Pallas Green Drilling Update

MINCO REPORTS ADDITIONAL MINERALISED HOLES AND GROWING RESOURCE AT PALLAS GREEN

Dublin, 11 October, 2010 - Minco Plc (AIM-"MIO"), the Irish exploration and development company, is pleased to report that ongoing exploration drilling on the Pallas Green zinc lead exploration project in Co. Limerick, Ireland continues to yield positive results, following the discovery of several new lenses of mineralisation in the Caherconlish area, at Knockroe and at the Northwest Extension areas of the previously defined Tobermalug deposit.

The Pallas Green project is a 23.6% / 76.4% joint venture between Minco and Xstrata Zinc.  In its 2010 Half Yearly Results, announced on August 4, 2010, referring to the Pallas Green deposit, Xstrata commented that "recent discoveries continue to show encouraging signs of a potential world-class resource."

In August 2010, Xstrata reported an updated JORC compliant inferred resource estimate for the various deposits in the Caherconlish area totalling 24.1 million tonnes grading 7.85% zinc and 1.35% lead. A year previously, Xstrata had reported an inferred resource of 11.3 million tonnes grading 10.2% zinc and 1.9% lead (Tobermalug zone only). 

Exploration drilling has continued aggressively in 2010. Sixteen drill rigs have been operating throughout the year to further delineate the extent of the Caherconlish area deposits which remain open in almost all directions. Most of the drilling is being concentrated to the northwest of the Tobermalug deposit and to the west, at Knockroe. Some infill drilling has also been carried out within the Tobermalug deposit.

To the end of September, 46,629 metres had been drilled with 134 holes completed or in progress and some significant new mineral intersections have been reported since the completion of the updated resource estimate and which are not included in that resource estimate and these are highlighted below.

Knockroe Zone: 

This is emerging as an important new zone of mineralisation located approximately 1.5 to 2 kilometres west of Tobermalug, contributing to the growing resource base at Pallas Green and currently extends over a surface area of about 900 m by 750 m and may possibly link up to the north with the Caherconlish South mineralised zone which is located approximately 400 m to the north.

MN-2529-098 - intersected 8.70 m averaging 6.06% Zn and 0.76% Pb, including 1.90 m averaging 13.77% Zn and 1.68% Pb and 2.30 m averaging 10.41% Zn and 1.35% Pb.

Hole MN-2529-105 - located 450 m southwest of discovery hole MN-2529-085A has intersected three different zones of mineralisation, the first 2.85 m averaging 7.34% Zn and 0.49% Pb, at a depth of 443 metres; the second 4.50 m averaging 5.98% Zn and 0.93% Pb in a middle zone at a depth of 494 metres; and a third lower zone of 7.15 m averaging 5.38% Zn and 4.14% Pb at a depth of 528 metres. With three zones of mineralisation over a non-continuous length of over 50 metres, and reporting one of the highest lead grades, 4.14%, encountered to date at Pallas Green, this is deemed a very significant hole.

Hole MN-2529-107 - located 500 m to the south of discovery hole MN-2529-085A, intersected a zone averaging 4.03% Zn and 0.61% Pb over 4.3 m within a 26 metre zone of lower grade, breccia hosted mineralisation. This is the most southerly hole drilled to date at Knockroe. The presence of significant thicknesses of breccias with relatively intense mineralisation so far to the south of the main Knockroe zone is very encouraging and indicates the probability of the mineralising system continuing and increasing in intensity to the south.

Northwest Extension Zone:

Located to the northwest of the Tobermalug deposit, the Northwest Extension zones have added to the growth of the mineral inventory.

Hole MN-636-199 - drilled as in infill hole between MN-636-169 and MN-636-174, intersected a zone of 2.60 m averaging 13.63% Zn and 7.77% Pb, or a combined grade of 21.4% Zn + Pb.

MN-636-196 - located 100 m north of hole MN-636-201 and 100 m west of hole MN-636-131, has intersected 10.10 m averaging 7.67% Zn and 0.35% Pb.

Tobermalug:

The following two infill holes within the main Tobermalug deposit gave significant high grade results.

MN-2529-098 - intersected 8.70 m averaging 6.06% Zn and 0.76% Pb, including 1.90 m averaging 13.77% Zn and 1.68% Pb and 2.30 m averaging 10.41% Zn and 1.35% Pb.

Hole MN-636-184 - intersected two zones of mineralisation including a very high grade section over 2.65 m averaging 28.93% Zn and 7.02% Pb (35.95% combined Zn/Pb) and 4.00 m averaging 5.08% Zn and 0.23% Pb.

Comment

Commenting on the recent drilling results, Terence McKillen, Minco's Chief Executive said, "Ongoing drilling throughout the summer months has continued to expand the Tobermalug deposit and the related cluster of mineralised deposits in the Caherconlish area. The new discovery of the Knockroe Zone, which had not been identified at the beginning of the year, has been particularly encouraging. The extent of the mineralising system in the wider Caherconlish area continues to grow, and remains open in almost all directions".

The ongoing drilling is part of the US$10 million 2010 exploration programme at Pallas Green which comprises about 70,000 metres of diamond drilling in approximately 150 planned drill holes. Three more rigs have recently been added, bringing the total number of drilling rigs to nineteen, to seek to complete 70,000 metres by the end of the year. The level of continuing exploration and budget planned for 2011 will be decided during the fourth quarter of 2010.

Selected Drill Results:

NOTE: The above table contains the most significant recent results. Not all drill holes are reported. MN-2529-102 and MN-2529-098 were previously reported July 28th. 

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.

About Minco

Minco Plc is an AIM quoted precious and base metals exploration and development company engaged in zinc exploration on the Pallas Green property in Ireland in a 23.6%/76.4% joint venture with Xstrata Zinc and investments in zinc-silver projects in Mexico through its shareholding in Xtierra Inc. listed on the TSX Venture Exchange (Toronto) under the symbol "XAG".