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Jan 28, 2004
Results of Ground Magnetic Survey - Lobo Project
• Prominent magnetic anomaly defined between Sampson and Camo epithermal gold trends
• Interpreted as related porphyry copper-gold target

Tony Climie, P. Geol., President of Mindoro Resources Ltd. (Mindoro) is pleased to advise that a ground magnetic survey on the Lobo Project, Philippines, has defined a prominent positive magnetic anomaly, situated between the SW Breccia and West Drift epithermal gold prospects, which is interpreted as a potential related porphyry copper-gold system and is a high priority drill target. Epithermal gold deposits in the Philippines are commonly underlain in close proximity by porphyry copper-gold mineralized intrusions, which are often associated with positive magnetic anomalies. In 1996, BHP Minerals performed an aeromagnetic survey over the region, defining a cluster of six anomalies within the Lobo Project. A geophysical interpretation performed by Billiton in 1998 interpreted these as probably being due to magnetic intrusives. Two are associated with a potassic anomaly, and were described as having a good chance of being associated with porphyry mineralization. The ground magnetic survey covered these two anomalies, as well as the flanking Sampson and Camo epithermal vein-breccia trends. On the Camo Trend, Mindoro is carrying out drill delineation of a gold resource on the SW Breccia Zone. At the West Drift Zone on the adjacent Sampson Trend, there is a reported resource of 60,000 ounces gold at a high grade of 20 grams per tonne, which is believed to be open to extension (see previous releases and the October 20, 2003, Technical Report on Mindoro website).

Twelve line km of magnetic survey were performed in December, 2003, by McPhar Geoservices (Philippines) Inc. P. Robertshaw, P. Geo., of Robertshaw Geophysics (Saskatoon, Canada) has completed a preliminary interpretation of results.

The ground magnetic survey defined a very prominent positive anomaly, approximately coincident with the two airborne anomalies, extending over an area of about 600 m by 150 m (see accompanying figure). Modeling indicates its depth is approximately 100 m. A second positive magnetic anomaly in the northeast of the current survey area has been partially defined to date. The ground survey will be extended to cover this as well as the other airborne anomalies on the Lobo Project.

The prominent positive magnetic anomaly is interpreted as being associated with a porphyry coppergold system and is a high-priority drill target. The accompanying cross section shows the interpreted relationship between the porphyry copper-gold target and the adjacent epithermal gold trends. On the SW Breccia Zone, drill hole 21 was recently completed and results will be reported when received in the near future. Drill hole 22 is in progress. Mr. Climie is a "qualified person" as defined by National Instrument 43-101.

Mindoro is a Tier One Company listed on the TSX Venture Exchange (symbol MIO). The Company is exploring for gold and gold-copper in the high-potential magmatic arcs of the Asia-Pacific Region.

Mindoro is currently focused on six promising projects in politically stable jurisdictions of the Philippines.

For further information, contact Penny Gould, Executive Vice President:
Phone: (1-780) 413-8187 Fax: (1-780) 426-2716
Email: Website:

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or
accuracy of this release.

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