Minco PLC Regulatory News (MIO)

31 Jan 2008 07:01

Minco PLC31 January 2008 Minco plc PALLAS GREEN High Grade Mineralization Encountered 8.4 metres of 35.86% combined Zinc+Lead London, 31 January 2008 - Minco plc (MIO), the London AIM quoted precious andbase metals exploration and development company is pleased to report additionalresults from ongoing drilling on the Pallas Green project, Co. Limerick - ajoint venture with Xstrata Zinc. Results from hole MN-2529-26, located in the southern part of the Tobermalugzinc-lead prospect indicates an 8.4 metre interval (from 388.2 metres to 396.6metres) averaging 30.53% zinc and 5.33% lead. MN-2529-26 demonstrates thepresence of the anticipated higher grades and widths within the Tobermalugmineralization, comparable to Lisheen and Galmoy. The hole is collared in thesouthern quadrant of the mineralized core zone at Tobermalug, 100 metresnorth-northwest of hole MN-2529-18 which averaged 6.62% zinc and 0.05% lead over10.8 metres, 200 metres southeast of hole MN-636-21 which intersected 7.05% zincand 1.03% lead over 2.25 metres and 100 metres north of hole MN-2529-20 whichintersected 5.30 metres at 4.53% zinc and 1.11% lead. A step-out hole,MN-2529-28 has been collared 100 metres to the northwest. Four other holes arein progress at Tobermalug, including three collared to the south to locate theanticipated northeast trending controlling structure of the mineralization. Drilling during the first quarter of 2008 will see the number of rigsincrementally stepping up from 5 to 7. As previously announced, the proposedprogramme for 2008 will comprise approximately 50,000 metres of diamonddrilling, using up to 15 drill rigs which will focus on the immediate areasurrounding the Tobermalug, Caherconlish South and Srahane West prospects aswell as more regional drilling in other areas of mineralized potential. Exploration Director's Comment Commenting on the announcement, Terence McKillen, Director of Exploration andBusiness Development said: "The results for hole MN-2529-26 are the bestencountered to date at Pallas Green. They confirm the higher grade andthicknesses we have been anticipating as drilling closes in on the controllingstructures. We believe that the main structure lies 300-400 metres further southof hole MN-2529-26. . The intersection of high grade zinc and leadmineralization within the core zone does provide for the possibility ofincreasing both grade and tonnage of this emerging resource. We are hopeful thaton-going drilling to the south will encounter the expected development ofgreater thicknesses and higher grades of mineralization commonly associated withthe main controlling structure(s) of these types of zinc deposits." Qualified Person The above information has been reviewed and verified by Mr. Roger Turner,Executive Chairman of Minco, for the purposes of the Guidance Note for Mining,Oil and Gas Companies issued by the London Stock Exchange in March 2006. Mr.Turner, with 40 years of mining engineering, management and consultingexperience, graduated as a mining engineer from the Camborne School of Mines,has a M.Sc. degree in Economic Geology from Leicester University and is a memberin good standing with the Institute of Materials, Minerals and Mining and a UKChartered Engineer. 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, www.minco.ie or contact: Roger Turner: Executive Chairman & CEO +44 (0)20 7397 8155 Terence McKillen: Director of Exploration & Business Development +1 416 362 6686 Danesh Varma, CFO & Company Secretary +44 (0)20 7397 8154 John Frain / Fergal Meegan: (NOMAD) Davy +353 (0)1 6796363 Tom McCormack (Ireland PR) ConneXions +353 (0)1 230 3015 This information is provided by RNS The company news service from the London Stock Exchange