported in the release dated Nov. 17, 1999. In addition,
several substantial porphyry copper-gold discoveries have been made in
the Surigao Gold District in the past few years and Agata is considered
by the Surigao Joint Venture to also have a very high potential for
porphyry copper-gold deposits. Accordingly, a major program of induced
polarization (IP) and magnetic geophysical surveys combined with
detailed geological mapping aimed at defining porphyry copper-gold
targets commenced in November, 2004, and is ongoing.

Nickel laterite deposits occur at, and near-surface, in highly-weathered
ultra-mafic rocks. In the case of the Agata project, the situation may
occur where a nickel laterite deposit is overlying a gold or copper -
gold deposit at depth below it. If this is the case, the Surigao Joint
Venture would strive to maximize the economic return from the project by
developing and exploiting both deposits. Discussions with Taganito will
continue once the Surigao Joint Venture has completed a thorough
evaluation of Agata's copper-gold potential.

Further results from the major copper-gold exploration program on the
Surigao Joint Venture Projects, including the Agata geophysical surveys,
will be reported in the near future. Exploration is carried out under
the supervision of Tony Clime, P.Geol., who is a qualified person as
defined by National Instrument 43-101, and President of Mindoro.

ABOUT MINDORO

Mindoro is a Tier One Company trading on the TSX Venture Exchange (TSX
VENTURE:MIO) and the Frankfurt Stock Exchange (FWB:OLM). The Company is
exploring for gold and gold-copper in the prolifically mineralized
magmatic arcs of the Asia-Pacific Region. Mindoro has been active in the
Philippines since 1996 and is presently focused on six promising
projects in politically stable jurisdictions of the Philippines. For
further information please visit Mindoro's website at:
http://www.mindoro.com

ABOUT PANORO

Panoro Minerals Ltd. is a Canadian mineral exploration company listed on
the TSX Venture Exchange (TSX VENTURE:PML). Panoro's strategic focus is
on exploring for large-potential gold and copper/gold deposits in
countries with the corresponding geological potential and where the
right political and economic conditions are present. For further
information please visit Panoro's website at: http://www.panoro.com

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Ascenta Capital Partners Inc.
    Marshall Farris
    Investor Relations contact for Mindoro and Panoro
    (604) 628-5800 or Toll Free: 1-866-684-4209
    Email: info@ascentacapital.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.