Minco PLC Regulatory News (MIO)

23 Nov 2005 07:01

Minco PLC23 November 2005 Minco announces additional zinc and lead drill results from the Pallas GreenZinc Project, Ireland LONDON: 23 November, 2005: LSE AIM quoted precious and base metals explorer anddeveloper Minco plc (MIO) is pleased to announce further positive results fromon going drilling at the Pallas Green joint venture project, near Caherconlish,Co. Limerick. Drilling is being concentrated in three areas: at Caherconlish, Tobermalug andCastlegarde, over a strike extent of 12 kilometres within the Pallas GreenAlteration Trend. Commenting on the drill results, Matthew Dorman, CEO said, "Emerging resultsfrom the Pallas Green area suggest that there is an opportunity for the presenceof more than one economic zinc deposit. Drilling is being conducted in threeseparate areas over a strike length in excess of 12 kilometres. We have reachedagreement with Falconbridge to continue an aggressive programme of drillingthroughout 2006 with a preliminary budget set for about €1 million. Weanticipate reporting a further drill update in December." 1. Caherconlish The discovery of a new mineralised area was recently announced (8 August 2005)west of the village of Caherconlish, Co. Limerick where significantintersections of massive to semi-massive zinc and lead sulphides have beenencountered. Several step-out holes have been completed adjacent to thediscovery hole, the most significant of which includes: Hole Number Depth (m) Intersection (m) Zinc (%) Lead (%)MN-2529-4* 357.15 - 362.45 5.3 14.97 4.5MN-2529-5* 366.95 - 368.40 1.45 5.39 1.18 385.70 - 388.40 2.7 9.78 0.02MN-2529-7 352.35-355.90 3.55 9.35 0.39 * results previously reported Drilling is continuing in the general Caherconlish area with a view to definingthe overall limits of the potential target area by widely-spaced grid drilling. 2. Tobermalug The Tobermalug area lies approximately 2,400 metres northeast of theCaherconlish discovery area where second zone of massive sulphide mineralisationhas been identified. Several holes have intersected a zone of zinc and leadmassive sulphide mineralisation. Step-out holes are being drilled to establishthe extent and distribution of the mineralised zone. Hole Number Depth (m) Intersection (m) Zinc (%) Lead (%)MN-636-10* 236.97-238.31 1.34 6.5% 0.4%MN-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 0.60 6.45 0.22 * results previously reported 3. Castlegarde Two separate lenses of high grade zinc and lead sulphide mineralisation waspreviously encountered in the Castlegarde area which lies approximately 12kilometres to the east of Caherconlish and Tobermalug. The northern zonecomprises an elongated lens approximately 200 metres in length and orientatednorthwest-southeast. The best intersection included 21.2% zinc and 4.05% leadover a width of 3.26 metres. The greatest thickness of sulphides intersectedwas 10.25 metres. A second pod of massive sulphides was intersected approximately 500 metres tothe south which returned an average grade of 10.4% zinc and 0.79% lead over a1.5 metre width. The Castlegarde high-grade massive sulphides have a traceelement peculiarity in that they contain markedly high levels of germanium. Follow-up drilling has commenced to further evaluate the potential of theCastlegarde mineralisation which remains open to the south and southwest. Pallas Green Trend Minco believes that the Pallas Green Alteration Trend, a zone of structural andhydrothermal complexity with associated black matrix breccia lithologies andsulphide mineralisation which extends for approximately 20 kilometres betweenCastlegarde and Limerick, is analogous to the Rathdowney Trend with which boththe Lisheen and Galmoy zinc-lead deposits are associated. Much of the PallasGreen Trend remains unexplored. Future Plans The Pallas Green project comprises nine prospecting licences located innortheastern Co. Limerick and south Co. Tipperary. The Pallas Green project isa joint venture between Minco (23.6%) and operator Noranda Exploration (Ireland)Limited (76.4%), a wholly-owned subsidiary of Falconbridge Limited. The currentdrilling is part of a 6,000 metre exploration drill program in 2005 beingjointly funded by Minco and Falconbridge. The parties plan to continue anaggressive program of drilling throughout 2006 with emphasis on the western partof the Pallas Green Trend in the vicinity of Caherconlish. For further information Please refer to Minco's website at http://www.minco.ie, or contact: Matthew Dorman; CEO, MincoTel: +44 (0) 207 397 8151 Email: mldorman@minco.ie Roger Turner; Chairman, Minco,Tel +44 (0) 1273 495 500 E-mail: rwturner@minco.ie Terence McKillen; Director, Minco+1 416 362 8243 E-mail: tnmckillen@sympatico.ca Alex Buck and Nick Bias; BuckBias+44 (0) 7932 740 452/ +44 (0) 7887 920 530 MINCO Plc is a precious and base metals development and exploration companyquoted on the AIM market in London. Ticker symbol "MIO". This information is provided by RNS The company news service from the London Stock Exchange