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May 13, 2004
Formal Agreement Finalized With Panoro to Explore Surigao Gold District
Formal Agreement Finalized With Panoro to Explore Surigao Gold District

• $2 Million Exploration Program to Commence Immediately
• Exploration Permit Over Tapian Projects Granted
• New Porphyry Copper-Gold Discovery Adjacent to Mindoro Project

Mindoro Resources Ltd. (MIO:TSX-V) has finalized an Option Agreement with Panoro Minerals Ltd. covering Mindoro's Surigao Gold District projects of Northern Mindanao, Philippines. Panoro may earn a 40% interest in the Surigao Projects by spending CAD$2 million in exploration expenditures over 4 years. Both Mindoro and Panoro may increase their interest to 42.5% at feasibility stage through an interest purchase agreement with Minimax Mineral Exploration Corp., based on future established mining reserves. Mindoro could ultimately hold 42.5% at production, Panoro 42.5% and Minimax 15%.

An Exploration Permit covering two high-priority Surigao projects, Tapian San Francisco and Tapian Main, has been granted, clearing the way for an aggressive exploration program to commence immediately. This will include grid surveying, followed by geological and geochemical surveys. IP and magnetic geophysical surveys are planned to commence by July to define drill targets. Exploration is carried out under the supervision of Tony Clime, P.Geol., President of Mindoro, and a qualified person as defined by National Instrument 43-101

With the recent Anglo-Philex discoveries of the two major Boyongan and Bayugo porphyry copper-gold deposits, the Surigao Gold District has become an exciting and extremely active exploration area, attracting international attention. On May 10, 2004, Red5 announced the Madja porphyry copper-gold discovery, which trends towards Mindoro's Tapian Extension Project nearby.

Porphyry deposits are large tonnage, potentially bulk-mineable copper-gold deposits. Philippine porphyries are especially attractive as they often contain relatively high gold content and occur close to related epithermal gold deposits above. A gold prospect may, therefore, have high potential for an underlying porphyry copper-gold deposit. Surigao District porphyries are controlled by northeast-southwest trending faults in proximity to the northerly trending splays of the Philippine Fault System.

The Mindoro joint venture has one of the largest land positions in the Surigao District, with 24,000 hectares covering at least three porphyry copper-gold targets in this structural setting. In addition, Mindoro's properties have abundant epithermal gold prospects and gold and copper soil anomalies. Reconnaissance drilling by Mindoro on the Agata Project in 1999 returned gold values of potential economic interest in two areas which warrant detailed drilling. A map of the Surigao Gold District showing Mindoro's projects and other significant prospects and discoveries is available with this release on Mindoro's website at

Mindoro is a Tier One Company listed on the TSX Venture Exchange (MIO:TSX-V). 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 Jun 3, 2004, Update - Surigao Gold District Programs

You can view the Previous Press Releases item: Mon May 10, 2004, Shares Issued to Minimax

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