Minco Silver Secured Debt Financing for the Fuwan
Silver
Project
Minco Silver Corporation (the
"Company" or "Minco Silver") (TSX: MSV) is pleased
to
announce that, through its operating subsidiary Foshan Minco Fuwan Mining Co.,
Ltd. (�Foshan
Minco�), it has received conditional commitment of a project debt
facility in the amount of RMB
300 million (approximately US$44.17 million) from the Guangdong Branch
of the Industrial and
Commercial Bank of China (�ICBC� or the �Bank�)
for the Company�s Fuwan Silver Project.
The debt facility represents approximately 60% of the total projected
capital expenditure of
US$73.1 million for the Fuwan Silver Mine
construction, as outlined by the Bankable Feasibility
Study announced on September 28, 2009.
"We are very pleased to receive the financial backing towards the
development and construction
of our flagship Fuwan
Silver Project, especially from ICBC which is the largest commercial bank
controlled by the Chinese central government,� commented
Dr. Ken Cai, Chairman and CEO of
Minco Silver, �The loan commitment from ICBC demonstrates the support
from the government
on this project. Together with the approximately
C$20 million of working capital on hand, Minco
Silver is in a position to finance vast majority of the capital
requirement for the construction of the
mine. This is another major milestone the Company
achieved towards bringing the Fuwan Silver
Project into production. �
The final loan agreement and terms are subject to final approval by the
Bank upon all pertinent
loan conditions being met, mainly the receipt of
the mining license. Foshan Minco paid fees
totaling RMB 100,000 (approximately US$14,700) to the
Bank in relation to the loan application.
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.