EDMONTON, AB; November 5, 2004 -- Mindoro Resources Ltd. (TSX-V: MIO; Frankfurt: OLM) reports that the TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement, previously announced on October 28, 2004.

Number of Shares: 1,102,200 common shares (increased from 620,000 previously announced on October 28, 2004)

Purchase Price: $0.225 per share

Warrants: 1,102,200 share purchase warrants to purchase 1,102,200 shares

Warrant Exercise Price: $0.30 for a two-year period

Insider Participation: 464,978 shares (42%)

The shares are subject to a four month hold period. Proceeds from the placement will be used for general working capital.

ABOUT MINDORO
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 since 1996 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.