LONDON (Thomson Financial) - Minco PLC., the London AIM quoted precious and
base metals exploration and development company, said it is focusing on
development of Pallas Green, which it holds a 23.6 percent interest in alongside
JV partner Xstrata PLC.
After spending some 1.7 million euros on the project in 2007, the 2008
budget has been hugely increased to 6 mln euros, of which Minco's share is
approximately 1.4 million. Planned drilling has 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, Mincom
said.
Four separate and distinct zones of zinc-lead mineralization have been
discovered on the Pallas Green project.
Executive chairman John F. Kearney said: "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."
tf.TFN-Europe_newsdesk@thomsonreuters.com
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