News:

Subscribe for Updates:

Enter your email below to receive email updates

RSS Feed:

Press Releases

 
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.
 
 

You can view the Next Press Releases item: Wed Mar 21, 2007, Excellent Metallurgical Test Results From Kay Tanda

You can view the Previous Press Releases item: Tue Mar 13, 2007, Drilling Commences at Agata Nickel Laterite with Five Rigs

You can return to the main Press Releases page, or press the Back button on your browser.