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Re: News - Tuesday, December 11, 2007
Minco Silver Announces a 145% Increase in the Indicated Resource
on the Fuwan Silver Project
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Minco Silver Corporation (the "Company" or "Minco Silver")(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/FSE:MI5) and Silver Standard Resources (TSX:SSO).
For more information on Minco and our properties, please visit the
website at www.mincosilver.ca or contact Ute Koessler at
1-888-288-8288 or (604) 688-8002 info@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.
View News Release in PDF Format:
http://www.mincosilver.ca/i/pdf/2007-12-11_NR.pdf
39 KB in size, approx. 8 seconds to download at 56.6Kbps
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Copyright (c) 2007 MINCO SILVER CORPORATION (MNV) All rights reserved.
For more information visit our website at http://www.mincosilver.ca/
or send mailto:info@mincosilver.ca
Message sent on Tue Dec 11, 2007 at 9:39:46 AM Pacific Time
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