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Re: News - Monday, January 21, 2008
Minco Silver: Summary of 2007 Activities and Plans for 2008
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Minco Silver Corporation (the "Company" or "Minco Silver") (TSX: MSV)
is pleased to announce that the Company reached four important
milestones during 2007 and considerably advanced the Fuwan project.
Minco Silver completed 100 drill holes totaling 25,836 metres,
delivered two resource updates that expanded the deposit and increased
the level of confidence in the resource, completed initial metallurgy
testing indicating 97.9% recovery of silver, announced a positive
Preliminary Economic Assessment and a positive Hydrology report on the
project. Progress to date is summarized below:

Exploration Results

Minco Silver continued with its aggressive infill and step-out drilling
campaign during 2007 and completed 100 holes for a total of 25,836
metres. The Company's Phase IV and Phase V programs were designed
primarily to increase the level of confidence in the resource through
infill drilling and the success of these two programs can be measured
by the 145% increase in the indicated resource announced in December.
Based on the positive results from several step-out holes during Phases
IV and V, a Phase VI program was designed to test the strike and
down-dip extensions of the deposit. The program, comprising 49 holes
for approximately 13,000 metres of drilling, is progressing well.

Resource Expansion

Minco Silver announced two resource updates during 2007 that included
step-out and infill drilling on the project. The December 11th
resource estimation upgraded the indicated silver resource to 71.6
million ounces representing a 145% increase over the previous indicated
resource. The overall deposit was also increased by 11.4% for a total
indicated and inferred silver resource of 142.9 million ounces. The
Fuwan deposit remains open along strike to the southwest and down dip
to the southeast with Phase VI drilling testing these extensions.

Preliminary Economic Assessment

SRK Consulting completed an independent Preliminary Economic Assessment
(PEA) on the Fuwan deposit and results were released in October. Using
drill data up to the completion of the Phase III program and the
corresponding Resource Model released in April, SRK concluded that the
Fuwan Project is technically and economically viable as an underground
mining operation with a processing rate of the order of 2,500 tonnes
per day over a 12 year mine life, annual average silver production of
4.9 million ounces and a cash cost of US$2.40 per ounce after credits
from other contained metals. The project economics were found to be
robust with an after-tax internal rate of return (DCF-IRR) of 38%, a
pre-production capital cost of US$57 million and a payback period of
1.7 years from the start of production when using a US$12.11 per ounce
silver price. The deposit is highly leveraged to the price of silver
and demonstrates an after-tax internal rate of return (DCF-IRR) of 53%
when using a US$16.00 per ounce silver price.

Metallurgical Testing

The Company announced the results of metallurgical testing completed by
Process Research Associates (PRA) of Vancouver on September 17, 2007.
Tests were carried out on material representative of the Fuwan deposit.
Using conventional flotation and standard reagents, a "locked cycle"
flotation test on the composite sample resulted in overall recoveries
from lead and zinc concentrates of 97.9% for silver, 97.9% for zinc,
94.0% for lead, and 77.4% for gold.

Hydrology Testing

On December 4, 2007, Minco Silver released the results of a positive
Hydrogeology Review Report completed by SRK Consulting. Using data
from 18 hydrogeological test holes drilled to test the connectivity of
the various structures in place at Fuwan, pumping tests returned
varying inflow rates from 0.25m3/day to 1,300m3/day. Based on the
available data, important conclusions from the report included the
following:

.. Initial testing, done to date, at the Fuwan Silver Deposit has not
indicated that excessive water inflow would be encountered during
mine development.

.. Testing done to date indicates that the Xijiang River appears to be
poorly connected hydraulically with the proposed underground mine
envelope.

2008 Work Programs

Minco Silver is currently operating 8 drill rigs on the property to
test the open extensions of the deposit and plans to provide a resource
update during the second quarter. Once the Phase VI step-out drill
program has been completed, the Company will focus on investigating
additional showings along the Fuwan Silver Belt with a 15,000 metre
drill program planned. The 757 Chinese Brigade completed 50,000 soil
samples in the mid 90's that identified 3 strong showings on the belt
within close proximity to the Fuwan deposit.

The Company has already begun the permitting process and expects to
initiate an International Feasibility Study on the project during the
second quarter of 2008. Additionally, the construction and development
work is scheduled to begin during the second half of 2008.

Dr. Ken Cai, Chairman and CEO commented: "We are very pleased with our
progress throughout 2007. We achieved 4 major milestones with the
completion of metallurgical testing, hydrology testing, a resource
estimate that upgraded a significant portion of the deposit to
indicated, and a Preliminary Economic Assessment that demonstrates a
very robust project and strong leverage to the price of silver. Minco
Silver will continue with its aggressive exploration and development
programs throughout 2008 to advance the project to production in two
years time."

The Company would also like to announce that Van Eck Associates
Corporation has acquired 1,000,000 shares of Minco Silver, facilitated
by Minco Gold Corporation, through a private sale. Founded in 1955, Van
Eck was among the first U.S. money managers helping investors achieve
greater diversification through global investing and as at September
30, 2007, Van Eck managed over $7 billion in investor assets.

About Minco Silver

Minco Silver Corporation (TSX: MSV) 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 Silver, 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.

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Copyright (c) 2008 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 Mon Jan 21, 2008 at 7:15:23 AM Pacific Time
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