21 Jun 2013 09:41
MINCO RECOMMENCES DRILLING OPERATIONS AT NORTH PENNINES EXPLORATION PROJECT
Dublin, 21 June 2013 - Minco Plc (AIM - "MIO") (the "Company") is pleased to report that diamond drilling at the North Pennines in the UK will recommence on Monday, June 24th.
It had not been anticipated or agreed that exploration activity would continue during the summer months due to environmental factors. However, in cooperation with regulatory authorities and local landowners, Minco has now agreed upon methods of operation and suitable locations to ensure that exploration can continue during this sensitive season.
The new exploration drilling will focus on extending Minco's understanding of the pervasive Zinc and Lead mineralisation discovered in all of the first phase drill holes. The programme will recommence with the drilling of three new exploration holes located in Cumbria County for a total of 750 metres of drilling. Additional holes will be proposed based on the results of the initial three exploration holes.
A total of 2,221 metres of drilling were completed during Minco's first phase of drilling in four (4) exploration drill holes completed by Irish Drilling Limited under contract with Minco Mining Limited, a wholly owned UK subsidiary of Minco plc.
Widespread, generally low grade, zinc-lead-pyrite mineralization was consistently encountered in all four holes at a vertical depth of approximately 400 metres below surface, in close proximity to and associated with geological units both above and below the Whin Sill intrusive.
Commenting on the resumption of exploration drilling, John Kearney, Chief Executive Officer of Minco said, "We are very pleased to be able to resume drilling on this exciting project. We originally believed we would only have access during the winter months, however with the cooperation of landowners and local County Councils we have found solutions to ensure on-going exploration activity."
The phased preliminary exploration programme is designed to test Minco's conceptual model that zinc-lead mineralization may exist beneath the historical underground mine workings in the geological succession structures that lie beneath the Great Limestone geological formation.
THE NORTHERN PENNINE OREFIELD - A RICH HISTORY OF MINING
The Northern Pennine Orefield covers an area of approximately 350 square miles and has a significant past production of lead, zinc, barite and fluorite. It is the second largest occurrence of zinc-lead mineralization in the British Isles after the Irish Midlands, and was the primary production area for zinc and lead mineralization in Europe during the early part of the twentieth century. Mining in this area ceased prior to the Second World War.
Mining in the area was via adits and was confined to the Great Limestone geological formation and the adjacent sandstone units, generally located at a depth of about 150 meters and about 450 meters above the base of the Lower Carboniferous succession, which in the midlands of Ireland, hosts the extensive Irish lead-zinc ore field, and six successful lead-zinc mines and numerous other mineral deposits.
COMPETENT PERSON
Terence N McKillen, B.A. (MOD), M.A., M.Sc., P.Geo, Director, is Minco's Competent 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 over 40 years of exploration experience in Ireland and internationally.
ABOUT MINCO
Minco Plc, registered in the Republic of Ireland and listed on the AIM Alternative Investment Market of the London Stock Exchange ("MIO"), is an exploration and development company currently engaged in zinc-lead exploration in the United Kingdom, Ireland and Canada and in evaluating a manganese project in New Brunswick, Canada. Minco holds investments in zinc‐silver projects in Mexico through its holding 30 million shares (approximately 29%) in Xtierra Inc. listed on the TSX Venture Exchange (TSX.V-"XAG").
On April 30, 2013 Minco announced that it had entered into a binding agreement to complete a business combination with Buchan's Minerals Corporation ("Buchans") ("BMC" - TSX.V), subject to approval of Buchans shareholders, pursuant to which, Minco will acquire all of the outstanding common shares of Buchans that it does not already own in exchange for shares of Minco by way of a statutory scheme of arrangement on the basis of 0.826 of a Minco share for each share of Buchans. Upon completion of the acquisition of Buchans, Minco will hold 100% of the Woodstock Manganese Project located in New Brunswick, Canada. Minco already holds 15.4 million shares (approximately 10%) of Buchans.
Minco also holds a 2% NSR royalty on the Curraghinalt gold property in Northern Ireland which is being explored by Dalradian Resources Inc. (TSX-"DNA").
For further information on Minco please refer to Minco's website at www.minco.ie.
For further information, www.minco.ie or contact:
John Kearney: Chairman and Chief Executive +1 416 362 6686
Danesh Varma: CFO & Company Secretary +44 (0) 8452 606 034
Peter McParland: Director - Ireland +353 (0)46 907-3709
John Frain/Fergal Meegan: (NOMAD) Davy +353 (0)1 6796363
Chris Rourke/ Guy Wheatley: (Corporate Advisor| Broker)
Beaufort International, London +44 (0)20 7382 8387