30th Jun 2008 17:31
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 €1.7 million. For 2008, the budget has been hugely increased to €6 million, of which Minco's share is approximately €1.4 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.
http://www.rns-pdf.londonstockexchange.com/rns/9311X_-2008-6-30.pdf
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.
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For further information, www.minco.ie or contact: |
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John Kearney: Executive Chairman |
+1 416 362 6686 |
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Terence McKillen: Chief Executive |
+1 416 362 6686 |
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Danesh Varma, CFO & Company Secretary |
+ 44 (0) 8452 606 034 |
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John Frain / Fergal Meegan: (NOMAD) Davy |
+ 353 (0)1 6796363 |
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Tom McCormack (Ireland PR) ConneXions |
+353 (0)1 230 3015 |
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Minco PLC