Mindoro Resources Ltd.
TSX VENTURE : MIO

Mindoro Resources Ltd.

December 15, 2006 15:07 ET

Mindoro Announces Private Placement

EDMONTON, ALBERTA--(CCNMatthews - Dec. 15, 2006) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(Frankfurt: WKN 906167) today announced that it will raise up to CDN $3,290,000 by way of a private placement. The Company intends to sell up to 4,700,000 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 the close 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 are issued.

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 the resource delineation being carried out at Kay Tanda, 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 2006/2007.

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.
    Penny Gould
    Executive Vice President
    (780) 413-8187
    Email: penny@mindoro.com
    Website: www.mindoro.com
    or
    Ascenta Capital Partners Inc.
    Trent Dahl
    Investor Relations-Canada
    (604) 628-5800 or Toll Free: 1-866-684-4209 ext. 228
    Email: info@mindoro.com
    or
    Argentuminvest GmbH
    Richard Mayr
    Investor Relations-Europe
    +49.9421.785250
    +49.9421.785255 (FAX)
    Email: info@argentuminvest.com