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Dec 21, 2005
Agata Drilling Update
EDMONTON, Alberta and Vancouver, British Columbia; December 21, 2005 - Mindoro Resources Ltd. (TSX-V: MIO; Frankfurt: OLM) and Panoro Minerals Ltd. (TSX-V: PML; Frankfurt: PZM) report that drilling on the Agata North copper-gold porphyry prospect has encountered extremely difficult ground conditions which has resulted in the abandonment of two shallow holes. It is not unusual to encounter difficulties during the initial drilling on a project and these are expected to be overcome as drilling continues. With the target remaining to be intersected, drilling will continue after a brief shut down over Christmas.
AGATA NORTH PORPHYRY PROSPECT
The Agata North prospect is located in the Surigao Gold District of Northern Mindanao in the Philippines. The prospect occurs at the intersection of northeast-southwest faults with a splay of the north-trending Philippine Fault, which is the structural setting of porphyry copper-gold deposits in the Surigao District. A very strong geophysical chargeability anomaly is being tested at Agata North, which is coincident with soil copper and gold anomalies, and unusually intense alteration of ultra-mafic rocks (pyrite and magnetite disseminations and silica veining). Several copper showings and intrusive dykes have been found in the area. Drilling to date has been within intensely fractured ultra-mafic rocks. This degree of structural preparation is consistent with that seen associated with porphyry copper-gold systems, but makes for difficult drilling.
The Agata North prospect is one of three porphyry copper-gold prospects on the Agata Project, which is part of the Surigao Joint Venture comprised of Mindoro, Panoro and a private Philippine company, Minimax Mineral Exploration Corp. BHP Billiton is also about to begin a drill program to test the Agata nickel laterite prospect.
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 http://www.mindoro.com and Panoro's website at http://www.panoro.com.. Exploration on the Agata Property is carried out under the supervision of Tony Climie, P.Geol., President of Mindoro, who is a qualified person as defined by National Instrument 43-101.
Mindoro is a well-financed Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (OLM). Mindoro has identified 19 porphyry copper-gold prospects and a nickel laterite prospect in the Philippines and is pursuing an aggressive strategy of drilling multiple targets in 2005-2006. Recent drilling confirmed the Pica porphyry copper-gold discovery on the Lobo Project and Mindoro plans to mobilize another drill rig to the Kay Tanda prospect on the Archangel Project in January.
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
For further information, contact:
Mindoro Head Office
Penny Gould, Executive Vice President
Panoro Head Office
Helmut Wober, President
Mindoro Investor Relations
Marshall Farris, Ascenta Capital Partners Inc.
Toll Free: 1.866.684.4209
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