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Jan 16, 2004
Private Placement Closes
Mindoro Resources Ltd. ("Mindoro") has closed 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 until January 16, 2005, after which time any unexercised Purchase Warrants will expire. Common Shares are subject to a hold period expiring on May 16, 2004.

Wolverton Securities Ltd. ("Wolverton"), Mindoro's agent in the offering, has received payment for a corporate finance fee and related expenses in the amount of a $4,000. Wolverton will receive a cash commission of $15,000, (10% of the gross proceeds raised), plus 50,000 Agent's Options (10% of the Units issued), exercisable into Mindoro Units at $0.30 per Unit until January 16, 2006.

Net proceeds of the offering will be used for general working capital.

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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