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May 05, 2009
Mindoro And Gold Fields Sign Memorandum Of Agreement
EDMONTON, Alberta; May 5, 2009 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) is pleased to report that a Memorandum of Agreement (the "Agreement") has been signed with a member of the Gold Fields Group of Companies whereby Gold Fields may earn up to a 75 percent interest in each of Mindoro's El Paso, Lobo and Talahib porphyry copper-gold projects located in the Batangas Province of southern Luzon, the Philippines.

Gold Fields may earn up to a 75 percent interest in each of the three projects by sole funding exploration and a feasibility study on each project, subject to certain expenditure limits as described below. Gold Fields will manage each project whilst it is farming in. Additional earn-in terms are described in the section below entitled "About the Agreement".

Gold Fields has advised a forecast budget of approximately AU$2M for the first stage of exploration which is scheduled over the next twelve months. The proposed budget will be used to drill test several advanced targets on the El Paso and Lobo Projects and also fund ongoing target definition work on the Talahib Project and the remainder of the tenements. Mindoro has been advised that Gold Fields is considering the following scope of work on the projects:

LOBO AND EL PASO WORK PROGRAM
  1. Infill and extension of soil geochemistry, ground geophysical surveys (IP and magnetics). Detailed mapping within the area covering the Pica porphyry copper-gold prospect, Old Lobo copper mine, and SW Breccia epithermal gold resource on the Lobo Project, and covering the Calantas and Mulawin targets on the El Paso Project.

  2. Approximately 2,000 meters of diamond drilling on highest ranked targets on both the Lobo and El Paso Projects. Gold Fields is in the process of selecting the drill contractor.
TALAHIB PROPOSED WORK PROGRAM

The prospect area is characterised by a series of phyllic and sericite-chlorite-clay altered diorite and microdiorite intrusions in association with an area of encouraging stream sediment geochemical sampling with anomalous gold and copper in both stream sediment and grab samples. Continued surface reconnaissance mapping and sampling is therefore being considered in order to define priority targets for follow-up grid soil sampling and supporting IP and ground magnetic surveys later in the year.

ABOUT THE AGREEMENT

1st Phase
  • Gold Fields may earn a 51 percent interest in the El Paso project and the Lobo project by spending $AU4,000,000 on the relevant project within 60 months of the farmin period formally commencing.

  • In relation to the Talahib project Gold Fields may attain a 51 percent interest by spending $AU2,000,000 for the Talahib project.

  • To earn a 51 percent Gold Fields must maintain a minimum annual expenditure commitment of $AU350,000 per project.
2nd Phase - Feasibility
  • After completing the first phase, Gold Fields may elect to continue sole funding expenditure in relation to the relevant project.

  • In doing so, Gold Fields may earn a further 24 percent interest in the relevant project by completing a feasibility study or contributing a milestone amount of expenditure.

  • The milestone amount, for the El Paso project and the Lobo projects, is $AU16,000,000 and is $AU12,000,000 for the Talahib project. These milestone amounts are in addition to the expenditure contributed in the first phase.
ABOUT GOLD FIELDS

Gold Fields Limited is one of the world's largest un-hedged producers of gold, providing investors with maximum leverage to the gold price. Gold Fields has attributable production of approximately 4.0 million ounces per annum, mineral reserves of 83 million ounces and mineral resources of 251 million ounces. The Group employs some 50,000 permanent employees across its operations and is listed on the JSE Limited South Africa (primary listing), the New York Stock Exchange (NYSE) as well as the Dubai International Financial Exchange (DIFX). Gold Field's project generation focuses on high-quality exploration targets in emerging belts/camps worldwide based on three selected deposit types, namely: Au-Cu porphyries, high sulphidation epithermal systems and sediment-hosted orogenic gold deposits.

ABOUT MINDORO

Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on gold, copper-gold and nickel exploration in the Philippines with a strategy of advancing early stage opportunities to production or joint venture. Mindoro has NI 43-101 resource estimates on its Agata North nickel-cobalt project and on both its Lobo (SWB) and Archangel (Kay Tanda) gold-silver projects. Mindoro has identified 22 porphyry copper-gold prospects and has a Memorandum of Understanding with Avocet Mining and a Memorandum of Agreement with Gold Fields covering its Batangas projects.

Mindoro is well positioned to capitalize on the global demand for gold in 2009 with plans underway to drill the Kay Tanda and Lobo gold and copper-gold projects, funded by Avocet and Gold Fields, and drill the American Tunnels gold/copper-gold project. Additional 2009 objectives include finalizing one to two additional joint venture arrangements on Mindoro's porphyry copper-gold prospects at Pan de Azucar and Surigao and identifying a suitable partner to fund development of the significant Agata North nickel-cobalt resource.

For further information, contact:

INVESTOR RELATIONS - CANADA

Mindoro Resources Ltd.

Penny Gould, President: penny@mindoro.com
Tel: 780.413.8187 or Toll Free: 1.877.413.8187
www.mindoro.com

Renmark Financial Communications Inc.
Barbara Komorowski: bkomorowski@renmarkfinancial.com
Jason Roy: jroy@renmarkfinancial.com
Tel: 514.939.3989
www.renmarkfinancial.com

INVESTOR RELATIONS -- EUROPE
Robert Sarcher: robert@mindoro.com
Tel. 49 821 6089051

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

This release may contain forward-looking statements including management's assessments of future plans and operations, and expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production and the uncertainty of the availability of capital). The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
 
 

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