Mindoro Resources has raised $3.9 million in the first part of a private placement to advance its Philippines projects with the Asian Lion and Lion Selection funds being major participants.

This follows Asian Lion's first investment in Mindoro of more than $2 million in December 2006. 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.

Mindoro president Tony Climie says: "We welcome this strong institutional support. By raising over $8.0 million, Mindoro will be assured the financial capability to fund the Agata nickel laterite project to production in 2008, as well as to continue feasibility and scoping work on the Kay Tanda gold project and further advance our exciting porphyry copper-gold prospects in the Philippines.

'In addition to our own exploration and development plans, discussions are underway with several potential joint venture partners to further advance Mindoro's extensive portfolio of projects."