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Jul 17, 2003
Mindoro Receives $225,000 From Purchase Warrants
Tony Climie, P. Geol., President of Mindoro Resources Ltd. ("Mindoro) is pleased to report that Mindoro has received gross proceeds of $225,000 from the exercise of 1.5 million purchase warrants ("the Warrants"). Each Warrant, originally issued on July 10, 2002, entitled the holder to purchase one common share for $0.15 until July 10, 2003, at which time the price would increase to $0.30. All Warrants were exercised prior to July 10, 2003. 1.5 million common shares have subsequently been issued, for a total of 28,301,757 common shares issued and outstanding.

This new infusion of cash into the treasury will enable Mindoro to push forward with the aggressive exploration/drilling program currently underway on its recently announced Lobo Project gold discovery in the island of Luzon (see releases of May 26 and June 19, 2003). Mindoro currently has one diamond drill rig on site at Lobo and a second drill rig is en route. Mindoro management looks forward to the arrival of the second rig, which will facilitate further acceleration of the drill program.

Mindoro has an additional 1,924,900 and 421,000 purchase warrants outstanding, issued on September 9 and October 4, 2002, respectively. Holders of the September and October warrants may purchase one common share for each warrant held at a price of $0.15 per share until September and October 2003, and, thereafter, for $0.30 per share until September and October 2004, at which time the warrants expire.

Mindoro is a Tier One Company listed on the TSX Venture Exchange (symbol MIO). The Company is exploring for gold and gold-copper in the high-potential magmatic arcs of the Asia-Pacific Region. Mindoro has been active in the Philippines for six years and is currently focussed on six promising projects in politically stable jurisdictions of the Philippines.

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 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: Thu Jul 24, 2003, Continuing Success On Lobo Project

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