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Mar 14, 2007 Purchase and Sale of Surigao Interest EDMONTON, Alberta and Vancouver, British Columbia; March 14, 2007 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) and Panoro Minerals Ltd. (TSX-V: PML; Frankfurt: PZM) today announced the purchase and sale of Panoro's forty percent interest to Mindoro in a package of properties in the Surigao Gold District of Northern Mindanao, the Philippines. Upon closing, as consideration for the purchase of the interest, Mindoro will pay Panoro $750,000 cash plus 500,000 Mindoro Common shares; Mindoro will make a second payment of $500,000 cash plus 500,000 Common shares on the first anniversary of the closing. Furthermore, in the event that the nickel laterite prospect located on the Agata project should proceed to production and upon shipment of an aggregate one million tonnes of nickel laterite, Mindoro will pay Panoro $500,000 cash plus an additional $500,000 cash payment on the first anniversary of the shipment. The purchase and sale agreement and issue of Common shares are subject to regulatory approval. FOR FURTHER INFORMATION, CONTACT: Mindoro Head Office Penny Gould, Executive Vice President Phone: 780.413.8187 Fax: 780.426.2716 E-mail: penny@mindoro.com Website: www.mindoro.com Panoro Head Office Helmut Wober, President Phone: 604.684.4246 Fax: 604.684.4200 E-mail: info@panoro.com Website: www.panoro.com Mindoro Investor Relations - Canada Trent Dahl, Ascenta Capital Partners Inc. Phone: 604.628.5800 Toll Free: 1.866.684.4209 ext. 228 E-mail: info@mindoro.com Mindoro Investor Relations - Europe Richard Mayr, Argentuminvest GmbH Phone: +49.9421.785250 Fax: +49.9421.785255 E-mail: info@argentuminvest.com The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. | |
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