RNS Number : 9311X
Minco PLC
30 June 2008
Minco plc
Final Results
London, 30 June, 2008, Minco plc (MIO), the London AIM quoted precious and base metals
exploration and development company is pleased to
report its final accounts for the year ended 31 December 2007.
New Mine in the Making at Pallas Green
* Mineral Potential of ~ 10 million tonnes outlined
* Significantly expanded budget for 2008
Minco holds a 23.6% interest in the Pallas Green project with JV partner Xstrata, the
world's largest zinc producing company. In 2007
about 16,000 metres of drilling was completed with a total expenditure of EUR1.7 million. For
2008, the budget has been hugely increased to
EUR6 million, of which Minco's share is approximately EUR1.4 million, and the planned drilling
quadrupled to 50,000 metres.
The Pallas Green Property has blossomed into a very exciting zinc-lead exploration project
and, with 13 drilling rigs now operating and
additional rigs to be added, is believed to be the biggest exploration drilling programme ever
undertaken in the fifty-year modern history
of the Irish mining industry. Four separate and distinct zones of zinc-lead mineralization
have been discovered on the Pallas Green project
- at Castlegarde, Shrane West, Caherconlish and Tobermalug.
During the past year drilling focused on Tobermalug where potential for a deposit of about
10 million tonnes (of about 10% zinc and 1.5%
lead) in what is believed to be a semi-continuous zone has been indicated. This is an
indication of potential size only as sufficiently
close spaced in-fill drilling has not yet been completed. The estimate of potential is not,
and should not be interpreted as, a
JORC-compliant resource estimate. The mineralized zone remains open to the south where
drilling is continuing in 2008. At least 75% of the
property remains relatively unexplored with excellent potential for further discoveries."
Qualified Person
The above information has been reviewed and verified by Mr. Terence N McKillen, B.A.(MOD), M.A., M.Sc., P.Geo, Chief Executive Officer. Mr. McKillen is the Qualified 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 40 years of exploration experience
in Ireland and internationally.
"As we move forward in 2008, we will focus on the development of Pallas Green, clearly one
of the best exploration projects we have seen
in more than 35 years in this business" said Executive Chairman John F. Kearney.
"We are very hopeful that this exploration will lead to the development of the next Irish
zinc-lead mine, and the first new mine in
Ireland since the early 1990s."
Mexican Assets Reorganised in new Canadian Company
Against this background development over the past year, Minco has gradually reorganized
and refocused. The decision was made in mid-2007
to restructure Minco's Mexican assets in Orca Minerals Limited ("Orca"), a separate new
company to be listed on the Toronto Stock Exchange
with Minco as its major shareholder.
* Orca has successfully raised $8.8 million (Canadian) to fund the Mexican projects
without diluting Minco shareholders.
* A new drilling programme has been launched on the Bilbao zinc/lead/silver project
with the objective of increasing the known
resources.
* Orca has made application for listing on the TSX under a new name to be called
Xtierra Resources Ltd., in which Minco will be the
major shareholder holding 30 million shares.
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document.
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About Minco:
Minco PLC is an AIM quoted precious and base metals exploration and development company
engaged in zinc exploration in Ireland and
investments in silver projects in Mexico.
For further information, www.minco.ie or contact:
John Kearney: Executive Chairman +1 416 362 6686
Terence McKillen: Chief Executive +1 416 362 6686
Danesh Varma, CFO & Company Secretary + 44 (0) 8452 606 034
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
END
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