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Feb 10, 2005
Further Drill Results from Lobo Project
Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: OLM) today announced further results from scout drilling on the Lobo Project in the Philippines. These included high-grade silver-copper mineralization intersected at the Camo Prospect, where Hole 51 intersected 488.38 grams per tonne (g/t) silver and 1.83 percent copper over 4.5 meters (m). Hole 44 in the West Drift prospect area extended the gold mineralization intersected in Hole 38 for 125m along strike.

Significant intercepts from Holes 41 to 53 are shown in the accompanying table. All intercept widths quoted are estimated true widths. Drill hole locations appear on a colour map that can be viewed on the Company's website at http://www.mindoro.com/s/Batangas_Maps.asp.

Results for earlier phases of drilling were summarized in releases dated April 19, June 16 and November 8, 2004. The initial drilling focused on the Southwest Breccia mineralization shoot. More recent scout drilling had the objective of locating other mineralization shoots along the five to seven kilometers of epithermal vein breccia trends defined at Lobo. Much of this drilling focused on the Sampson Trend, where Hole 38 located the deeper West Drift mineralization shoot, intersecting 12.5m of 7.42 g/t gold including 2.5m at 29.46 g/t gold, as described in the news release dated Nov. 8, 2004.

Hole 44, located 125m northeast along the trend of Hole 38, assayed a wide zone of 1.41 g/t gold over 10m, at a vertical depth of 144m. This is interpreted as the continuation of the West Drift shoot. A larger drill rig is required to extend this mineralization to depth.

The most-recent scout drilling along the parallel Camo Trend, 800m away, tested the Camo Prospect area, where mineralization is of the high-sulphidation type with copper and silver associated with gold mineralization. The most significant intercepts were in Hole 47, which intersected 0.69 g/t gold, 37.66 g/t silver and 0.2 percent copper over 4.0m; Hole 49, a steeper angle hole from the same site, intersected three zones of mineralization; 1.12 g/t gold, 133.5 g/t silver and 1.24 percent copper over 1.0m, 0.19 g/t gold, 114.88 g/t silver and 0.36 percent copper over 3.5m, and 0.16 g/t gold, 64.56 g/t silver and 0.29 percent copper over 2.0m.

Hole 51 was drilled 45m along strike to test the projected extension of mineralization in Holes 47 and 49. This drilling intersected 0.17 g/t gold, 488.38 g/t silver and 1.83 percent copper over 4.5m, as well as a deeper zone of mineralization assaying 0.11 g/t gold, 83 g/t silver and 0.38 percent copper over 2.25m. Hole 52, a steeper angle hole from the same site, intersected 0.77 g/t gold, 44.32 g/t silver and 1.33 percent copper over 2.0m, before being lost in faulted mineralization deeper in the hole.

The promising copper, silver and gold mineralization intersected at the Camo prospect will be tested at a later date using a larger drill rig. The two man-portable drill rigs, having completed the planned program of shallow scout drilling, have been demobilized. A larger drill rig will move onto Lobo during the next two to three weeks to commence testing the deeper targets defined. These include the Pica porphyry-copper-gold target, as described in the news release dated Nov. 22, 2004, the West Drift mineralization shoot, and the Camo Prospect.

A program of magnetic and induced polarization geophysical surveys at Lobo has been completed and results are being modeled. This work is expected to generate new targets and will enable prioritization of drill targets. The geophysical survey has moved to the nearby Archangel Project where the targets are both epithermal gold-silver and associated porphyry copper-gold mineralization. Work is carried out under the supervision Tony Climie P. Geol., President of Mindoro and a "qualified person" as defined by National Instrument 43-101.
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Drill Hole  From     To   Intercept  Estimated     Au,    Ag,    Cu,
No.          (m)    (m)   Width (m)  True Width    g/t    g/t     %
                                        (m)    
--------------------------------------------------------------------
DDH LB-41   87.40   91.00   3.60       2.00      0.520   7.60  0.980
DDH LB-42  103.00  108.70   5.70       5.00      1.031   5.40  0.597
           116.80  118.10   1.30       1.00      2.065   2.50  0.100
DDH LB-43  no significant mineralization 
DDH LB-44  113.40  119.10   5.70       3.50      1.060   1.67  0.014
           134.10  136.40   2.30       1.70      1.510  15.30  0.244
           144.10  159.40  15.30      10.00      1.410   4.51  0.050
DDH LB-45  no significant   mineralization
DDH LB-46  no significant   mineralization
DDH LB-47    8.10   13.40   5.30       4.00      0.690  37.66  0.200
DDH LB-48  no significant   mineralization
DDH LB-49   28.20   29.90   1.70       1.00      1.120 133.50  1.244
            35.70   41.10   5.40       3.50      0.190 114.88  0.360
            53.30   56.60   3.30       2.00      0.160  64.56  0.290
DDH LB-50  no significant   mineralization
DDH LB-51   20.30   25.80   5.50       4.50      0.172 488.38  1.830
            33.00   36.00   3.00       2.25      0.110  83.05  0.380
DDH LB-52   16.40   19.10   2.70       2.00      0.770  44.32  1.330
DDH LB-53  no significant   mineralization
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ABOUT MINDORO
Mindoro is a Tier One Company trading on the TSX Venture Exchange (TSXV: 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: 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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