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Nov 08, 2004
New Ore Shoot Discovered at Lobo Project
EDMONTON, AB; November 8, 2004 - Mindoro Resources Ltd. (TSX-V: MIO; Frankfurt: OLM) today announced that drilling on the Sampson epithermal vein breccia trend, Lobo Project, Philippines, has located a new gold ore-shoot in the West Drift area. Hole 38 intersected 12 meters of 7.42 grams per tonne (g/t) gold including 2.5 meters of 29.46 g/t gold. The Sampson Trend is 800 meters from the parallel Camo Trend, where resource delineation drilling was recently completed on the SW Breccia gold ore-shoot.

"The West Drift ore-shoot has excellent potential to add to the gold resources already defined at SW Breccia and at Kay Tanda on the Archangel Project," said Tony Climie, President of Mindoro. "With recently completed financings, we can now begin aggressively exploring our target-rich 14,400 hectare land package covering the Lobo and Archangel Projects. Major emphasis will now be placed on drill testing the multiple porphyry copper-gold targets, while we continue to explore for new epithermal gold resources, and evaluate their production potential," added Mr. Climie.

The objective of the current drilling is to evaluate high-grade gold mineralization that was reported, but not mined, in the West Drift area during a small copper mining operation in the 1960s (see news release dated January 28, 2004). A map showing locations of drill holes appears on the company's website, as do drill cross sections and a longitudinal section.

Drilling extended progressively along the Sampson structure, from the southwest to the northeast, towards the old Lobo Copper Mine. Most holes intersected low-grade gold mineralization, which is consistent with being on the margins of an ore-shoot. Hole 38, a deeper hole near the old mine site, intersected the high-grade gold mineralization at a vertical depth of 120 meters. The longitudinal section indicates that this is probably the top of a new ore-shoot and likely the area of the historically reported high-grade gold mineralization. Intersections of high-grade copper and silver mineralization were also encountered in holes 34 and 36, as shown in the table below along with other significant drill results.. Mineralization is associated with a strong quartz-barite-sulphide breccia structure. All widths quoted are estimated true widths.
Drill        From     To Intercept  Estimated       Au,     Ag,   Cu,
Hole                               True Width            
No.            (m)    (m)       (m)        (m)     g/t     g/t     %
DDH LB-31   53.75  56.30      2.55       2.50     0.33    4.82  0.13
DDH LB-32   45.50  47.00      1.50       1.50     1.07   17.80  0.14
DDH LB-33   92.80 105.00     12.20       7.00     1.60    2.00  0.50
Including   92.80  94.30      1.50       1.00     7.66    0.80  0.01
DDH LB-34   24.20  31.00      6.80       6.80     0.26   43.03  0.79
Including   24.20  25.00      0.80       0.80     0.56  157.30  3.89
DDH LB-35   72.60  86.60     14.00       7.00     0.78    4.23  0.10
           100.90 102.70      1.80       1.00     0.74    5.00  0.20
DDH LB-36   51.90  54.90      3.00       3.00     0.74  133.00  1.64
            58.20  60.40      2.20       2.20     0.48   17.40  0.13
DDH LB-37   66.50  75.90      9.40       6.04     0.57    5.41  0.50
            92.80  97.50      4.70       3.02     1.36    6.12  1.00
DDH LB-38  126.90 145.80     18.90      12.00     7.42    6.32  0.30
Including  136.50 140.50      4.00       2.52    29.46    5.70  0.68
DDH LB-39   51.30  60.30      9.00       8.00     0.28   22.20  0.79
DDH LB-40   92.50  96.50      4.00       3.00     0.94    3.33  0.02
           142.50 149.20      6.70       4.00     1.20    2.46  0.03
The West Drift ore-shoot will be evaluated by a larger capacity drill rig, to be mobilized to the project within two months. A second man-portable drill rig has been mobilized and has commenced testing other targets on the five kilometer to seven kilometer of epithermal vein breccia trends at Lobo. An induced polarization geophysical survey has commenced at Lobo with the objective of further defining porphyry copper-gold targets. Preliminary results will be reported in the near future. Work is carried out under the supervision Tony Climie P. Geol., President of Mindoro, and a "qualified person" as defined by National Instrument 43-101.

Mindoro is a Tier One Company trading 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 since 1996 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: Mon Nov 22, 2004, Promising Porphyry Copper-Gold Prospect Defined at Lobo Project

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