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Sep 15, 2004
Porphyry Copper-Gold System Confirmed
EDMONTON, AB; Sep. 15, 2004 - Mindoro Resources Ltd. (TSX-V: MIO; Frankfurt: OLM) today announced that recent geological results confirm the presence of an extensive porphyry copper-gold system on its Archangel Project. The system is mapped over 5km by 2km and exposed at lower topographic elevations, immediately below the epithermal gold-silver mineralization, previously described in a release dated August 24, 2004. High copper values returned from wide spaced trenching are interpreted to reflect proximity to a porphyry mineralization center.

Epithermal gold deposits in the Philippines are commonly underlain, at relatively shallow levels, by a related porphyry copper-gold system. These are large tonnage, relatively low-grade, copper-gold deposits containing very large copper and gold resources, which could be bulk mineable. There are numerous favorable examples of porphyry copper-gold deposits occurring in the Philippines, including the RTZ/Lepanto Far Southeast deposit, and the recent Anglo/Philex Boyongan and Bayugo discoveries. In neighboring Indonesia, the Grasberg porphyry copper-gold deposit, is one of the world's premier copper-gold mines.

Geologic and petrological work by four independent consultants confirm the presence of extensive argillic alteration and transitional to phyllic alteration, which has now been mapped over an area of 5km by 2km, and is open beneath younger rock cover in three directions. The argillic alteration contains windows of more-intense phyllic alteration. Phyllic alteration characteristically occurs just outside the best-mineralized, potassic core zone of porphyry copper-gold deposits. Maps showing alteration and trenching results to date, with an accompanying interpreted longitudinal section, are available on our website at:

Abundant, discontinuous copper showings, with other metals, occur associated with the alteration. Wide-spaced trenching was carried out over a 4km along trend of the mineralization system. The more significant copper results from the trenches, using standard channel sampling procedures, are 15m at 0.5% copper, 33m at 0.52% copper, 11m at 3.5% copper, and 11m at 1.5% copper All results appear on the above mentioned maps.

This mineralization is consistent with "leakage" and zoning around a porphyry copper-gold system. The mineralization, and classic zoned alteration, suggests the core of the porphyry mineralization is nearby. Extensive copper-in-soil anomalies are also present, as shown in the longitudinal section map. Porphyry copper-gold systems commonly occur as clusters of deposits and the large extent of alteration, mineralization and soil anomalies suggest this may be the case at Archangel. Mindoro is the first company to assemble a land package covering the entire copper-gold system, and to carry out systematic exploration on this very promising target.

A combined magnetic and induced polarization geophysical survey is planned to commence in November, with the objective of selecting optimal drill targets. In addition, work is in progress to expand the overlying Kay Tanda gold-silver inferred resource, estimated to be about 17,000,000 tonnes of mineralized material at 0.68 g/t gold and 2.48 g/t silver, containing 370,000ozs gold and 1,300,000ozs silver, as described in a release dated January 24, 2003. This current work also intends to evaluate the potential for open-pit, heap-leach development. Details of the current work were provided in a release dated August 24, 2004. Drilling is also in progress on the adjacent Lobo Project.

Work is carried out under the supervision of Tony Clime, P.Geol., who is a qualified person as defined by National Instrument 43-101, and President of Mindoro. The consulting work referred to above also includes work done in 1996 by Dr. T. Leach, an expert in SW Pacific copper-gold systems. Current consulting work was carried out by Dr. D. Bailey, a porphyry copper-gold expert, and by petrologists E. Comsti and Dr. B. Tarriela, both experts on Philippine mineral systems.

Mindoro is a Tier One Company listed on the TSX Venture Exchange (TSX-V: MIO) and the Frankfurt Stock Exchange (OLM). The Company is exploring for gold and gold-copper in the prolifically mineralized 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.

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