Minco PLC Regulatory News (MIO)

20 Nov 2006 09:40

Minco PLC20 November 2006 HIGH GRADE DRILL HOLE INTERSECTION AT PALLAS GREEN PROJECT, IRELAND • New high grade zinc-lead drill hole intersection extends the Tobermalug mineralisation to an area 300m by 150m, returning 3.42 metres with an average grade of 20.84% zinc and 3.67% lead within an 11.25 metre intersection with an average grade of 13.26% combined zinc and lead. • Mineralisation remains open at the Tobermalug, Caherconlish and Srahane West prospects. • Results are being evaluated in preparation for the next phase of drilling scheduled for 2007. LONDON: November 20, 2006: AIM quoted precious and base metals explorer anddeveloper Minco plc ("MIO") is pleased to announce that drilling continues toexpand the areas of high-grade zinc-lead mineralisation within a eleven squarekilometre, triangular-shaped area to the northwest of Caherconlish, CountyLimerick. Drilling is ongoing, with one drill currently on the property. Commenting on the results, Terence McKillen, Minco's Director of Exploration andBusiness Development said: "We are very pleased with the results of recentdrilling and the possibility that the three high grade prospects in theCaherconlish area could form part of a major "cluster" of massive sulphidebodies, equivalent to those found at the Lisheen and Galmoy Mines. It isimportant to note that all three prospects within the Caherconlish area remainopen and the areas between them remain largely unexplored by drilling. Thealteration and mineralization noted throughout the remainder of the Pallas Greenalteration trend indicate the very significant potential for discovery ofadditional zinc and lead occurrences." High grade drill hole intersection at Tobermalug At Tobermalug, 1.5 kilometres northeast of the town of Caherconlish, drill hole636-49, the most southerly hole to date, has intersected 3.42 metres averaging20.84% zinc and 3.67% lead within an overall intersection of 11.25 metresaveraging 11.35% zinc and 1.91% lead at a depth of 341.25 metres to 352.50metres. This new hole has now expanded the area of zinc-lead mineralisationmeasuring approximately 300 metres by 150 metres. The mineralisation atTobermalug remains open, especially to the southeast and to the south, towardsthe Ballyneety Fault. The only drill hole in this area to the south and southeast of Tobermalug ishole 636-24, collared 700 metres to the southeast, which intersected extensivemineralisation, including 1.05 metres averaging 11.27% zinc and 0.82% lead and0.95m averaging 2.09% zinc and 0.08% lead. Tobermalug Drilling (Caherconlish North) Hole No. From (m) To (m) Thickness (m) Zn (%) Pb (%) MN-636-49 341.25 352.50 11.25 11.35 1.91 Including 344.33 349.28 4.95 18.24 3.14 Including 344.33 347.75 3.42 20.84 3.67MN-636-48 Awaiting assaysMN-636-50 Awaiting assays Pallas Green - Encouraging exploration success The Pallas Green project comprises nine prospecting licenses located innortheast county Limerick and southwest County Tipperary. Exploration is focusedon the Pallas Green Alteration Trend, a structurally defined zone ofhydrothermal alteration and zinc-lead mineralisation 2 to 3 kilometres in width,which has been demonstrated to extend over a strike length of more than 20kilometres. Within the Pallas Green property, three separate high grade prospects have beenidentified (Tobermalug, Caherconlish South, and Srahane West) within an 11square kilometer area. Only 30% of the Pallas Green Trend has been explored todate by drilling and, with few exceptions, drill holes have intersectedsignificant alteration and mineralisation. Joint Venture with Xstrata Zinc The Pallas Green project is a joint venture between Minco (23.6%) and XstrataZinc (76.4%). Xstrata is now the largest zinc producing company in the world andrecently acquired Falconbridge Ltd., including Falconbridge/Noranda's interestin the Pallas Green Joint Venture. The entire 40-60 square kilometres covered bythe alteration trend is considered a prospective target. Qualified Person Mr. David Blaney, B.Sc., P.Geo. is the Qualified Person responsible foroverseeing the day to day operations of the Pallas Green joint venture. He is agraduate in Geology from Queen's University, Belfast and has over 19 yearsexperience. Mr. Blaney has personally checked all of the results. The information presented in this press release has been reviewed and verifiedby Mr. Terence N. McKillen, B.A. (mod), M.A., M.Sc., P.Geo, Director ofExploration and Business Development. Mr. McKillen is the Qualified Person forthe purposes of the AIM Guidance Note on Mining, Oil and Gas Companies datedMarch 2006. Mr. McKillen is a graduate in Geology from Trinity College Dublinand holds a Master of Science degree in Mineral Exploration and Mining Geologyfrom the University of Leicester. He has over 38 years of explorationexperience. About Minco Minco PLC is an AIM-quoted precious and base metals exploration and developmentcompany with silver projects in Mexico and zinc exploration in Ireland. For further information, including maps and plans of the drill hole locations,please refer to our website at www.minco.ie or contact: Terence McKillen, Director of Exploration & Business Development +1 416 362 8243/+1 416 362 6686Simon Beardsmore, Commercial Manager +44 (0)20 7397 8151Chris Rollason, Collins Stewart +44 (0)20 7523 8350Tom McCormack, Connexions +353 (0)1 230 3015Nick Bias, BuckBias +44 (0)7887 920 530 This information is provided by RNS The company news service from the London Stock Exchange