EDMONTON, Alberta and Vancouver, British Columbia; March 14, 2007 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) and Panoro Minerals Ltd. (TSX-V: PML; Frankfurt: PZM) today announced the purchase and sale of Panoro’s forty percent interest to Mindoro in a package of properties in the Surigao Gold District of Northern Mindanao, the Philippines.
Upon closing, as consideration for the purchase of the interest, Mindoro will pay Panoro $750,000 cash plus 500,000 Mindoro Common shares; Mindoro will make a second payment of $500,000 cash plus 500,000 Common shares on the first anniversary of the closing. Furthermore, in the event that the nickel laterite prospect located on the Agata project should proceed to production and upon shipment of an aggregate one million tonnes of nickel laterite, Mindoro will pay Panoro $500,000 cash plus an additional $500,000 cash payment on the first anniversary of the shipment.
The purchase and sale agreement and issue of Common shares are subject to regulatory approval.
FOR FURTHER INFORMATION, CONTACT:
Mindoro Head Office
Penny Gould, Executive Vice President
Panoro Head Office
Helmut Wober, President
Mindoro Investor Relations - Canada
Trent Dahl, Ascenta Capital Partners Inc.
Toll Free: 1.866.684.4209 ext. 228
Mindoro Investor Relations - Europe
Richard Mayr, Argentuminvest GmbH
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.