Minco Silver Corporation (the "Company" or "Minco Silver") (TSX:
MSV) provides a summary of the progress during 2008 and plan for
2009 on its Fuwan Silver project. In 2008, the Company completed a
drilling program totaling 23,292 metres in 79 holes, delivered an
updated resource estimate which expanded the deposit significantly,
initiated an International Feasibility Study ("IFS"), made solid
progress in permitting, conducted a regional exploration program,
and won two awards for work completed on the project.
Exploration on Fuwan Deposit
Minco Silver completed an aggressive infill and step-out
drilling campaign on the Fuwan deposit during 2008 and completed 56
holes for a total of 16,833 metres. The program was designed
primarily to increase the level of confidence in the resource
through infill drilling and the assay results were released in the
first half of 2008.
Resource Expansion
The updated resource estimate was prepared by P&E Mining
Consultants Inc. of Brampton, Ontario and released on May 22nd,
2008. Drilling was successful in expanding the indicated resource.
From the previous resource announced in December 2007, the
indicated resource increased from 11.9 million tonnes containing
71.6 million ounces of silver ("MM oz Ag") to 16.0 million tonnes
containing 93.5 MM oz Ag, or a 31% increase. The overall resource
base (indicated and inferred silver resources) also increased from
142.9 MM oz Ag to 156.8 MM oz Ag. These silver resources reflect
Minco Silver's current exploration permit holdings, including 51%
of the silver resources on the Changkeng permit. The Fuwan deposit
remains open along strike to the southwest and down dip to the
southeast.
Regional Exploration
Minco Silver initiated a regional exploration program along the
Fuwan Silver Belt in May of 2008. The Company completed a detailed
ground magnetic survey covering approximately 155 line kilometres
as well as 21 line kilometres of dipole-dipole induced polarization
survey over the main target areas. Combined with previous
geochemical surveys consisting of 50,000 individual soil samples, a
number of highly prospective targets were generated. The Company
drilled 18 holes for a total of 5,003 metres testing some of these
targets. Regional drill results are pending.
International Feasibility Study
Wardrop Engineering Inc. ("Wardrop") was retained in April of
2008 to conduct the international feasibility study using the
resource update released in May of 2008. Significant progress has
been made to date and mine planning and process engineering are
well advanced. Currently, the process flowsheet and metallurgical
test work are nearing completion and surface infrastructure sites
are being finalized. Mine planning, surface layout, and development
and production schedules are progressing well.
Additional metallurgical tests to optimise the initial work
completed for the Preliminary Economic Assessment in October of
2007 were also initiated. Minco Silver received a comprehensive
metallurgical report on Fuwan samples from the Beijing General
Research Institute of Mining & Metallurgy ("BGRIMM"). The
results confirmed initial work carried out by Process Research
Associates ("PRA") with overall recoveries of silver, using
conventional flotation, reported as above 96%. Recoveries for lead
and zinc were also over 95%.
Environmental Impact Assessment ("EIA")
Environmental aspects of the feasibility study are being
compiled by Environmental Resources Management ("ERM"), one of the
world's leading providers of environmental consulting services, and
will be done to IFC ("International Finance Corporation") and World
Bank standards.
To satisfy Chinese regulatory requirements, Guangdong Nuclear
Design Institute ("GNDI") has been contracted to complete the
Chinese environmental impact assessment which is nearing
completion. GNDI is working closely with ERM to cover all necessary
aspects for national and international environmental
acceptance.
Permitting
Minco Silver has made solid progress in permitting on the Fuwan
Silver deposit during 2008. Reports completed and in progress are
summarized below:
- The Exploration Report on the Fuwan Silver deposit has been
accepted and approved by the Ministry of Land and Resources
("MOLAR") in Beijing.
- The Chinese Preliminary Feasibility Study was completed by
Changsha Non-Ferrous Mine Design Institute and approved by an
expert panel.
- The reserve/resource has been registered and received approval
from Guangdong Bureau of Land and Resources and MOLAR in
Beijing.
- The mining area application was approved by Gaoming county,
Foshan district, and the Guangdong provincial government. MOLAR's
approval is pending.
- The Soil and Water Conservation Plan is nearing
completion.
- The Safety Assessment and Geological Hazard Assessment are
well advanced.
- The Land Usage application is being prepared for
submission.
Additionally, the Gaoming county government granted official
approval for the development of the project. Upon completion and
approval of all required reports, the application for the mining
permit will be filed with MOLAR in Beijing.
Corporate Developments
Minco Silver successfully incorporated Foshan Minco Mining Co.,
Ltd. ("Foshan Minco") as the operating company for the Fuwan Silver
project. Subsequently, the exploration permits for the project held
by Minco Mining (China) were transferred to Foshan Minco. Minco
Silver retains 90% ownership in Foshan Minco with the remaining 10%
held by Guangdong Geological Exploration and Development
Cooperation ("GGEDC") as per the original 10% profit sharing
agreement.
Awards
Minco Silver won two awards during 2008 for its work in
advancing the Fuwan Silver project. In January, the Company
received a Corporate Award for Project Development from Cambridge
House International Inc., for the project's meaningful progress
during 2007. Minco Silver received the Prospector / Explorer of the
Year Award at the 2008 China Mining Conference for its outstanding
progress of the Fuwan Silver project. This prestigious national
Award was presented to Minco Silver by Mr. Wang Min, the Vice
Minister of MOLAR on November 12, 2008.
Staff Changes
In July of 2008, Mr. Christopher Zahovskis was appointed Chief
Operating Officer for Minco Silver, replacing Mr. Tim Marlow,
former V.P. Operations.
In January of 2009, Ms. Ellen Wei was appointed the Company's
Controller replacing Ms. Fiona Zhou. Ms. Wei's qualifications
include an AICPA designation in the United States and a CPA
designation in China. Ms. Wei has 10 years experience with a major
Chinese auditing firm and 3 years with Ernst & Young
respectively. Ms. Wei has worked with the Minco Group for 4 years
in the capacity of CFO for Minco Mining (China) Ltd. She was the
former Controller of Dragon Pharmaceuticals Inc., a listed company
for 2.5 years.
Minco Silver would also like to announce that Mr. Garnet Clark
has resigned as Chief Financial Officer. The Company would like to
thank Mr. Clark and Mrs. Zhou for their valuable contributions and
wishes them well in their future endeavours.
Plan for 2009
In 2009, Minco Silver will focus its resources on advancing the
Fuwan Silver deposit and work diligently to complete the
international feasibility study and permitting. Upon completion, a
production decision will be made based on feasibility results,
commodity price outlook, and market conditions for financing for
mine construction.
Given the current economic downturn, Minco Silver has
implemented a number of cost-saving measures to preserve its
treasury. The Company has suspended the regional exploration
program until market conditions improve. Additional cost-saving
measures include a reduction in non-essential personnel and
streamlining of office space.
About Minco Silver
Minco Silver Corporation (TSX: MSV) is a TSX listed company
focusing on the acquisition and development of silver dominant
projects. The Company owns 90% interest in the world class Fuwan
Silver Deposit, situated along the northeast margin of the highly
prospective Fuwan Silver Belt. For more information on Minco
Silver, please visit the website at www.mincosilver.ca or contact
Ute Koessler at 1-888-288-8288 or (604) 688-8002
ir@mincosilver.ca.
ON BEHALF OF THE BOARD
"Dr. Ken Z. Cai", Chairman & CEO
The Toronto Stock Exchange does not accept responsibility for
the accuracy of this news release. 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.
Contacts: Minco Silver Corporation Ute Koessler 1-888-288-8288
or (604) 688-8002 E-mail: ir@mincosilver.ca Website:
www.mincosilver.ca
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