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Oct 28, 2004
EDMONTON, AB; Oct. 28, 2004 - Mindoro Resources Ltd. (TSX-V: MIO; Frankfurt: OLM) reports that Mindoro has arranged a non-brokered private placement of 620,000 units at $0.225 per unit. Each unit consists of one common share and one common share purchase warrant. Each purchase warrant entitles the holder to purchase one additional common share at $0.30 for two years. Common shares are subject to a hold period which expires four months from the date the units are issued.
No bonuses, finder's fees, commissions or Agent's Options will be paid in connection with the private placement. Net proceeds of the financing will be used for general working capital. The private placement is subject to regulatory approval. A news release will be issued when the placement closes and shares are issued.
Mindoro is a Tier One Company trading on the TSX Venture Exchange (TSX-V: MIO) and the Frankfurt Stock Exchange (OLM). 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:
Penny Gould, Executive Vice President
Phone: (1-780) 413-8187
Fax: (1-780) 426-2716
Marshall Farris, Ascenta Capital Partners Inc.
Phone: (1-604) 628-5800
Toll Free: (1-866)-684-4209
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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