VANCOUVER, BRITISH COLUMBIA (TSX: MSV) is pleased to report the
results of an updated resource estimate for the Fuwan Silver
Project in Guangdong Province, China. This resource update has
upgraded the indicated resource from 4.5 million tonnes containing
29.2 million ounces of silver to 11.9 million tonnes containing
71.6 million ounces of silver, representing an increase of 145% in
the indicated resource. The total indicated silver resource is
reported to be 71.6 million ounces and the total inferred silver
resource is 71.4 million ounces for an overall increase of 14.7
million ounces (11.4%) of silver.
The purpose of this resource estimate was to:
- Take into consideration Minco Silver's recently completed 78
new drill holes.
- Estimate silver resources that reflect Minco Silver's current
exploration permit holdings.
- Estimate silver resources on Minco Silver's 51% interest in
the adjoining Changkeng licence area.
- Upgrade inferred resources to the indicated
classification.
Diamond drill data from a total of 350 holes was used for the
resource calculation of which 78 are new holes completed since the
last resource estimation. These programs were conducted on a 60m x
60m diagonal spacing within the existing 80m x 80m rectangular
drill grid spacing. These recent drilling programs were designed
primarily for the upgrading of inferred resources to the indicated
classification. The Fuwan deposit remains open along strike to the
southwest and up and down its relatively flat dip to the northwest
and southeast.
The resource estimate prepared on the Fuwan Deposit includes Au,
Pb and Zn credits and is reported as an Indicated Resource of
11,945,000 tonnes at 186g/t Ag, 0.21g/t Au, 0.10% Pb and 0.28% Zn
and an Inferred Resource of 11,633,000 tonnes at 191g/t Ag, 0.25g/t
Au, 0.17% Pb and 0.48% Zn. Details of the resources residing on the
Changkeng and Fuwan properties are shown in table 1.
Table 1. Resource Estimate(1) @ 50g/t Ag Cut-Off Grade.
------------------------------------------------------------------------
Resource Area & Ag Ag Au Pb Zn
Classification Tonnes (g/t) (oz) (g/t) (%) (%)
------------------------------------------------------------------------
Fuwan Permits
Indicated 9,930,000 196 62,721,000 0.17 0.10 0.26
------------------------------------------------------------------------
Changkeng Permit
Indicated(ii) 2,015,000 137 8,856,000 0.42 0.10 0.37
------------------------------------------------------------------------
Total Indicated 11,945,000 186 71,577,000 0.21 0.10 0.28
------------------------------------------------------------------------
------------------------------------------------------------------------
Fuwan Permits
Inferred 10,571,000 191 64,972,000 0.21 0.18 0.49
------------------------------------------------------------------------
Changkeng Permit
Inferred(iii) 1,062,000 187 6,391,000 0.60 0.14 0.39
------------------------------------------------------------------------
Total Inferred(2) 11,633,000 191 71,363,000 0.25 0.17 0.48
------------------------------------------------------------------------
(ii) The indicated resources reported on the Changkeng permit represent
51% of the actual indicated resources which reflects the proportion of
ownership by Minco Silver Corporation. Total Changkeng indicated silver
resources are 3,951,000 tonnes and 17,365,000 ounces of silver.
(iii) The inferred resources reported on the Changkeng permit represent
51% of the actual inferred resources which reflects the proportion of
ownership by Minco Silver Corporation. Total Changkeng inferred silver
resources are 2,082,000 tonnes and 12,531,000 ounces of silver.
(1) Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources
may be materially affected by environmental, permitting, legal,
title, taxation, sociopolitical, marketing, or other relevant issues.
(2) The quantity and grade of reported inferred resources in this
estimation are conceptual in nature and there has been insufficient
exploration to define these inferred resources as an indicated or
measured mineral resource and it is uncertain if further exploration
will result in upgrading them to an indicated or measured mineral
resource category.
For the purposes of the resource update report, the resource was
defined using October 2007 24 month trailing average metal prices
of US$11.96/oz Ag, US$625/oz Au, US$0.81/lb Pb and US$1.46/lb Zn.
Costs of $12.00/tonne for mining, $11.50/tonne for
processing/tailings management and $5.50/tonne for G&A for a
total of $29.00/tonne and a process recovery of 97% for Ag, along
with Au, Pb & Zn credits of approximately $10.00/tonne were
utilized to derive a cut-off grade of 50 g/t Ag.
The mineral resources in this press release were estimated using
the Canadian Institute of Mining, Metallurgy and Petroleum (CIM),
CIM Standards on Mineral Resources and Reserves, Definitions and
Guidelines prepared by the CIM Standing Committee on Reserve
Definitions and adopted by CIM Council December 11, 2005.
The resource update was prepared by Qualified Persons, Eugene
Puritch, P.Eng., Antoine Yassa, P.Geo. and Tracy Armstrong, P.Geo.
of P & E Mining Consultants Inc. of Brampton, Ontario. The
authors of the current resource estimate reviewed original assay
certificates from core samples and check samples and collected
their own site visit verification samples. It is the authors'
opinion that the data have been adequately verified for the
purposes of an NI 43-101 resource estimate and all historic and
current data were found to be reliable, with an acceptable level of
reproducibility. An updated NI 43-101 resource estimate technical
report will be issued within 45 days of this press release.
This new release has been reviewed and approved for release by
Mr. Dwayne Melrose, P. Geo, Vice President Exploration for Minco
Silver, and is the Qualified Person responsible for verification
and quality assurance of the company's exploration data and
analytical results.
CONFERENCE CALL
Minco Silver will host a conference call on Thursday, December
13, at 11:00 AM Eastern (8 AM Pacific Time). To participate, please
dial 416-849-9626 for local and international callers, or
1-866-585-6398 toll-free within North America.
About Minco Silver
Minco Silver Corporation is a TSX company focusing on the
acquisition and development of silver dominant projects in China.
The Company is the exclusive vehicle for pursuing silver
opportunities in China pursuant to a strategic alliance agreement
between Minco Gold Corporation (formerly "Minco Mining & Metals
Corporation") (TSX: MMM)(AMEX: MGH)(FRANKFURT: MI5) and Silver
Standard Resources (TSX: SSO).
ON BEHALF OF THE BOARD
Dr. Ken Z. Cai, Chairman & CEO
Certain terms or statements made that are not historical facts,
such as anticipated advancement of mineral properties or programs,
productions, sales of assets, exploration plans or results, costs,
prices, performance are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
and involve a number of risks and uncertainties that could cause
actual results to differ materially from those projected,
anticipated, expected or implied. These risks and uncertainties
include, but are not limited to; metals price volatility,
volatility of metals production, project development risks and
ability to raise financing. The Company undertakes no obligation
and has no intention of updating forward-looking statements.
The Toronto Stock Exchange does not accept responsibility for
the accuracy of this news release.
Contacts: Minco Silver Corporation Ute Koessler 1-888-288-8288
or (604) 688-8002 Email: info@mincosilver.ca Website:
www.mincosilver.ca
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