| | EDMONTON, Alberta and Vancouver, British Columbia; July 6, 2006 - Mindoro Resources Ltd. (TSX-V: MIO; Frankfurt: OLM) and Panoro Minerals Ltd. (TSX-V: PML; Frankfurt: PZM) report drilling results from the Agata nickel laterite prospect, Surigao Gold District, Philippines. As reported on December 12, 2005, BHP Billiton was granted the exclusive right, for 180 days, to undertake a drilling and evaluation program to determine the nickel laterite potential of the Agata Property.
The program was recently completed with the drilling of 35 holes. Results for the last 17 drill holes have just been received from BHP Billiton. Summary results of all drill holes are listed in a table accompanying this release, along with a map of drill hole locations, and are also available on Mindoro's website at www.mindoro.com and Panoro's website at www.panoro.com. Drilling tested only about 25 percent of the nickel laterite area outlined by surface work to date (see map).
BHP Billiton has not yet formally advised the Mindoro-Panoro joint venture of its position. However, since the agreement expired in June, 2006, the joint venture is free to follow up on expressions of interest recently received from Korean and Chinese interests.
BHP Billiton had the objective of defining laterite ore suitable for direct shipping to its processing plant in Queensland, Australia. Companies looking for lateritic raw material to supply their particular processing facility are constrained by the specific process requirements of their facility. The specific process requirements are sensitive to the contents not only of nickel and cobalt but also of iron, silica and magnesium and various ratios of these constituents. Cobalt is not recovered by all processes. An independent producer of lateritic nickel ore is able to consider different materials, if they can be mined selectively and shipped separately to different customers with different processing facilities.
The attached table shows separate values for two basic categories of material: limonitic and saprolitic material. Given that the material can be selectively mined at a minimum thickness of 2m and shipped to separate customers, both materials are of economic interest. At the current price of nickel of greater than US$ 10.00 per pound (and at price ranges somewhat below US$ 10.00 per pound), material containing 1% nickel (containing 22 pounds of nickel per metric tonne) can be of economic interest. Such material is believed to have the potential to meet requirements for direct shipping to the closer markets of China, Japan, Korea, as well as processing plants being contemplated, or under construction in the Philippines itself. Amongst other parameters, these consumers are seeking material with nickel grades of 1% nickel and above.
The attached map and table of results should be viewed in the light of these considerations.
The joint venture's immediate focus at Agata is the project's porphyry copper-gold potential. The map accompanying this release on Mindoro's and Panoro's website shows the location of porphyry copper-gold targets in relation to the nickel laterite mineralization at Agata. Drill testing of two of the porphyry targets is currently in progress. The joint venture will continue to seek ways to maximize return to its shareholders for both the nickel and copper-gold potential of Agata.
Exploration on the Agata Property is carried out under the supervision of Tony Climie, P.Geol., who is a qualified person as defined by National Instrument 43-101, and President of Mindoro.
ABOUT MINDORO
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (OLM). The company has identified 22 porphyry copper-gold prospects and a nickel laterite prospect in the Philippines and has an aggressive strategy of drilling multiple targets in 2006.
ABOUT PANORO
Panoro Minerals Ltd. is a Canadian mineral exploration company trading on the TSX Venture Exchange (PML) and on the Frankfurt Stock Exchange (PZM). 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, 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
Marshall Farris, Ascenta Capital Partners Inc.
Phone: 604.628.5800
Toll Free: 1.866.684.4209
E-mail: info@mindoro.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
| AGATA NICKEL LATERITE DRILLING SUMMARY TABLE |
| Hole Number |
Local Coordinates |
Zone |
From |
To |
Thickness (m) |
Ave % Ni |
Ave % Co |
Ave % Fe |
| Easting |
Northing |
| AGT LAT-02 |
8667 |
12035 |
Overburden/Soil |
0 |
2.00 |
2.00 |
0.58 |
0.05 |
17.61 |
| Limonitic |
2.00 |
3.00 |
1.00 |
0.46 |
0.03 |
10.27 |
| Saprolitic |
3.00 |
4.00 |
1.00 |
0.28 |
0.01 |
6.37 |
| AGT LAT-04 |
8268 |
11835 |
Overburden/Soil |
0.00 |
2.00 |
2.00 |
0.41 |
0.10 |
44.37 |
| Limonitic |
2.00 |
5.00 |
3.00 |
0.74 |
0.12 |
50.47 |
| Saprolitic |
5.00 |
12.30 |
7.30 |
1.73 |
0.02 |
9.07 |
| Including |
5.00 |
8.27 |
3.27 |
2.04 |
0.03 |
9.89 |
| AGT LAT-05 |
8468 |
11835 |
Overburden/Soil |
0.00 |
1.35 |
1.35 |
0.56 |
0.07 |
48.52 |
| Limonitic |
1.35 |
3.13 |
1.78 |
0.76 |
0.12 |
50.67 |
| Saprolitic |
3.13 |
7.18 |
4.05 |
0.85 |
0.02 |
9.08 |
| AGT LAT-06 |
8667.359 |
11835 |
Overburden/Soil |
0.00 |
1.00 |
1.00 |
0.60 |
0.07 |
47.18 |
| Limonitic |
1.00 |
4.00 |
3.00 |
0.88 |
0.09 |
30.76 |
| Saprolitic |
4.00 |
11.00 |
7.00 |
1.10 |
0.02 |
8.68 |
| Including |
4.00 |
9.00 |
5.00 |
1.22 |
0.02 |
9.31 |
| AGT LAT-08 |
8017.397 |
11635 |
Overburden/Soil |
0.00 |
2.00 |
2.00 |
0.61 |
0.06 |
46.15 |
| Limonitic |
2.00 |
5.00 |
3.00 |
1.22 |
0.13 |
44.57 |
| Saprolitic |
5.00 |
27.00 |
22.00 |
0.93 |
0.02 |
7.88 |
| Including |
5.00 |
10.00 |
5.00 |
1.60 |
0.02 |
8.80 |
| & Including |
14.00 |
19.00 |
5.00 |
1.24 |
0.02 |
8.12 |
| AGT LAT-09 |
8167 |
11635 |
Overburden/Soil |
0.00 |
0.93 |
0.93 |
0.91 |
0.05 |
36.30 |
| Limonitic |
0.93 |
1.85 |
0.93 |
0.96 |
0.04 |
28.32 |
| Saprolitic |
1.85 |
2.65 |
0.80 |
0.65 |
0.02 |
9.87 |
| AGT LAT-10 |
8268 |
11635 |
Overburden/Soil |
0.00 |
2.75 |
2.75 |
0.62 |
0.09 |
42.78 |
| Limonitic |
2.75 |
4.75 |
2.00 |
0.93 |
0.07 |
48.01 |
| Saprolitic |
4.75 |
8.70 |
3.95 |
1.53 |
0.06 |
22.64 |
| Including |
6.90 |
8.70 |
1.80 |
1.63 |
0.02 |
12.11 |
| AGT LAT-11 |
8367.4 |
11635 |
Overburden/Soil |
0.00 |
2.40 |
2.40 |
0.55 |
0.04 |
46.52 |
| Limonitic |
2.40 |
4.65 |
2.25 |
0.72 |
0.11 |
47.21 |
| Saprolitic |
4.65 |
8.90 |
4.25 |
1.19 |
0.02 |
8.57 |
| Including |
4.65 |
6.65 |
2.00 |
1.50 |
0.02 |
9.30 |
| AGT LAT-12 |
8468.032 |
11635 |
Overburden/Soil |
0.00 |
3.05 |
3.05 |
0.69 |
0.07 |
46.46 |
| Limonitic |
3.05 |
5.90 |
2.85 |
0.95 |
0.11 |
40.94 |
| Including |
3.80 |
5.90 |
2.10 |
1.00 |
0.10 |
38.50 |
| Saprolitic |
5.90 |
13.70 |
7.80 |
1.51 |
0.02 |
10.26 |
| Including |
5.90 |
8.35 |
2.45 |
1.65 |
0.02 |
12.61 |
| & Including |
8.35 |
10.55 |
2.20 |
1.57 |
0.02 |
10.09 |
| AGT LAT-13 |
7917 |
11435 |
Overburden/Soil |
0.00 |
2.55 |
2.55 |
0.71 |
0.08 |
46.47 |
| Limonitic |
2.55 |
7.40 |
4.85 |
1.17 |
0.11 |
47.00 |
| Saprolitic |
7.40 |
12.80 |
5.40 |
1.63 |
0.04 |
23.78 |
| AGT LAT-14 |
8167 |
11435 |
Overburden/Soil |
0.00 |
0.90 |
0.90 |
0.44 |
0.06 |
41.65 |
| Limonitic |
0.90 |
5.40 |
4.50 |
0.75 |
0.10 |
46.05 |
| Saprolitic |
5.40 |
14.08 |
8.68 |
0.92 |
0.03 |
13.59 |
| Including |
5.4 |
10.36 |
4.96 |
1.07 |
0.03 |
18.06 |
| AGT LAT-15 |
8268 |
11435 |
Overburden/Soil |
0.00 |
2.45 |
2.45 |
0.60 |
0.04 |
26.53 |
| Limonitic |
2.45 |
5.86 |
3.41 |
0.71 |
0.02 |
11.68 |
| Saprolitic |
5.86 |
14.99 |
9.13 |
0.39 |
0.01 |
5.59 |
| AGT LAT-16 |
8367 |
11435 |
Overburden/Soil |
0.00 |
1.00 |
1.00 |
0.62 |
0.07 |
49.30 |
| Limonitic |
1.00 |
3.10 |
2.10 |
0.87 |
0.10 |
49.80 |
| Saprolitic |
3.10 |
18.00 |
14.90 |
0.56 |
0.02 |
8.77 |
| Including |
3.10 |
6.00 |
2.90 |
1.04 |
0.03 |
11.5 |
| AGT LAT-17 |
8468 |
11435 |
Overburden/Soil |
0.00 |
0.65 |
0.65 |
0.76 |
0.09 |
44.77 |
| Limonitic |
0.65 |
2.70 |
2.05 |
1.19 |
0.05 |
27.65 |
| Saprolitic |
2.70 |
3.50 |
0.80 |
0.94 |
0.01 |
6.38 |
| AGT LAT-18 |
8867 |
11435 |
Overburden/Soil |
0.00 |
3.00 |
3.00 |
0.98 |
0.06 |
46.70 |
| Limonitic |
3.00 |
4.00 |
1.00 |
1.15 |
0.26 |
44.84 |
| Saprolitic |
4.00 |
24.00 |
20.00 |
0.78 |
0.02 |
9.89 |
| Including |
4.00 |
14.00 |
10.00 |
1.16 |
0.03 |
11.60 |
| AGT LAT-25 |
7817 |
11235 |
Overburden/Soil |
0.00 |
1.00 |
1.00 |
0.51 |
0.05 |
40.11 |
| Limonitic |
1.00 |
14.00 |
13.00 |
1.15 |
0.08 |
41.75 |
| Saprolitic |
14.00 |
25.00 |
11.00 |
1.04 |
0.03 |
10.33 |
| AGT LAT-26 |
7917 |
11235 |
Overburden/Soil |
0.00 |
3.00 |
3.00 |
0.64 |
0.08 |
45.98 |
| Limonitic |
3.00 |
14.00 |
11.00 |
1.22 |
0.12 |
47.86 |
| Saprolitic |
14.00 |
24.00 |
10.00 |
0.65 |
0.02 |
9.15 |
| Including |
14.00 |
16.00 |
2.00 |
1.27 |
0.04 |
15.93 |
| AGT LAT-27 |
8017 |
11235 |
Overburden/Soil |
0.00 |
1.00 |
1.00 |
0.67 |
0.06 |
44.82 |
| Limonitic |
1.00 |
4.00 |
3.00 |
1.27 |
0.11 |
46.65 |
| Saprolitic |
4.00 |
37.00 |
33.00 |
0.79 |
0.02 |
8.26 |
| Including |
4.00 |
10.00 |
6.00 |
1.14 |
0.02 |
9.82 |
| & Including |
14.00 |
19.00 |
5.00 |
1.15 |
0.02 |
10.85 |
| AGT LAT-28 |
8367 |
11235 |
Overburden/Soil |
0.00 |
1.00 |
1.00 |
0.59 |
0.05 |
45.07 |
| Limonitic |
1.00 |
5.75 |
4.75 |
1.07 |
0.09 |
43.27 |
| Saprolitic |
5.75 |
34.00 |
28.25 |
0.53 |
0.02 |
7.53 |
| Including |
10.00 |
12.00 |
2.00 |
1.03 |
0.02 |
9.51 |
| AGT LAT-29 |
8468 |
11235 |
Overburden/Soil |
0.00 |
2.00 |
2.00 |
0.91 |
0.07 |
49.25 |
| Limonitic |
2.00 |
3.00 |
1.00 |
0.84 |
0.10 |
50.77 |
| Saprolitic |
3.00 |
7.00 |
4.00 |
1.37 |
0.08 |
33.03 |
| AGT LAT-30 |
8867 |
11235 |
Overburden/Soil |
0.00 |
2.00 |
2.00 |
0.66 |
0.05 |
44.25 |
| Limonitic |
2.00 |
7.00 |
5.00 |
0.89 |
0.09 |
42.41 |
| Saprolitic |
7.00 |
26.00 |
19.00 |
0.61 |
0.03 |
9.74 |
| Including |
7.00 |
14.00 |
7.00 |
1.05 |
0.04 |
15.09 |
| AGT LAT-31 |
8967 |
11235 |
Overburden/Soil |
0.00 |
1.00 |
1.00 |
0.80 |
0.05 |
49.80 |
| Limonitic |
1.00 |
3.85 |
2.85 |
1.04 |
0.07 |
50.15 |
| Saprolitic |
3.85 |
21.00 |
17.15 |
0.70 |
0.04 |
11.37 |
| Including |
3.85 |
10.20 |
6.35 |
1.27 |
0.09 |
19.86 |
| AGT LAT-32 |
9067 |
11235 |
Overburden/Soil |
0.00 |
1.00 |
1.00 |
0.72 |
0.06 |
45.37 |
| Limonitic |
1.00 |
4.30 |
3.30 |
1.07 |
0.10 |
44.75 |
| Saprolitic |
4.30 |
27.00 |
22.70 |
0.50 |
0.02 |
8.01 |
| AGT LAT-34 |
8267 |
11035 |
Overburden/Soil |
0.00 |
2.00 |
2.00 |
0.80 |
0.07 |
46.56 |
| Limonitic |
2.00 |
6.00 |
4.00 |
1.07 |
0.12 |
42.58 |
| Saprolitic |
6.00 |
12.00 |
6.00 |
0.72 |
0.02 |
8.36 |
| Including |
6.00 |
9.00 |
3.00 |
1.12 |
0.02 |
10.23 |
| AGT LAT-35 |
8367 |
11035 |
Overburden/Soil |
0.00 |
2.00 |
2.00 |
0.66 |
0.04 |
50.05 |
| Limonitic |
2.00 |
6.00 |
4.00 |
1.11 |
0.14 |
50.30 |
| Saprolitic |
6.00 |
16.00 |
10.00 |
0.69 |
0.02 |
9.69 |
| Including |
6.00 |
11.00 |
5.00 |
1.10 |
0.03 |
13.14 |
| AGT LAT-36 |
8467 |
11035 |
Overburden/Soil |
0.00 |
2.00 |
2.00 |
0.76 |
0.06 |
50.52 |
| Limonitic |
2.00 |
5.45 |
3.45 |
1.12 |
0.04 |
18.07 |
| Saprolitic |
5.45 |
14.65 |
9.20 |
0.46 |
0.01 |
7.47 |
| AGT LAT-38 |
8767 |
11035 |
Overburden/Soil |
0.00 |
1.00 |
1.00 |
0.58 |
0.05 |
43.12 |
| Limonitic |
1.00 |
10.00 |
9.00 |
1.04 |
0.10 |
43.92 |
| Saprolitic |
10.00 |
26.00 |
16.00 |
0.75 |
0.02 |
8.90 |
| Including |
15.00 |
20.21 |
5.21 |
1.08 |
0.02 |
10.32 |
| AGT LAT-39 |
8867 |
11035 |
Overburden/Soil |
0.00 |
1.00 |
1.00 |
0.90 |
0.08 |
44.60 |
| Limonitic |
1.00 |
4.00 |
3.00 |
0.97 |
0.06 |
23.85 |
| Saprolitic |
4.00 |
12.00 |
8.00 |
0.66 |
0.02 |
9.37 |
| Including |
4.00 |
7.00 |
3.00 |
1.14 |
0.03 |
11.23 |
| AGT LAT-40 |
8967 |
11035 |
Overburden/Soil |
0.00 |
2.00 |
2.00 |
0.64 |
0.06 |
44.22 |
| Limonitic |
2.00 |
6.00 |
4.00 |
0.88 |
0.09 |
45.77 |
| Saprolitic |
6.00 |
14.00 |
8.00 |
0.76 |
0.02 |
9.97 |
| AGT LAT-41 |
9067 |
11035 |
Overburden/Soil |
0.00 |
1.00 |
1.00 |
0.54 |
0.06 |
43.71 |
| Limonitic |
1.00 |
6.00 |
5.00 |
0.80 |
0.08 |
46.91 |
| Saprolitic |
6.00 |
31.00 |
25.00 |
0.91 |
0.02 |
7.35 |
| Including |
6.00 |
20.00 |
14.00 |
1.36 |
0.03 |
8.64 |
| AGT LAT-43 |
8767 |
10835 |
Overburden/Soil |
0.00 |
1.00 |
1.00 |
0.47 |
0.04 |
44.24 |
| Limonitic |
1.00 |
5.00 |
4.00 |
0.84 |
0.07 |
49.00 |
| Including |
3.00 |
5.00 |
2.00 |
1.02 |
0.09 |
49.73 |
| Saprolitic |
5.00 |
16.00 |
11.00 |
0.88 |
0.05 |
11.00 |
| Including |
6.00 |
13.00 |
7.00 |
1.20 |
0.03 |
10.48 |
| AGT LAT-44 |
8867 |
10835 |
Overburden/Soil |
0.00 |
1.00 |
1.00 |
0.50 |
0.06 |
45.17 |
| Limonitic |
1.00 |
4.00 |
3.00 |
0.63 |
0.09 |
47.74 |
| Saprolitic |
4.00 |
18.00 |
14.00 |
0.72 |
0.03 |
7.43 |
| Including |
4.00 |
9.00 |
5.00 |
1.41 |
0.07 |
11.15 |
| AGT LAT-45 |
8268 |
11235 |
Overburden/Soil |
0.00 |
2.00 |
2.00 |
0.70 |
0.06 |
44.21 |
| Limonitic |
2.00 |
4.00 |
2.00 |
0.86 |
0.08 |
41.16 |
| Saprolitic |
4.00 |
19.00 |
15.00 |
0.41 |
0.01 |
6.31 |
| AGT LAT-46 |
8023 |
11435 |
Overburden/Soil |
0.00 |
1.00 |
1.00 |
0.56 |
0.06 |
42.02 |
| Limonitic |
1.00 |
5.21 |
4.21 |
0.96 |
0.13 |
44.25 |
| Including |
2.00 |
5.21 |
3.21 |
1.02 |
0.15 |
44.32 |
| Saprolitic |
5.21 |
15.00 |
9.79 |
0.91 |
0.02 |
10.45 |
| Including |
6.00 |
13.00 |
7.00 |
1.16 |
0.03 |
12.03 |
| AGT LAT-47 |
8367 |
11835 |
Overburden/Soil |
0.00 |
2.00 |
2.00 |
0.31 |
0.06 |
50.00 |
| Limonitic |
2.00 |
4.00 |
2.00 |
1.11 |
0.05 |
20.08 |
| Saprolitic |
4.00 |
5.00 |
1.00 |
0.26 |
0.01 |
5.89 |
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