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Press Releases

Jan 23, 2001
Mindoro Closes Private Placement
Mindoro Resources Ltd. ("the Company") is pleased to announce the Canadian Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement, announced December 13 and December 15, 2000.

<%=FONT|NORMAL%>Number of Shares:<%=/FONT|NORMAL%> <%=FONT|NORMAL%>1,881,163 shares<%=/FONT|NORMAL%>
<%=FONT|NORMAL%>Purchase Price:<%=/FONT|NORMAL%> <%=FONT|NORMAL%>$0.135 per share<%=/FONT|NORMAL%>
<%=FONT|NORMAL%>Warrants:<%=/FONT|NORMAL%> <%=FONT|NORMAL%>1,881,163 non-transferable share purchase warrants to purchase 1,881,163 shares<%=/FONT|NORMAL%>
<%=FONT|NORMAL%>Warrant Exercise Price:<%=/FONT|NORMAL%> <%=FONT|NORMAL%>$0.18 if exercised in the first year; $0.30 if exercised in the second year<%=/FONT|NORMAL%>
<%=FONT|NORMAL%>Number of Placees:<%=/FONT|NORMAL%> <%=FONT|NORMAL%>There were five placees, including the following insiders:
Brian Farrell: 148,150 shares
James A. Climie: 860,213 shares
Norman R. Toreson: 795,000 shares<%=/FONT|NORMAL%>

Gross proceeds of $253,957 will be used by the Company for general working capital.

For further information, please contact Penny Gould, Executive Vice President

Phone: (780) 413-8187
Fax: (780) 426-2716

The Canadian 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: Mon Mar 12, 2001, EXTENSIVE NEW LAND ACQUISITIONS NEAR MAJOR BOYONGAN COPPER-GOLD

You can view the Previous Press Releases item: Fri Dec 15, 2000, Proposed Private Placement

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