THE newly-created Asian Lion Fund completed its first investment late last year.

The company"s investment in TSX-listed Mindoro Resources is seen as confidence in both the company and investment in the Philippines , according to Mindoro president Tony Climie.

Mindoro issued a total of 3, 285,000 units to Asian Lion Fund at $0.70 per unit, raisig $2,299,500 in the transaction.

" Mindoro has established a strong record of environmentally and socially responsible programs, which is a pre-requisite for Asian Lion investments," Tony Climie says.

"This investment will allow us to continue to aggressively advance our strategy of drilling multiple projects in 2007, while further strengthening our social and environmental commitments."

Asian Lion president Howard Walker, says, "We are delighted to be backing the Mindoro Resources team led by Tony Climie.

"We feel that Mindoro has outstanding exploration potential for the discovery of major epithermal gold and porphyry copper gold systems in the Philippines ."
The Asian Lion Fund is a venture capital fund, providing patient capital for development projects, feasibility studies and advanced exploration in junior mining companies active in Asia . Asian Lion is modeled on AuSelect's investment in the existing African Lion Funds.

AuSelect's commitment to Asian Lion is US$7 million of the total initial fund size of US$21.6 million, alongside other founding shareholders ABN AMRO Australia Pty Ltd, PROPARCO (France) and the International Finance Corporation (IFC - the private sector arm of the World Bank Group). Discussions are occurring with several financial institutions which may result in an expanded fund.

Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange and the Frankfurt Stock Exchange (WKN 906167). In addition to the resource delineation being carried out at Kay Tanda, 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 this year.