News Releases

EDMONTON, Alberta and Vancouver, British Columbia; April 12, 2007 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) and Panoro Minerals Ltd. (TSX-V: PML; Frankfurt: PZM WKN 914959) having received TSX approval the Companies are announcing the closing of the transactions regarding the Sale of Panoro's 40% Interest in the Surigao Joint Venture to Mindoro.

For details of the terms of the Purchase and Sale Agreement refer to the March 14, 2007 news release, Purchase and Sale of Surigao Interest.

FOR FURTHER INFORMATION, CONTACT:

Mindoro Head Office

Penny Gould, Executive Vice President
Phone: 780.413.8187
Fax: 780.426.2716
E-mail: penny@mindoro.com
Website: www.mindoro.com

Panoro Head Office

Helmut Wober, President
Phone: 604.684.4246
Fax: 604.684.4200
E-mail: info@panoro.com
Website: www.panoro.com

Mindoro Investor Relations - Canada

Trent Dahl, Ascenta Capital Partners Inc.
Phone: 604.628.5800
Toll Free: 1.866.684.4209 ext. 228
E-mail: info@mindoro.com

Mindoro Investor Relations - Europe

Richard Mayr, Argentuminvest GmbH
Phone: +49.9421.785250
Fax: +49.9421.785255
E-mail: info@argentuminvest.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

This release may contain forward-looking statements including management's assessments of future plans and operations, and expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production). The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.



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