Mindoro Resources Ltd.

Mindoro Resources Ltd.

March 15, 2005 11:33 ET

Mindoro Resources Ltd.: Geophysical Surveys Define Porphyry Copper-Gold Targets at Archangel


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: MINDORO RESOURCES LTD.

TSX VENTURE SYMBOL: MIO
FRANKFURT SYMBOL: OLM

MARCH 15, 2005 - 11:33 ET

Mindoro Resources Ltd.: Geophysical Surveys Define Porphyry
Copper-Gold Targets at Archangel

EDMONTON, ALBERTA--(CCNMatthews - March 15, 2005) - Mindoro Resources
Ltd. (TSX VENTURE:MIO) (FWB:OLM) today announced preliminary results
from a major ongoing geophysical program at the Archangel Project in the
Batangas Province of the Philippines. The objective of the induced
polarization (chargeability and resistivity) survey was to define
porphyry copper-gold targets: to date, a total of 51 line kilometers of
induced polarization and magnetic geophysical surveying has been
completed.

"We are extremely pleased with the results to date at Archangel; they
are beyond our expectations," said Tony Climie, President of Mindoro.
"The Archangel results strongly suggest the occurrence of multiple
porphyry copper-gold systems on the property."

The surveying commenced in early January and initially only four
reconnaissance lines were planned in the southwestern part of the
project, near the Ahit high-sulphidation epithermal copper-gold
prospects and the nearby Balibago prospect, where porphyry-style
alteration is associated with copper showings (please see the Archangel
Project maps on our website at
http://www.mindoro.com/s/Batangas_Maps.asp). When strong chargeability
and resisitivity anomalies were defined on all four lines, the survey
was extended along the strike to the northeast to cut the anomalies off.

The survey team is now working five kilometers from the starting point,
having defined semi-continuous chargeability and resistivity anomalies
extending over that distance. These anomalies are consistent with the
reflection of multiple porphyry copper-gold systems at depth. The
strongest anomalies are being defined in the northeastern area, known as
Marita, where strongly silica-illite-altered quartz diorite boulders
have been located. These boulders contain quartz-stockworks and
disseminated copper mineralization, which suggest a porphyry copper-gold
setting (an independent petrographic report was conducted by E. Comsti,
M.Sc. of Terradata, Manila).

"Remarkably, we were the first company to put together a land package
covering the entire five kilometer-plus mineralized trend at Archangel
and run systematic geophysics over it," said Mr. Climie, "We look
forward to what will obviously be a very large drill program commencing
later this year."

Mindoro can earn a 75 percent interest in the Archangel and Lobo
Projects, with its partner, Egerton Gold Philippines Inc., retaining 25
percent. The geophysical survey is being carried out by McPhar
Geoservices (Philippines), Inc. of Manila, an ISO 9001:2000 company
headed by Canadian geophysicist, Peter Smith. Work is carried out under
the supervision Tony Climie, P. Geol., a "qualified person" as defined
by National Instrument 43-101.

ABOUT MINDORO

Mindoro is a Tier One Company trading on the TSX Venture Exchange (TSXV:
MIO) and the Frankfurt Stock Exchange (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.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    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
    info@ascentacapital.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.