Mindoro Resources has bought its joint venture partner Panoro Minerals 40% interest in the package of properties in the Surigao Gold District in Northern Mindanao in the Philippines .

In the deal 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.

In addition if the nickel laterite prospect located on the Agata project proceeds to production and once a shipment aggregate of one million tonnes of nickel laterite has been made, Mindoro will pay Panoro $500,000 cash plus an additional $500,000 cash payment on the first anniversary of the shipment.