Mindoro Resources Ltd.
TSX VENTURE : MIO
FRANKFURT : OLM

Mindoro Resources Ltd.

March 20, 2006 11:44 ET

Mindoro Announces Private Placement

EDMONTON, ALBERTA--(CCNMatthews - March 20, 2006) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FWB:OLM) today announced that it will raise up to CDN $2,030,000 by way of a private placement. The Company intends to sell up to 2,900,000 units to qualified investors at a price of $0.70 per unit. Each unit will consist of one Common Share and one half Common Share Purchase Warrant. Each whole Warrant entitles the holder to acquire one additional common share at a price of $1.00 per share for a period of one year after closing of the offering, and thereafter at $1.25 per share for one additional year. The Company may pay finder's fees as allowed by the policies of the TSXV.

Net proceeds of the offering will be used for advancing the Company's projects in the Philippines. The terms of the private placement are subject to regulatory approval. A news release will be made when the placement closes and shares issued.

ABOUT MINDORO

Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (OLM). The company has identified 22 porphyry copper-gold prospects and a nickel laterite prospect in the Philippines and has an aggressive strategy of drilling multiple targets in 2006.


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

Contact Information

  • Mindoro Resources Ltd. - Head Office
    Penny Gould
    Executive Vice President
    (780) 413-8187
    (780) 426-2716 (FAX)
    penny@mindoro.com
    www.mindoro.com
    or
    Ascenta Capital Partners Inc.
    Marshall Farris
    Investor Relations
    (604) 628-5800 or Toll Free: 1 (866) 684-4209 ext. 22
    info@mindoro.com