Mindoro Resources Ltd.

Panoro Minerals Ltd.

NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR:  MINDORO RESOURCES LTD.

TSX VENTURE SYMBOL:  MIO
FRANKFURT SYMBOL:  OLM



AND PANORO MINERALS LTD.

TSX VENTURE SYMBOL:  PML

JANUARY 10, 2005 - 11:36 ET

Mindoro Resources Ltd. and Panoro Minerals Ltd.: 
Encouraging Results Continue for Nickel Laterite at 
Agata Project

EDMONTON, ALBERTA and VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 
10, 2005) - Mindoro Resources Ltd. (TSX VENTURE:MIO) (FWB:OLM) and 
Panoro Minerals Ltd. (TSX VENTURE:PML) today announce further 
encouraging results from Taganito Mining Corporation's Phase 2 
evaluation of the nickel laterite potential of the Agata Project in the 
Philippines. Agata is one of several projects of the Surigao Joint 
Venture, comprising Mindoro, Panoro Minerals Ltd. and a private 
Philippine company, Minimax Mineral Exploration Corp. Taganito has given 
notice that it wishes to proceed to a more detailed Phase 3 evaluation, 
including extensive drill testing.

As reported on June 3, 2004, the Surigao Joint Venture granted Taganito 
the right to assess the nickel laterite potential of Agata. Taganito was 
selected from several interested parties to evaluate the nickel laterite 
potential of Agata, because of the company's nickel laterite mining 
expertise and because the Joint Venture is focused on copper-gold. On 
August 31, 2004, Mindoro reported encouraging results from the Phase 1 
program carried out by Taganito.

Taganito reports that its Phase 2 work consisted of geological mapping 
and sampling. Forty-eight surface laterite and rock samples were 
collected covering an area of about 300 hectares, within a much more 
extensive area of nickel laterite mineralization. Nickel contents range 
from very low to a high of 2.09%, with most of the values exceeding 
0.5%. A full listing of assays is available with this release on 
Mindoro's website. Taganito recommends a detailed geological survey and 
drilling, because they consider these values to "be within the range 
that normally cap the secondary nickel enriched zone."

Taganito Mining Corporation is owned by Japanese nickel smelter and 
trading companies, and private Philippine interests. Taganito produces 
approximately one million tonnes per year of direct shipping-grade ore 
from four different mines in the Surigao Province. The ore is shipped to 
Japan and Queensland, Australia, for processing.

Agata covers areas of gold mineralization where Mindoro previously 
drill-intersected promising gold mineralization in intrusive rocks and 
limestone as reported in the release dated Nov. 17, 1999. In addition, 
several substantial porphyry copper-gold discoveries have been made in 
the Surigao Gold District in the past few years and Agata is considered 
by the Surigao Joint Venture to also have a very high potential for 
porphyry copper-gold deposits. Accordingly, a major program of induced 
polarization (IP) and magnetic geophysical surveys combined with 
detailed geological mapping aimed at defining porphyry copper-gold 
targets commenced in November, 2004, and is ongoing.

Nickel laterite deposits occur at, and near-surface, in highly-weathered 
ultra-mafic rocks. In the case of the Agata project, the situation may 
occur where a nickel laterite deposit is overlying a gold or copper - 
gold deposit at depth below it. If this is the case, the Surigao Joint 
Venture would strive to maximize the economic return from the project by 
developing and exploiting both deposits. Discussions with Taganito will 
continue once the Surigao Joint Venture has completed a thorough 
evaluation of Agata's copper-gold potential.

Further results from the major copper-gold exploration program on the 
Surigao Joint Venture Projects, including the Agata geophysical surveys, 
will be reported in the near future. Exploration 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.

ABOUT MINDORO

Mindoro is a Tier One Company trading on the TSX Venture Exchange (TSX 
VENTURE:MIO) and the Frankfurt Stock Exchange (FWB: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 please visit Mindoro's website at: 
http://www.mindoro.com

ABOUT PANORO

Panoro Minerals Ltd. is a Canadian mineral exploration company listed on 
the TSX Venture Exchange (TSX VENTURE:PML). Panoro's strategic focus is 
on exploring for large-potential gold and copper/gold deposits in 
countries with the corresponding geological potential and where the 
right political and economic conditions are present. For further 
information please visit Panoro's website at: http://www.panoro.com

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