A Successful Explorer with License to Operate in the Philippines

MINDORO RECEIVES FAVOURABLE ECONOMIC ASSESSMENT FOR AGATA NICKEL PROJECT

• Economic assessment indicates high value, low operating cost nickel project
• Potential to enhance project economics through addition of regional resources
• Early stage production option to be advanced via thermal upgrading tests

EDMONTON, ALBERTA, March 29, 2011 - Mindoro Resources Ltd. (TSXV: MIO; ASX: MDO; Frankfurt: WKN 906167) (Mindoro) is pleased to announce the release of the Agata Nickel Project Preliminary Economic Assessment (PEA). 

The PEA has been reviewed by independent international consulting group Golder Associates Pty Ltd. The PEA financial model demonstrates low operating cost potential and a high Net Present Value (NPV) based on hydrometallurgical processing of the Agata resource. Based on the encouraging results of the PEA the company will immediately commence a pre-feasibility study on the Agata Nickel Project.

The PEA financial model is based on a mining inventory derived from the Agata resource, processed at a rate after ramp up of 1.8 million tonnes producing 18,000 tonnes of nickel per annum in intermediate product for 15 years via a combination of proven hydrometallurgical technologies: High Pressure Acid Leach (HPAL) � Atmospheric agitated tank Leach (AL) and Saprolite Neutralisation (SN).  A summary of the PEA financial model is presented below.  The currency is US dollars and all net present values (NPVs) are at a 10% discount rate.

�         Installed capital cost estimate, including 30% contingency, $906 million.

�         After tax cash flow @ $10/lb Ni $173 million per annum.Payback 5.2 years from    
              cashflow. 

�         Cash operating cost $2.61/lb Ni no credits or $1.65/lb Ni with cobalt and
          power (acid plant) credits.

�         Mining inventory of 26.1 million tonnes; processed 25.4 million tonnes.

�         Processing rate 1.8 million tonnes per annum after ramp up.  Mine life 15 years  
          based on Agata only.

�         Nickel production after ramp-up 18,000 tonnes of nickel per annum in mixed 
          hydroxide product (MHP), 77% nickel value payable (50% of cobalt value payable,
         @ Ni price x 1.66) based on recent contracts.

On the basis of the results of the preliminary economic assessment the company will immediately commence a pre-feasibility study into the Agata Nickel Project.  The lead consulting group has been appointed and will be announced in a separate release.

�The Agata preliminary economic assessment indicates a high value, low operating cost nickel project based only on the current resource.  Definition of further resources from the regional drilling program will enhance the economics of the project through additional mine life and/or expanded production capacity�, said Mindoro�s President and Chief Executive Officer Jon Dugdale. �Based on the positive results from the preliminary economic assessment the company will immediately commence a pre-feasibility study on the Agata project�.

A scoping study into direct shipping of higher grade zones within the Agata resource was also completed as part of the preliminary economic assessment.  The study examined three production scenarios, all of which are economically viable. However, due to the relatively low margins and current market uncertainty associated with �direct shipping ore� (DSO), the company is not planning to pursue a stand-alone DSO at this stage, but is examining the potential for thermal upgrading to enhance the value of the shipped product.  The early results from thermal upgrading tests in progress at SGS-Lakefield in Perth, supervised by Hatch Associates Pty Ltd, are positive, and the company has committed to further, larger scale testing at a Mines and Geosciences Bureau (MGB) based testing facility in the Philippines.  Positive results from this work and preliminary economic and marketing studies, will allow completion of a feasibility study into the early production stage of the project.

The preliminary economic assessment has been completed by Golder Associates Pty Ltd under the direction and supervision of Peter Onley, an independent qualified person with independent international consulting group Golder Associates Pty Ltd  and Tony Showell, an independent qualified person with Battery Limits Pty Ltd. Golder Associates Pty Ltd has reviewed the geology, mining, metallurgy, process design, residue and water management inputs into the preliminary economic assessment and Peter Onley and Tony Showell have authorised the technical information detailed in this release. The NI 43-101 technical report will be filed on SEDAR within 45 days.

Click here to view the full announcement.

On behalf of the board of directors,

Jon Dugdale,

President and CEO 

For further information about Mindoro, please contact:

Australia:  Jon Dugdale, President and CEO, Tel +61 3 9615 5055

                  Email: jon@mindoro.com

                  Nathan Ryan, NWR Communications, Tel: +0420 582 8877

                  Email: nathan@mindoro.com

Canada:    Penny Gould, VP Investor Relations, Tel +780 413 8187 or 1 877 413 8187

                 Email: penny@mindoro.com

Germany:  Robert Sarcher, Aprendo Capital, Tel: +49 821 6089051

                  Email: robert@mindoro.com

Website:   www.mindoro.com

ABOUT MINDORO 

Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO), Australian Securities Exchange (MDO) and Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on nickel, copper and gold exploration in the Philippines with a strategy of advancing early-stage opportunities to production or joint venture.

Mindoro has NI 43-101 Mineral Resource estimates on its Agata nickel-cobalt project
and NI 43-101 Mineral Resource estimates on its Lobo and Archangel (Kay Tanda) gold-silver projects, as well as an additional 22 porphyry copper-gold prospects.  Senior gold producer, Gold Fields, may earn 75 percent interest in three of Mindoro�s projects at Batangas through direct project expenditure.

Mindoro is assessing the potential to develop a value-added shipping ore nickel operation to generate early cash flow as well as large scale potential for an onsite processing plant in the Surigao District, Mindanao, where the company controls major nickel laterite resources and is drill testing regional targets.  An integrated preliminary economic assessment on the Agata nickel laterite project is contained in this release.  This will be followed by the commencement of a prefeasibility study into an integrated on site nickel processing project.

Three drill programs are currently in-progress on the Company�s projects including regional nickel drilling at Surigao; copper-gold drilling at Pan de Azucar and gold and copper-gold drilling by Gold Fields at Lobo (Batangas).

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The Company�s DSO and large scale production objectives are intended to provide an indication of management�s current expectations and are still conceptual in nature. It is uncertain that sufficient resources will be established and if established that these resources will be converted into economically viable mining reserves. Until a feasibility study has been completed, there is no certainty that these objectives will be met.The potential quantity and grade of the Exploration Target is also conceptual in nature; it is uncertain if further exploration will result in the Exploration Target being delineated as a mineral resource and there is no guarantee that these resources, if delineated, will be economic or sufficient to support a commercial mining operation.

Tony Climie, P.Geol, is Mindoro�s Qualified Person as defined by National Instrument 43-101 and is a competent person as defined by the JORC Code, who is responsible for monitoring the supervision and quality control of Mindoro's exploration programs and who has reviewed and verified the technical information contained in this news release.  Mr. Climie is an executive and a director of Mindoro and is a member of the of the Alberta Professional Engineers, Geologists and Geophysicists Association. Mr. Climie has more than five years of experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he has undertaken.  Mr. Climie has consented to the release of the technical information in the form and context in which it appears.  

The Company�s resource estimates were originally prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (�NI 43-101�) and the Canadian Institute of Mining, Metallurgy and Petroleum classification system.  NI 43-101 is a rule developed by the Canadian Securities Administrators that governs how Canadian issuers disclose scientific and technical information about mineral projects and which is broadly equivalent to the JORC Code in Australia.  All resource information is also expressed in terms of the JORC Code.

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 with respect to results of exploration, the uncertainty of estimates and projections relating to production and the uncertainty of the availability of capital). 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. The Company does not undertake to update forward looking statements except where required to do so by law.