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Press Releases

May 10, 2004
Shares Issued to Minimax
Mindoro Resources Ltd. (MIO:TSX-V) has issued 300,000 common shares to Minimax Mineral Exploration Corp., pursuant to an option to earn additional interest and an agreement to extend the earn-in periods of several projects in the Surigao Gold District of Northern Mindanao, Philippines, as announced on April 6 and 7, 2004. This information is provided as required by TSX-V Policy 3.3.

In 1997, 600,000 common shares were reserved for issue pursuant to an agreement with Minimax whereby Mindoro was granted the right to earn up to a 75% interest in the Mat-I Project, located in the Surigao Gold District, by making certain minimum expenditures and issuing tranches of shares. In 1998, Mindoro ceased working on the Mat-I Project and the shares were cancelled. With the improving market climate for exploration, Minimax has reinstated Mindoro's rights and interest in the Mat-I Project, as granted under the 1997 agreement, and 600,000 shares have again been reserved for future issue.

Mindoro has one of the largest land holdings in the Surigao Gold District of Northern Mindanao, with 24,000 hectares covering numerous porphyry copper-gold prospects and epithermal gold prospects. The accompanying map shows the location of Mindoro's Projects and other significant prospects.

The Surigao Gold District recently gained renewed international attention, with two significant porphyry copper-gold discoveries, Boyongan and Bayugo, made by the Anglo American-Philex Gold joint venture, located just 10 kilometers from Mindoro's Tapian San Francisco Project. Tapian San Francisco shares the same structural controls as Boyongan and Bayugo and early work on the project has outlined numerous and strong porphyry copper-gold related mineralization.

An aggressive $2 million exploration program will commence on Mindoro's Surigao Projects pursuant to an agreement currently being finalized with Panoro Minerals Ltd. Panoro will fund the program to earn a 40% interest in the Surigao Projects. The porphyry copper-gold prospects on Tapian San Francisco are a high priority target.

Australian junior Red5 is currently drilling another potentially significant porphyry copper-gold target which lies contiguous with Mindoro's Tapian Extension (see accompanying map). Assays from drilling have not yet been released; however, in an Activities Report released April 30, 2004, Red5 stated that, "Observations suggest that alteration and mineralization intersected in the hole are typical of porphyry copper-gold systems". Red5 also announced they are moving a second, larger rig onto the property.

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 has been active in the Philippines for seven years 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

Investor Relations

Marshall Farris, Ascenta Capital Partners Inc.
Phone: (1-604) 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 May 13, 2004, Formal Agreement Finalized With Panoro to Explore Surigao Gold District

You can view the Previous Press Releases item: Thu Apr 29, 2004, High Values in Trenches from Archangel Project, Philippines

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