Minco PLC Regulatory News (MIO)

16 Dec 2005 13:12

Minco PLC16 December 2005 Pallas Green Zinc Project, Co. Limerick, Ireland • Additional positive zinc and lead drill results• Possibility of two zinc deposits LONDON: 16 December, 2005: LSE AIM quoted silver and base metals developer Mincoplc (MIO) is pleased to announce further positive drilling results from on goingdrilling at Pallas Green. The project is a joint venture between Minco (23.6%)and Falconbridge (76.4%). Commenting on the drill results, Terence McKillen, Director of Exploration &Business Development said, "These are very positive drilling results. The twoadditional drilling results outlined below are from discoveries over 2km apart.This increases the possibility of two separate zinc deposits of economicpotential. Both areas require more drilling. This will be done in 2006 with avery aggressive follow-up programme of at least 20 drill holes using three orfour rigs." 1. Caherconlish Hole MN-2529-8 has encountered disseminated base metal mineralisation in closeproximity to the east-northeast trending Ballyneaty Fault. This is a step-outhole located 100m to the southeast of the original discovery hole (MN-2529-4) atCaherconlish where three separate zones of mineralisation, including a 4.4minterval, have been encountered. The hole confirms continuity of mineralisationover an area of approximately 250mx200m, including the presence of enrichedsilver values (up to approx. 0.5 ounces/ton). The mineralised target arearemains open to the north, east and west, the southern extension beingpotentially limited by the Ballyneaty Fault. A major offset of this structureoccurs along a northwest striking fault immediately west of the Caherconlishprospect and it is similarly offset east of the Tobermalug area. A similar northwest trending structure plays a role in localisation ofmineralisation at the Lisheen and Galmoy mines. The main G Zone at Silvermineswas also localised by a northwest structure between offset sections of the mainnortheast trending Silvermines Fault, a setting similar to that present in theCaherconlish area. Hole Number Depth (m) Intersection (m) Zinc (%) Lead (%) Silver (ppm)MN-2529-8 351.40-355.80 4.40 3.90 0.34 3.1 366.20-366.65 0.45 16.08 2.23 15.5 397.70-398.00 0.30 12.22 1.35 2.9 MN-2529-4* 357.15 - 362.45 5.30 14.97 4.50MN-2529-5* 366.95 - 368.40 1.45 5.39 1.18 385.70 - 388.40 2.70 9.78 0.02MN-2529-7* 352.35 - 355.90 3.55 9.35 0.39 * results previously reported 2. Tobermalug Tobermalug is 2.4km northeast of the Caherconlish. Hole MN-636-22 intersectedthree distinct higher grade intervals within the altered/mineralised zone. Thisis a step-out hole located approximately 100m to the east of hole MN-636-20 and400m south of discovery hole MN-636-10. The results confirm mineralisation at Tobermalug in two zones north of thecontact between the reef limestone and the Lower Volcanics, each over a surfacearea of approximately 200mx200m. Additional drilling will be necessary toevaluate whether the two zones are contiguous. The targets remain essentiallyopen in all directions but may be limited to the south by the Balyneaty Fault. Hole Number Depth (m) Intersection (m) Zinc (%) Lead (%) MN-636-22 313.50 - 315.40 1.90 3.33 0.10 328.75 - 329.85 1.10 6.16 0.47 332.95 - 338.85 5.90 6.93 0.89 MN-636-10* 236.97-238.31 1.34 6.50 0.40MN-636-20* 319.85-322.00 2.15 4.85 1.08 326.23-334.40 8.05 10.20 1.48 335.50-336.90 1.40 10.54 0.51 340.60-341.00 0.60 6.45 0.22 * results previously reported Future Plans During the winter months, two drilling rigs will continue exploration in areaswith good access. This will increase to three or four rigs in early Spring2006. The preliminary budget for the 2006 drilling programme is €1 million. About Pallas Green The project comprises nine prospecting licences located in northeast Co.Limerick and south Co. Tipperary. Drilling is currently being concentrated inthree areas over a strike length of 12 kilometres within the Pallas GreenAlteration Trend. For further information Please refer to Minco's website at http://www.minco.ie for a location map ofdrill holes, or contact: Roger Turner; Chairman & CEO, MincoTel +44 (0) 1273 495 500 E-mail: rwturner@minco.ie Terence McKillen; Director of Exploration & Business Development, Minco+1 416 362 8243 or 416.362.6686 E-mail: tnmckillen@minco.ie Alex Buck and Nick Bias; BuckBias +44 (0) 7932 740 452/ +44 (0) 7887 920 530 MINCO Plc is a silver and base metals development company traded on the AIMmarket in London. Ticker symbol "MIO". This information is provided by RNS The company news service from the London Stock Exchange