Pallas Green Drill Results and Update

PALLAS GREEN ZINC-LEAD PROJECT UPDATE

Dublin, 28 March, 2011 - Minco Plc (London AIM | MIO), provides an exploration update and further drilling results for the Pallas Green Zinc-Lead Project in Co. Limerick, Ireland, in which Minco holds a 23.6% participating interest in joint venture with Xstrata Zinc Ireland Limited.

New Geophysical Survey Underway

A new seismic geophysical survey is currently being conducted by TESLA - IMC International Limited over the larger Caherconlish area. This two-dimensional (2-D) hammer seismic survey covering 23 line kilometre is designed to assist with the identification at depth of the southern geological boundary structure, the Ballyneety Fault, with which higher grade and greater thicknesses of mineralisation might be associated.

Minco has recently carried out its own reinterpretation of the existing ground and airborne magnetic database for the Pallas Green area and has identified a number of additional areas of low magnetic susceptibility within the Pallas Green Alteration Trend which appear to be related to similar boundary structures. These areas have not yet been tested by drilling and should have significant potential for the development of zinc-lead mineralisation.

2011 Work Programme Not Agreed

Minco has not yet agreed to the 2011 work programme of €13 million (US$18 million) as proposed by Xstrata or the allocations between exploration drilling in the Caherconlish area and infill definition drilling of the Tobermalug Zone.

Minco believes that the lead/zinc deposits at Caherconlish have not yet been fully delineated and that the expected larger tonnage, and higher grade, parts of the deposit remain to be discovered. Minco has proposed that drilling in 2011 should focus on ongoing exploration in the prospective Caherconlish area and also within the wider Pallas Green property where Minco believes the potential for additional mineral discoveries is high.

Minco is confident that further exploration will lead to an increase in the size of the Pallas Green resource and to the discovery of new mineralized zones within the Caherconlish area, as has been demonstrated over the past three years, and to new discoveries elsewhere on the property. Minco concludes that 75% of the 16 kilometre target area within the larger Pallas Green Property remains unexplored.

Xstrata has not agreed with Minco's proposals and wants to concentrate on infill drilling of parts of the already defined Tobermalug Zone. Minco has contributed its share of the ongoing exploration drilling costs but has not contributed to the definition drilling and this situation may lead to a continuing disagreement between the parties as to the proper and appropriate work programme for 2011.

Drilling

Twenty drill rigs continue to operate on the Pallas Green property, including drills which are evaluating the Devico and Navi-drilling systems for directional drilling of deeper holes.

Knockroe Zone 

Hole 2529-110 | an 800 metre step out to the west of the Knockroe zone has intersected significant, intermittent, low grade mineralization over a 73.6 metre interval. The upper zone comprises a 4.05m interval of 4.70% zinc and 1.01% lead from 408.65m to 412.70m. This hole, together with hole 2529-108 (2.0m at 4.6% zinc and 0.73% lead and 6.55m at 1.21% zinc and 0.18% lead), located 600m to the northwest and hole 2529-112, (21.0m of low grade zinc mineralization) located 500m to the south-southwest, has opened up a large area of mineralized potential to the west of the Knockroe zone.

Hole 2529-122 | an infill hole drilled between the Knockroe and Caherconlish zones has intersected a 24m zone of weak zinc mineralization, including a 5.05m interval of 2.66% zinc and 0.29% lead from 415.50m to 420.55m.

Hole 2529-131 | a 320m step-out hole along the southwestern extension of the Knockroe Zone, has intersected 13.2m of significant mineralization from 601.0 to 614.2m averaging 5.38% Zn and 0.38%Pb with two more distinct zones comprising 3.70 m (from 601.0 to 604.7m) at 7.05% Zn and 0.47% Pb and 4.35m (from 609.85 to 614.20m) at 7.06% Zn and 0.5% Pb.

Hole 2529-140 | a step out exploration hole 100m from hole 2529-105 (2.85m at 7.34% Zn and 0.49% Pb; 4.50m at 5.98% Zn and 0.93% Pb; and 7.15m at 5.38% Zn and 4.14% Pb) on the southern portion of the Knockroe zone has intersected a 13m zone of mineralization (assay results awaited) which extends the Knockroe mineralization over 500m southwest of the original Knockroe discovery hole.

Tobermalug Zone

Hole 2529-128 | an infill hole within the central area between the Tobermalug North and South areas, has intersected intermittent, low grade mineralization over 34.5m including 3.60m at 3.03% zinc and 0.30% lead from 429.15m to 432.75m.

Hole 2529-139 | an infill hole wedged from hole 2529-133 within the Tobermalug South zone has intersected two zones of high grade mineralization within more extensive lower grade zones - 4.30m at 15.74% zinc and 4.83% lead between 389.60m and 393.90m within a 27.50m interval averaging 3.83% zinc and 1.21% lead from 389.60m to 417.10m and a 0.90m interval at 16.21% zinc and 7.00% lead from 416.20m to 417.10m within a wider zone of 6.50m at 3.55% zinc and 1.47% lead from 410.60m to 417.10m.

Commenting on the drill results, Terence McKillen, Minco's Chief Executive, said: "Results from the limited drilling that has been completed in the Knockroe area in 2011 continues to support Minco's belief that the Knockroe Zone will be a major contributor to the overall resource base of the Caherconlish area zinc deposits. Further drilling in this area has been temporarily deferred until completion of the seismic geophysical survey which is designed to aid identification of the Ballyneety Fault at depth."

NOTE: The above table contains the most significant recent results. Not all drill holes are reported. 

Qualified Person

Xstrata Zinc is the project operator for the Pallas Green Joint Venture Project and is responsible for both fieldwork and resource evaluation including, but not limited to, sampling, submittal of samples for assay, assay verification, metallurgical evaluation and QA/QC. 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.

About Minco

Minco PLC is an AIM quoted precious and base metals exploration and development company engaged in zinc-lead exploration on the Pallas Green property in Ireland in a joint venture with Xstrata Zinc and investments in zinc‐silver projects in Mexico through an equity holding in Xtierra Inc. listed on the TSX Venture Exchange (Toronto) under the symbol "XAG".