18 May 2009 07:00
ADDITIONAL HIGH GRADE ZINC AND LEAD MINERALISATION ON PALLAS GREEN PROJECT, Co. LIMERICK
Dublin, 18 May, 2009 - Minco plc (AIM -"MIO") is pleased to announce excellent results from the most recent drill hole at its Pallas Green zinc lead exploration project in Co. Limerick.
MN-636-121
Hole MN-636-121 on the Northwest extension at Tobermalug has returned one of the highest zinc and lead assay values received to date on the Pallas Green project.
Hole MN-636-121 330.9 m - 334.35 m 3.45 metres 24.20% zinc 5.43% lead
Hole MN-636-121 is located 100 metres north-northwest of hole MN-636-118 (previously reported with 14.95% Zn + 3.01% Pb over 8.75m) and a similar distance northeast of hole MN-636-107 (previously reported with 9.05% Zn + 1.46% Pb over 4.15m and 18.75% Zn + 1.19% Pb over 1.20m) and 250 metres northwest of hole MN-636-101 (previously reported with 7.99% Zn + 1.28% Pb over 3.90m).
The hole steps out from previously reported holes extending the emerging Northwest Extension zone of mineralization at the Tobermalug deposit.
Comment by Chief Executive
Commenting on the drill results, Terence McKillen, Chief Executive said, "The results for hole 121 are very encouraging and, together with the earlier results from holes 101, 107 and 118, confirm the potential of the Northwest Extension area, which now extends over a 1,000 metre length and remains open ended."
The Northwest Extension is located in the hangingwall of a west-northwest striking fault, the Caherconlish Fault, which is associated with higher grade mineralization within the main Tobermalug deposit to the southeast.
The Northwest Extension has now been delineated over approximately 1,000 metres in length and remains open to the northwest, adding significant potential for development of a high grade resource which will add significantly to the overall zinc-lead resource at Tobermalug.
Drilling is continuing in the Northwest Extension area with one drill, as well as to the south, where three drill rigs are working to explore the southern extension of the Tobermalug deposit. A second drill will be repositioned to further explore the Northwest Extension area, where it is planned that a programme of four additional holes will be completed by the end of June 2009.
The Pallas Green project is a joint venture with Xstrata Zinc. Four diamond drills are operating with a total of 5,380 metres drilled from January 1 to April 30, 2009.
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 holds degrees in Geology from the University of Dublin (Trinity College) and 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.minco.ie 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) 8452 606 034 |
| John Frain / Fergal Meegan: (NOMAD) Davy | +353 (0)1 6796363 |
| Minco - Ireland contact | +353 (0) 46 907 3709 |