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Jul 28, 2004
Mindoro to Raise Up to $2 Million in Brokered Deal
EDMONTON, AB; July 28, 2004 - Mindoro Resources Ltd. (TSX-V: MIO) today reports it has retained Northern Securities Inc. ("Northern") to act as the agent in a public offering of 8,888,888 units ("Units") at a purchase price of $0.225 per Unit, on a best efforts basis. Units will be offered under the TSX Venture Exchange Short Form Offering Policy (the "Financing"). Units will consist of one common share and one common share purchase warrant. Each purchase warrant will entitle the holder to purchase one additional common share for $0.30 for two years from the date of issue.

Northern will receive a cash commission of nine percent of the gross proceeds of the Financing and broker warrants equal to 10 percent of the Units issued in the Financing. Each broker warrant will entitle Northern to purchase one additional Unit at $0.225 per Unit at any time prior to that date that is two years from closing. Northern has received a work fee consisting of a $12,500 cash payment and 50,000 Mindoro common shares to be received upon closing. The Financing is subject to regulatory and TSX Venture Exchange approval.

Subject to subscription levels, net proceeds from the Financing will be used to fund drill programs, utilizing both man-portable and large rigs, on Mindoro's Lobo and Archangel projects in the Philippines. On Lobo, 3,000 meters of drilling in the near-surface epithermal gold and copper targets is planned, plus another 2,400 meters to test the porphyry copper-gold targets. Additionally, 2,400 meters of drilling is planned for Archangel's gold-silver system and 1,200 meters to also test that project's porphyry copper-gold targets.

APPLICATION TO INCREASE PRIVATE PLACEMENT
Mindoro is also increasing the number of units issuable pursuant to a non-brokered private placement previously announced on June 21, 2004. The original application for the issue of 600,000 units, at $0.26 per unit, is being increased to accommodate the sale of up to 831,112 units at $0.225 per unit, for maximum gross proceeds of $187,000.20. Each unit consists of one common share and one common share purchase warrant. Each purchase warrant will entitle the holder to purchase one additional common share for $0.30 for two years. Net proceeds will be used for general working capital.

ABOUT MINDORO
Mindoro is a Tier One Company listed on the TSX Venture Exchange (TSX-V: MIO). The Company is exploring for gold and gold-copper in the prolifically mineralized 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: (780) 413-8187
Fax: (780) 426-2716
Email: penny@mindoro.com
Website: http://www.mindoro.com

Investor Relations
Marshall Farris, Ascenta Capital Partners Inc.
Phone: (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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