Minco Gold Acquiring a Producing Gold Mine in China
13 Gennaio 2011 - 2:55PM
Marketwired
Minco Gold Corporation (the "Company" or "Minco Gold") (TSX:
MMM)(NYSE Amex: MGH)(FRANKFURT: MI5) is pleased to announce that
the Company, through its wholly owned subsidiary, Minco Mining
(China) Co., Ltd. ("Minco China"), has entered into a Joint Venture
Agreement (the "JV Agreement") with the 208 Exploration Team (the
"208 Team"), a subsidiary of China National Nuclear Corporation
(the "CNNC"), to acquire 51% equity interest on the Tugurige Gold
Project located in Inner Mongolia, China.
Under the terms of the JV Agreement, the 208 Team will set up a
new entity (the "JV Co") and transfer its 100% interest in the
Tugurige Gold Project into the JV Co, Minco China has the right to
contribute a total of RMB 250 million (approximately C$37 million)
(the "Earn-In Amount") to earn a 51% equity interest in the JV Co,
with RMB 180 million (approximately C$27 million) to be contributed
by the end of March of 2011. The Earn-In Amount is subject to an
independent evaluation of the value of the Tugurige Project. To
secure the project, Minco China has provided RMB 60 million
(approximately C$9 million) in the form of a secured short term
loan to the Tugurige Gold Mine. The short-term loan is secured by
all the assets of the mine, including the mining licenses and
exploration permits. Minco China has the right to convert the loan
into its contribution to the Earn-In Amount upon appropriate
approvals obtained.
The Tugurige Gold Project consists of the Tugurige Gold Mine,
which consists of a 2.62 square kilometers area covered by one
mining license, and its surrounding areas of 42.34 square
kilometers covered by two exploration permits. The Tugurige Gold
Mine is a high grade underground mine which has been producing gold
since 1996 and currently operating at 600 tonnes per day, including
two CIP mills with approximately 85% gold recovery. Gold is hosted
within multiple quartz veins throughout the property.
Minco Gold is currently in the process of conducting detailed
due diligence on the project and preparing a NI 43-101 compliant
resource estimation on the property.
The JV Agreement is subject to the approvals of various Chinese
government agencies. The Company will pay a finder's fee to a
non-arm's length third party upon all approval obtained and
successful conclusion of the transaction.
About Minco Gold
Minco Gold Corporation (TSX: MMM)(NYSE Amex: MGH)(FRANKFURT:
MI5) is a Canadian mining company involved in the direct
acquisition and development of high-grade, advanced stage gold
properties. The Company owns an exploration property portfolio
covering more than 1,000 square kilometres of mineral rights in
China. For more information on Minco Gold and its properties,
please visit the website at www.mincomining.ca.
ON BEHALF OF THE BOARD
Dr. Ken Z. Cai, President & CEO
The statements that are not historical facts are forward-looking
statements involving known and unknown risks and uncertainties
which could cause actual results to vary considerably from these
statements. The risks and uncertainties include those described in
Minco Gold's annual report on Form 20-F filed with the U.S.
Securities and Exchange Commission. Forward Looking Statements:
Statements in this news are forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995. Forward looking statements are statements that are not
historical facts and that are subject to a variety of risks and
uncertainties which could cause actual events or results to differ
materially from those reflected in the forward-looking statements,
including risks related to the exploration stage of the company's
projects; market fluctuations in prices for securities of
exploration stage companies; uncertainties about the availability
of additional financing; uncertainties related to fluctuations in
gold prices; the possibility that Minco Gold Corporation may change
its plans with respect to one or more properties; and other risks
and uncertainties described in the company's annual report on Form
20-F and Reports on Form 6-K filed with or furnished to the U.S.
Securities and Exchange Commission. Although we believe the
expectations reflected in our forward looking statements are
reasonable, results may vary, and we cannot guarantee future
results, levels of activity, performance or achievements.
The TSX has neither approved nor disapproved of the information
contained herein.
Contacts: Minco Gold Corporation Ute Koessler 1-888-288-8288 or
(604)-688-8002 info@mincomining.ca www.mincomining.ca
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