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May 08, 2002
SOUTH KOREAN GOVERNMENT RESOURCE EVALUATION OF MINDORO SURIGAO PROJECTS
Tony Climie, P. Geol., President of Mindoro Resources Ltd. ("Mindoro") is pleased to report that, under an agreement between the governments of South Korea and the Philippines, reached in December, 2001, a survey of the copper-gold potential of the Surigao Gold District, northern Mindanao, by joint technical teams of these governments, is expected to commence this month. The area was selected because of the recent world-class Boyongan copper-gold discovery made by the Anglo American/Philex Gold joint venture, and the high potential of the region for the discovery of further copper-gold deposits. The survey will be funded and managed by Korean Resources Corporation ("KRC"), an agency of the South Korean Government.

Scope of the survey, initially to be carried out over three years, is to conduct geological, geochemical and geophysical surveys, followed by drilling where justified. Should mineral prospects of economic interest be located by the survey, then separate agreements for advanced evaluation and possible development would be negotiated between KRC and the third party mineral rights holders, if that third party is agreeable, and is not already involved in a joint venture with other parties. The survey area comprises about 800 square km immediately south of the Boyongan discovery, in the Surigao Gold District. Mindoro, and its Philippine joint venture partner, Minimax Mineral Exploration Corp.("Minimax"), hold approximately one third of the survey area under a Mineral Production Sharing Agreement and through applications in good standing.

Mindoro will, therefore, have work carried out on its ground at no cost and, if prospects of merit are found, will have the option to joint venture with KRC, or others. Mindoro sees the KRC survey as further endorsement and confirmation of the high potential of its Surigao projects to hold world-class copper-gold discoveries. It is noted that various Chinese Government agencies are also evaluating several Philippine copper and nickel resources for potential source of supply to China. Mindoro is highly encouraged that South Korea and China are looking towards the mineral-rich Philippines to meet their future, rapidly expanding mineral requirements.

Mindoro can earn a 75% interest from Minimax, and affiliated companies, in 25,000 hectares of project lands and applications in the Surigao Gold District, which contain multiple gold and copper-gold prospects and anomalies. Priority targets include a porphyry copper-gold prospect on the Tapian San Francisco Project, which is associated with a major structure extending from the Boyongan Deposit area (see releases of September 21 and 28, 2000, and March 12, 2001). Mindoro intersected encouraging gold mineralization in a 1999 drill program on two prospects on its Agata Project and these are at the resource delineation stage. Copper-gold mineralization was also drill-intersected nearby (see release of Nov. 17, 1999).

News will be reported from the Pan de Azucar, Lobo and Archangel Projects in the near future. The 2001 Annual Report is now available on Mindoro's website or by contacting the Edmonton corporate office. The Annual General Meeting will be held at 10:00 am, May 30, 2002, in the Gold Room B, Best Western Westwood Inn, 18035 Stony Plain Road, Edmonton, Alberta.

Mindoro trades on the Canadian Venture Exchange under the symbol MIO.

For further
information, contact Penny Gould, Executive Vice President:
Phone: (1-780) 413-8187
Fax: (1-780) 426-2716
Email: mindoro@mindoro.com
Website: http://www.mindoro.com

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

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