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Jun 18, 2004
Board of Directors and AGM Update
Mindoro Resources Ltd. (MIO:TSX-V) announces the following updated information relating to the election of directors in respect of the Annual General and Special Meeting of Shareholders to be held on June 24, 2004. Please also see the press release dated June 3, 2004 for further details regarding the appointment of additional members to Mindoro's board.

INTEREST OF INSIDERS IN MATERIAL TRANSACTIONS

Mr. Peter Draper, also nominee for election as director, is Managing Director of East West Drilling (L) Ltd. and holds a 20% ownership in Egerton Gold Phils., Inc. Mindoro has signed a drill for equity agreement with East West and an option agreement with Egerton (see "Interest Of Certain Persons In Matters To Be Acted On" and "Election Of Directors", below).

INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED ON

Mr. Draper is Managing Director of East West Drilling (L) Ltd. and owns 20% of Egerton Gold Phils., Inc. Mindoro currently has a drill for equity agreement with East West and an agreement with Egerton whereby Mindoro may earn up to a 75% interest in two properties in the Philippines. Mindoro and East West entered into a drill for equity agreement in 2002, whereby East West earned 600,000 shares of Mindoro, issued in February, 2004, by completing 1,000 meters of diamond drilling. East West subsequently exercised its option to earn an additional 600,000 shares by completing a second 1,000 m of drilling; this second tranche of shares will likely be issued in June or July of 2004. Mr. Draper also holds approximately 20% of the shares of Egerton Gold Phils, Inc. In October 2000,Mindoro entered into an agreement with Egerton, whereby Mindoro may earn up to 75% interest the Lobo and Archangel Properties in the Philippines. Pursuant to the agreement, Egerton may receive up to 1,500,000 Mindoro shares through three issues of 500,000 shares each at various stages of the earn-in period. The first tranche of 500,000 shares was issued in April 2003.

ELECTION OF DIRECTORS

Information is provided for the past five years in respect of Peter Draper. Five year historical information in respect of Mr. Farris was provided in the management information circular dated May 3, 2004, previously mailed to shareholders.

Name, Municipality of Residence, and Position within the Company:
Peter Draper; Manila, Philippines Director

Principal Occupation:
Managing Director, East West Drilling (L) Ltd.

Date First Elected or Appointed:
June 8, 2004

Number of Common Shares Held:
2,320,000

ABOUT MINDORO

Mindoro is a Tier One Company listed on the TSX Venture Exchange (MIO:TSX-V). 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 seven years and is presently focused on six promising projects in politically stable jurisdictions of the Philippines.

For further information, contact:

Head Office
Penny Gould, Executive Vice President
Phone: (1-780) 413-8187
Fax: (1-780) 426-2716
Email: penny@mindoro.com
Website: http://www.mindoro.com

Investor Relations
Marshall Farris, Ascenta Capital Partners Inc.
Phone: (1-604) 628-5800
Toll Free: 1-866-684-4209
Email: info@ascentacapital.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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