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Jan 15, 2004
Private Placement
Mindoro Resources Ltd. ("Mindoro") has arranged a private placement of 500,000 Units, at a price of $0.30 per Unit. Each Unit consists of one Common Share and one-half, non-transferable, Common Share Purchase Warrant. One whole Purchase Warrant entitles the holder to purchase one additional Common Share at a price of $0.60 for 12 months after the closing date, after which time any unexercised Purchase Warrants will expire. Common Shares are subject to a hold period of four months.

Mindoro has appointed Wolverton Securities Ltd. ("Wolverton") to act as its agent in the offering. In addition to receiving payment for a corporate finance fee and related expenses in the amount of a $4,000, Wolverton will receive a cash commission of 10% of the gross proceeds raised, plus an Agent's Option equal to 10% of the Units issued, exercisable into Mindoro Units at $0.30 per Unit for 2 years from the closing.

Net proceeds of the offering will be used for general working capital. The terms of the private placement are subject to regulatory approval. A news release will be made when the placement closes and shares issued.

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 and is presently focused on six promising projects in 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.
 
 

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