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Jan 31, 2006
Drilling Underway on Agata Nickel Laterite
EDMONTON, Alberta and Vancouver, British Columbia - Mindoro Resources Ltd. (TSX-V: MIO; Frankfurt: OLM) and Panoro Minerals Ltd. (TSX-V: PML; Frankfurt: PZM) are pleased to report that drilling of the Agata nickel laterite prospect has commenced. Two drill rigs are now in operation. As reported on December 12, 2005, BHP Billiton has been granted the exclusive right, for 180 days, to undertake a drilling and evaluation program to determine the nickel laterite potential of the Agata Property. The program will consist of 32 drill holes, totaling approximately 640 meters.

The Agata Project is part of the Surigao Joint Venture, comprised of Mindoro, Panoro and a private Philippine company.

Exploration on the Agata Property is carried out under the supervision of Tony Climie, P.Geol., who is a qualified person as defined by National Instrument 43-101, and President of Mindoro.

A map of the Surigao Gold District showing the Surigao Joint Venture projects and other significant prospects and discoveries is available on Mindoro's website at and Panoro's website at Drilling is also currently in progress on the Agata North porphyry copper-gold prospect.

Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (OLM). Mindoro has identified 22 porphyry copper-gold prospects and a nickel laterite prospect in the Philippines and is pursuing an aggressive strategy of drilling multiple targets in 2006. Recent drilling confirmed the Pica porphyry copper-gold discovery on the Lobo Project, where drilling continues, and drilling is underway on a second porphyry prospect on the Agata Project.

Panoro Minerals Ltd. is a Canadian mineral exploration company trading on the TSX Venture Exchange (PML) and on the Frankfurt Stock Exchange (PZM). Panoro's strategic focus is on exploring for large-potential gold and copper/gold deposits in countries with the corresponding geological potential and where acceptable political and economic conditions are present.

For further information, contact:

Mindoro Head Office
Penny Gould, Executive Vice President
Phone: 780.413.8187
Fax: 780.426.2716

Panoro Head Office
Helmut Wober, President
Phone: 604.684.4246
Fax: 604.684.4200

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

You can view the Next Press Releases item: Thu Feb 23, 2006, Mindoro to Present and Exhibit at PDAC in Toronto, Canada

You can view the Previous Press Releases item: Mon Jan 9, 2006, New Porphyry Copper-Gold Prospect Discovered at El Paso

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