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Apr 17, 2006
Private Placement Closes
EDMONTON, AB; April 17, 2006 -- Ms. Penny Gould, CFO of Mindoro Resources Ltd. (TSXV: 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 March 20, 2005.

Number of Shares: 4,118,950 common shares (increased from 2,900,000 units)

Purchase Price: $0.70 per share

Warrants: 2,059,475 share purchase warrants to purchase 2,059,475 shares

Warrant Exercise Price: $1.00 for a period of one year from the close of the offering and
$1.25 in the second year

Finders Fees Paid: A finder's fee of $158,421 and 226,316 Agent's Warrants is payable under the private placement, representing fees of eight percent cash and eight percent Agent's Warrants. Agent's warrants entitle the holder to purchase one unit at $0.70 per unit at any time prior to April 12, 2008.

Shares issued, including any shares issued pursuant to the exercise of Purchase Warrants or Agent Warrants, are subject to a hold period expiring on August 7, 2006. Proceeds from the placement will be used for additional drilling, geophysics and exploration expenses on Mindoro's projects in the Philippines.

Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (OLM). The company has identified 22 porphyry copper-gold prospects and a nickel laterite prospect in the Philippines. BHP Billiton is funding drilling on the nickel laterite prospect. Mindoro is also currently drilling three of the six copper-gold and gold prospects that are scheduled for drilling in 2006. The company is well funded to achieve its aggressive drill plans; in addition to the $2.8 million raised in the private placement, Mindoro also has outstanding purchase warrants which expire this year, are in the money and have an aggregate purchase price of $2.3 million.


Penny Gould, Executive Vice President, CFO
Phone: 780.413.8187
Fax: 780.426.2716

Marshall Farris, Ascenta Capital Partners Inc.
Phone: 604.628.5800
Toll Free: 1.866.684.4209 ext. 22

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: Wed May 3, 2006, Kay Tanda Drilling Encounters Significant Gold and Porphyry Related Alteration

You can view the Previous Press Releases item: Thu Mar 30, 2006, Fourth Rig Moved To Nickel Laterite Prospect; Drilling to Start at Tapian San Francisco

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