Mindoro Resources Ltd.
TSX VENTURE : MIO
FRANKFURT : OLM

Mindoro Resources Ltd.
Panoro Minerals Ltd.
TSX VENTURE : PML
FRANKFURT : PZM

Panoro Minerals Ltd.

January 31, 2006 11:40 ET

Mindoro Resources Ltd. and Panoro Minerals Ltd.: Drilling Underway on Agata Nickel Laterite

EDMONTON, ALBERTA and VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 31, 2006) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FWB:OLM) and Panoro Minerals Ltd. (TSX VENTURE:PML)(FWB:PZM) are pleased to report that drilling of the Agata nickel laterite prospect has commenced. Two drill rigs are now in operation. As reported on December 12, 2005, BHP Billiton has been granted the exclusive right, for 180 days, to undertake a drilling and evaluation program to determine the nickel laterite potential of the Agata Property. The program will consist of 32 drill holes, totaling approximately 640 meters.

The Agata Project is part of the Surigao Joint Venture, comprised of Mindoro, Panoro and a private Philippine company.

Exploration on the Agata Property is carried out under the supervision of Tony Climie, P.Geol., who is a qualified person as defined by National Instrument 43-101, and President of Mindoro.

A map of the Surigao Gold District showing the Surigao Joint Venture projects and other significant prospects and discoveries is available on Mindoro's website at www.mindoro.com and Panoro's website at www.panoro.com. Drilling is also currently in progress on the Agata North porphyry copper-gold prospect.

ABOUT MINDORO

Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (OLM). Mindoro has identified 22 porphyry copper-gold prospects and a nickel laterite prospect in the Philippines and is pursuing an aggressive strategy of drilling multiple targets in 2006. Recent drilling confirmed the Pica porphyry copper-gold discovery on the Lobo Project, where drilling continues, and drilling is underway on a second porphyry prospect on the Agata Project.

ABOUT PANORO

Panoro Minerals Ltd. is a Canadian mineral exploration company trading on the TSX Venture Exchange (PML) and on the Frankfurt Stock Exchange (PZM). Panoro's strategic focus is on exploring for large-potential gold and copper/gold deposits in countries with the corresponding geological potential and where acceptable political and economic conditions are present.


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

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