Mindoro Resources Ltd.
TSX VENTURE : MIO
FRANKFURT : WKN906167

Mindoro Resources Ltd.

October 19, 2006 11:33 ET

Mindoro Resources Ltd.: Warrants Exercised

EDMONTON, ALBERTA--(CCNMatthews - Oct. 19, 2006) - Mindoro Resources Ltd. (TSX VENTURE:MIO)(FWB:WKN 906167) has received a total of $2,931,052 from the exercise of 9,770,176 purchase warrants at $0.30 per share that were to expire on October 15, 2006. Of this amount, $1,506,453 was received prior to July 1, 2006. The total warrants exercised represents greater than 99.9 percent of the 9,777,776 warrants originally issued in October 2004.

The Company also received $230,000 from the exercise of 460,000 purchase warrants at $0.50 per share that were to expire on October 12, 2006. Of this amount, $15,312 was received prior to July 1, 2006. The total warrants exercised represents approximately 43 percent of the 1,058,750 warrants originally issued in April 2005.

"We are very pleased with the on-going support we have received from our shareholders," commented Mindoro's president, Tony Climie. "This will allow us to further accelerate our drill programs in the Philippines, where we are continuing to expand a significant epithermal gold deposit at Kay Tanda and will soon start drilling Calo, which we consider to be our best porphyry copper-gold prospect in the Philippines."

Following the exercise of the warrants, Mindoro has 64,142,715 shares issued and outstanding and 80,309,642 shares fully diluted.

ABOUT MINDORO

Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). The company is focused on the Philippines where it is drill-defining a gold resource on its Kay Tanda Prospect and has identified 22 porphyry copper-gold drill targets, as well as a promising nickel-iron laterite prospect.

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
    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