30 Jun 2009 15:19
Notice of AGM and Annual Reports & Accounts
Dublin, 30 June, 2009 - Minco plc (AIM -"MIO") is pleased to announce that its Annual General Meeting (AGM) will be held at D4 Berkeley Court Hotel, Lansdowne Rd, Ballsbridge, Dublin 4, Ireland on 29 September, 2009 at 11.00 a.m.
The Report and Accounts for the Company for the year ended 31 December 2008 have been published today and are being posted to shareholders, together with the Notice of AGM and Form of Proxy. Copies of these documents will be available on the Company's website www.mincoplc.com and will also be available on request for one month from 3 July 2009, free of charge, from the Company's registered office at Connaught House, Burlington Road, Dublin 4, Ireland.
Chairman's Statement
Minco Plc moved closer in 2008 to its goal of a new zinc lead mine at Pallas Green, near Limerick, Ireland. Minco holds a 23.6% interest in the Pallas Green Joint Venture with JV partner Xstrata, the world's largest zinc producing company.
During 2008, 99 drill holes were completed, at one point using up to 15 drilling rigs, for a total of 42,567 metres, in what is believed to be the biggest exploration drilling programme ever undertaken in the fifty-year modern history of the Irish mining industry. Project expenditures for the JV in 2008 amounted to €4.5 million, with more than 85% on diamond drilling. Four diamond drills continued to operate through the first half of 2009 with approximately 8,000 metres completed in a further 14 holes.
Drilling in 2008 and into the first half of 2009 focused on Tobermalug, near Caherconlish, where a deposit, estimated by Minco at about 14 million tonnes (of about 12% zinc plus lead combined), has now been outlined in what is believed to be a semi-continuous zone which remains open to the south and to the northwest. This represents an increase of about 40% from Minco's estimate of about 10 million tonnes made at this time last year, and at a somewhat higher grade. This estimate of potential is not, and should not be interpreted as, a JORC compliant resource estimate.
During 2008, 56 holes were completed at Tobermalug of which 49 tested the target and 26 intersected better than resource grade mineralisation. Ongoing drilling to date in 2009 has continued to yield very encouraging results, especially in the Northwest extension area where Hole MN636-121 returned grades of 24.2% zinc and 5.45% lead over 3.45 meters, the highest zinc/lead assay values ever encountered at the Pallas Green Project. Eight holes were drilled at Caherconlish in 2008 and nine at Srahane West where deposits of 1.3 million tonnes and 1.1 million tonnes, respectively, both grading over 10% combined zinc plus lead, have now been outlined.
For 2009, a preliminary Scoping Study is being undertaken which will provide a number of reports including: a resource estimate prepared to JORC standards, a preliminary mining plan, a preliminary metallurgical report, preliminary cost estimates as well as preliminary environmental base line studies.
The Pallas Green project is undoubtedly the premier zinc exploration project in Ireland. The prospective area is approximately 25 km long and 4 - 5 km wide and 60% of the property remains relatively unexplored. Four distinct lenses of massive sulphide zinc lead mineralization have now been discovered and Pallas Green is emerging as the largest mineralized zone ever discovered in Ireland. To the end of 2008 over €10 million has been invested on Pallas Green by Minco and its joint venture partners and over 325 holes have been drilled.
Xtierra listed on Toronto Stock Exchange:
During 2008, Minco achieved the flotation of its Mexican assets on the Toronto Stock Exchange under the new name of Xtierra Inc. (TSXV: "XAG"). Minco is the largest shareholder in Xtierra holding a 60% interest.
Xtierra successfully raised $8.8 million (Canadian) to fund its Mexican projects without diluting Minco shareholders and, subsequent to year end, raised a further US$1,250,000 to finance the first phase of a feasibility study on the Bilbao silver/zinc/lead project in Zacatecas, Mexico. During 2008, an independent resource estimate was completed at Bilbao and Xtierra acquired the remaining 25% interest in the project. The initial phase of the feasibility study commenced in April and will be completed early in the fourth quarter 2009.
New Board Members
During the past year we were delighted to welcome Messrs. Bert-Ove Johansson, Peter McParland and Michael Power as independent non-executive members of the board of Minco. Each of these gentlemen brings a wealth of experience in the mining and business worlds both internationally and specifically with respect to the Irish mining sector.
Focus on Pallas Green in 2009
As we move forward in 2009, we are in uncharted waters with respect to the direction of the Irish and world economies. The minerals sector should be one of the first to respond to the massive infrastructure stimulus spending being adopted by the leading economies as all infrastructure requires metal.
Minco successfully completed a placement of £1 million in November 2008 in very difficult markets and will need to undertake further fund raising later this year to ensure our ability to participate fully in the Pallas Green Joint Venture.
Minco will continue to focus on the development of Pallas Green, which is probably the best exploration project we have seen in more than 35 years in this business. While there are no guarantees in exploration we believe it is imperative that Minco keeps up with Xstrata and maintains its share in the Pallas Green joint venture.
Pallas Green is a very exciting advanced zinc-lead exploration project and we are very hopeful that this project will lead to the development of the next Irish zinc-lead mine, and the first new mine in Ireland since the early 1990s.
Qualified Person
The above information has been reviewed and verified by Mr. Terence N McKillen, B.A. (MOD), M.A., M.Sc., P.Geo, Chief Executive Officer. Mr. McKillen is the Qualified Person for the purposes of the AIM Guidance Note on Mining, Oil and Gas Companies dated March 2006. Mr. McKillen is a graduate in Natural Sciences (Geology) from Trinity College Dublin and holds a Master of Science degree in Mineral Exploration and Mining Geology from the University of Leicester. He has 40 years of exploration experience in Ireland and internationally.
About Minco
Minco PLC is an AIM quoted precious and base metals exploration and development company engaged in zinc exploration on the Pallas Green property in Ireland in a joint venture with Xstrata Zinc and investments in zinc-silver projects in Mexico through its 60% shareholding in Xtierra Inc. listed on the TSX Venture Exchange (Toronto) under the symbol "XAG".
| For further information, www.mincoplc.com or contact: | |
| John Kearney: Executive Chairman | +1 416 362 6686 |
| Terence McKillen: Chief Executive | +1 416 362 8243 |
| Danesh Varma: CFO & Company Secretary | +44 (0) 207 653 9882 |
| John Frain / Fergal Meegan: (NOMAD) Davy | +353 (0)1 6796363 |
| Minco - Ireland contact | +353 (0) 46 907 3709 |