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Dec 21, 2006
Asian Lion Fund Invests $2.3 Million in Mindoro Resources Ltd.
EDMONTON, AB; December 21, 2006 -- Ms. Penny Gould, CFO of Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167), reports that the Company has closed the first tranche of its private placement of units. A total of 3,285,000 units were issued to the Asian Lion Fund at a price of $0.70 per unit for gross proceeds of $2,299,500. Each unit consists of one common share and one-half common share purchase warrant. Each full warrant allows the holder to purchase one additional common share at a price of $1.00 for a period of one year from the close of the offering and $1.25 in the second year. No commissions or finders fees were paid in connection with this first tranche of the private placement.

Shares issued, including any shares issued pursuant to the exercise of Purchase Warrants, are subject to a four month hold period from the date of issue. Proceeds from the placement will be used for additional drilling, geophysics and exploration expenses on Mindoro's projects in the Philippines.

"As the first investment completed by the newly created Asian Lion Fund, Mindoro is pleased with the confidence expressed by Asian Lion, in both our company and the Philippines", said Tony Climie, President of Mindoro. "Mindoro has established a strong record of environmentally and socially responsible programs, which is a pre-requisite for Asian Lion investments. This investment will allow us to continue to aggressively advance our strategy of drilling multiple projects in 2007, while further strengthening our social and environmental commitments."

The President of Asian Lion, Mr Howard Walker, said, "We are delighted to be backing the Mindoro Resources team led by Tony Climie. We feel that Mindoro has outstanding exploration potential for the discovery of major epithermal gold and porphyry copper gold systems in the Philippines"

The Asian Lion Fund is a venture capital fund, providing patient capital for development projects, feasibility studies and advanced exploration in junior mining companies active in Asia. Asian Lion is modeled on AuSelect's successful investment in the existing African Lion Funds.

AuSelect's commitment to Asian Lion is US$7 million of the total initial fund size of US$21.6 million, alongside other founding shareholders ABN AMRO Australia Pty Ltd, PROPARCO (France) and the International Finance Corporation (IFC - the private sector arm of the World Bank Group). Discussions are occurring with several financial institutions which may result in an expanded fund.

Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). In addition to the resource delineation being carried out at Kay Tanda, the company has identified 22 porphyry copper-gold prospects and a nickel laterite prospect in the Philippines and has an aggressive strategy of drilling multiple targets in 2006/2007.


Penny Gould
Executive Vice President
Phone: 780.413.8187

Trent Dahl
Ascenta Capital Partners Inc.
Phone: 604.628.5800
Toll Free: 1.866.684.4209 ext. 228

Richard Mayr
Argentuminvest GmbH
Phone: +49.9421.785250
Fax: +49.9421.785255

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 Jan 10, 2007, Mindoro Raises Additional $1.05 Million

You can view the Previous Press Releases item: Fri Dec 15, 2006, Mindoro Announces Private Placement

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