Mindoro reports further drill results from Nickel Laterite Project

    EDMONTON, July 29 /CNW Telbec/ - Mindoro Resources Ltd. (TSXV: MIO;
Frankfurt: WKN 906167) is pleased to report results for a further 22 drill
holes from the Phase 2 drill program on the Agata North Nickel Laterite
Project, Philippines. The limonite horizon averages 1.03 percent nickel,
0.14 percent cobalt and 45.96 percent iron over an average thickness of
3.40 meters. The underlying saprolite horizon averages 1.22 percent nickel
over an average thickness of 5.00 meters. Grades and thicknesses are
consistent with those previously reported and continue to be of potential
economic interest. The drill program is continuing to expand the resource. An
updated NI 43-101 resource estimate will be released during August.
    On April 30, 2008, Mindoro reported an initial NI 43-101 mineral resource
estimate from Agata North (see About the Agata Nickel Laterite Project).
Objectives of the Phase 2 drilling program were to confirm the internal
continuity of mineralization with closer-spaced drill holes and to extend the
initial resource. On July 16, 2008, Mindoro reported results of the first
49 drill holes of the Phase 2 drill program, which confirmed internal
continuity of the mineralization and continued to expand the resource. Results
of a further 40 drill holes are awaited, and drilling is ongoing with four
drill rigs. Current drill spacing is on 100 meter centers, adequate for at
least inferred resource category, and likely indicated resource category for
much of the mineralization.
    A full listing of the latest drill results and a drill hole location map
is available with this release on Mindoro's website. The following table
presents the average values from the latest assay results from 22 drill holes:

       Laterite Horizon      Ave. Thickness (meters)   % Ni    % Co    % Fe
    Ferruginous Laterite           1.65                0.69    0.07    49.05
    Limonite                       3.40                1.03    0.14    45.96
    Saprolite                      5.00                1.22    0.03    13.04


    Location in the Prolific Surigao Copper-Gold and Nickel District

    The Agata Nickel Laterite Project is situated on the Agata Project,
Surigao Gold District, northern Mindanao, the Philippines. The Surigao Gold
District is not only a current and historical gold producing district but,
with the discovery of a cluster of porphyry copper gold deposits by Anglo
American, it also has high potential to become a major copper-gold camp.
Mindoro has multiple gold and copper-gold targets in the Surigao District at
varying stages of drill evaluation. The Surigao Region is now emerging as a
major nickel producing district, and there are a number of nickel laterite
deposits either in production or being developed, providing Direct Shipping
Ore (DSO) to markets and processing plants in China, Japan, Korea and
Australia. A preliminary starter resource has been released for Agata as
described below.

    Agata North Mineral Resource Estimate

    In April 30, 2008, Mindoro announced an early-stage 43-101 compliant
mineral resource estimate for the Agata Nickel Laterite Project. The estimate
for combined Measured and Indicated Resources, for limonite and saprolite
combined, is 4.40 million wet metric tonnes (WMT) grading 1.25 percent nickel,
0.063 percent cobalt and 23 percent iron at a cut-off grade of 0.80 percent
nickel. In addition, the Inferred Resource estimate is 2.45 million WMT
grading 1.23 percent nickel, 0.062 percent cobalt and 22 percent iron, also at
a cut-off grade of 0.80 percent nickel. A total of 134 drill holes, comprising
2,921 meters of diamond drill core and 2,874 assay samples, were used for the
estimate. The resource area is a small part of Agata North as mapped to date
and resource expansion drilling is continuing. Additional areas of potential
laterite mineralization have been mapped on other projects and are being

    The reader is cautioned that mineral resources which are not mineral
reserves do not have demonstrated economic viability. It is uncertain if
further exploration will result in upgrading the Inferred mineral resources to
an Indicated or Measured mineral resource or the Indicated mineral resource to
a measured Resource category.

    Enhanced Value, On-Site Processing Alternatives

    While sulphide nickel deposits have dominated historical nickel
production, the future belongs to nickel laterite deposits. Once regarded as
too difficult metallurgically, break-throughs and technological refinements,
still in their relative infancy, are leading rapidly to a new generation of
much larger nickel production centers from laterite deposits. The Agata
Project with its excellent infrastructure, proximity to tide water and the
markets that really count, is attractively placed for potential development.
    While much of the Surigao District nickel laterite production has been as
DSO to processing plants in Japan, Australia and China, several attractive
alternatives are emerging for local processing, which include; constructing an
on-site blast or electric arc furnace for nickel pig iron production (a low
grade ferronickel product); ferronickel smelting (a ferronickel smelter
recently commenced operation not far away in NW Mindanao); heap-leaching, for
which pilot testing on another Philippine laterite deposit has produced
promising results; atmospheric (tank) leaching; and an improved generation of
High Pressure Acid Leach (HPAL) plants. HPAL technology is currently being
used with great success by Sumitomo on its Philippine Coral Bay operation, and
shows considerable promise for the local processing of Surigao ores. In fact,
Sumitomo recently announced plans to proceed with permitting to construct an
HPAL plant in the Surigao District. This HPAL technology has a proven track
record, in contrast to several HPAL operations previously attempted in
Australia, and is ideally suited to the low-grade Philippine nickel laterites.
    As noted in a February 7, 2008 news release, there is abundant evidence
of the beginning of a trend for local/on-site processing of Philippine
laterite ores and the growth of a large high-value industry in the
Philippines. Mindoro expects that the prolifically nickel laterite-mineralized
Surigao District will be an important part of this evolution.
    While options are being kept open for DSO production in the short term,
on-site processing offers much more exciting and high value opportunities.
Construction of a local processing plant, rather than simply shipping out raw
product, would greatly increase the returns to all stakeholders; including
Mindoro's shareholders, its Philippine partner, the local people, local
government units, and to the Philippines itself.

    Programs are carried out under the supervision of Tony Climie, P.Geol.,
CEO and COO of Mindoro, who is a qualified person as defined by National
Instrument 43-101. Sample preparation and assaying were performed by McPhar
Laboratory of Manila, an ISO 9001/2000 accredited laboratory. Ni, Co, Fe, MgO
and Al2O3 assays are performed by AAS after an HCl-HNO3-HClO4 digest, and SiO2
by gravimetric method. Normal Quality Control and Quality Assurance procedures
are being carried out, using a system of duplicate samples. MRL has also
conducted assays verification by using standard samples and re-assaying of
field, coarse and pulp duplicates.


    Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and
the Frankfurt Stock Exchange (WKN 906167). In addition to advancing the Agata
Nickel Laterite Project, Mindoro has announced an initial 43-101 compliant
gold-silver mineral resource estimate on its Kay Tanda gold-silver project,
and is proceeding to advance this project. The company has also identified
22 porphyry copper-gold prospects in the Philippines and is currently involved
in several advanced joint venture discussions.

    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.

For further information:

For further information: INVESTOR RELATIONS - CANADA: Mindoro Resources
Ltd.: Penny Gould, President: penny@mindoro.com, (780) 413-8187, Toll Free:
1-877-413-8187, www.mindoro.com; Renmark Financial Communications Inc.:
Barbara Komorowski: bkomorowski@renmarkfinancial.com; Jason Roy:
jroy@renmarkfinancial.com, (514) 939-3989, Fax: (514) 939-3717,
www.renmarkfinancial.com; INVESTOR RELATIONS - EUROPE: Richard Mayr:
info@argentuminvest.com, Argentuminvest GmbH, +49.9421.785250, Fax:

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