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| May 22, 2007 Minco Gold Continues to Define High Grade Gold Veins at Gold Bull Mountain | |
| Minco Gold Corporation (the "Company" or "Minco Gold") (MMM-TSX/MGH-AMEX/FRANKFURT-MI5) is pleased to announce assay results for 40 channel samples collected at its wholly-owned Gold Bull Mountain ('"GBM") project located in the western part of Hunan Province in the People's Republic of China. The property is located 6 kilometres north of the famous Xiangxi Gold mine, which has been in operation for over one hundred years. The GBM gold belt extends for more than 15 kilometres and is recognizable by a wide distribution of artisanal mining adits, pits, and openings. Gold-quartz mineralization at GBM occurs primarily within brittle to ductile shear veins in Proterozoic sediment rocks. Four parallel quartz-vein style gold zones have been identified with a strong continuity along strike and dip directions. The 40 channel samples were collected on vein II 3-1 across the vein width, along a 30 metre strike length on level 112 as tabulated below. The results ranged from 0.01 grams per tonne (g/t) gold to 158.79 g/t (5.1 ounces per tonne) gold with 75% of the samples grading greater than 1 g/t gold and 25 % of the samples greater than 10 g/t gold. The average gold grade for all 40 samples was calculated to be 12.32 g/t, over 1.52m true width. Photographs of quartz channel samples containing native gold can be viewed on the company's website at www.mincomining.ca. Assay results are provided in the table below.
Assay Table of 40 channel samples from Level 112
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Gold Grade (g/t)
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Total Sample True Width +200 mesh -200 mesh Weighted
Sample_id Weight (g) (m) Fraction Au Fraction Au Average
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GBH-K001 496.93 1.13 2.36 0.63 0.74
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GBH-K002 486.42 1.04 301.63 2.29 9.07
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GBH-K003 492.37 1.51 365.25 14.59 25.68
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GBH-K004 491.75 1.70 91.10 2.40 4.53
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GBH-K005 487.33 1.13 4.77 0.71 0.86
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GBH-K006 495.08 1.89 321.14 7.95 17.62
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GBH-K007 494.78 1.42 40.37 0.38 1.71
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GBH-K008 488.52 1.99 225.87 2.38 16.65
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GBH-K009 487.15 1.76 2497 35.50 158.79
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GBH-K012 486.00 1.48 4.31 0.15 0.22
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GBH-K013 491.61 1.32 82.54 1.52 3.74
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GBH-K014 495.20 1.13 168.97 3.03 14.42
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GBH-K015 495.50 1.42 276.77 3.01 9.00
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GBH-K016 490.90 0.70 1999 19.70 118.40
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GBH-K017 490.37 1.70 420.16 7.43 25.00
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GBH-K018 499.70 1.99 14.00 0.61 1.64
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GBH-K019 486.93 1.80 15.26 1.66 2.43
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GBH-K020 493.90 1.61 1.44 0.11 0.18
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GBH-K021 492.65 1.13 65.50 5.02 8.55
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GBH-K022 489.75 1.70 32.95 0.74 2.64
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GBH-K023 494.53 1.48 0.51 1.36 1.31
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GBH-K024 480.82 1.32 74.67 1.47 4.94
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GBH-K025 488.03 1.61 390.89 9.83 35.63
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GBH-K026 493.27 1.89 0.48 0.08 0.10
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GBH-K027 494.57 1.80 11.90 0.39 1.14
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GBH-K028 494.48 1.99 0.97 0.06 0.11
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GBH-K029 498.49 1.80 <0.01 0.03 0.03
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GBH-K030 494.20 1.80 0.01 0.01 0.01
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GBH-K031 496.70 1.70 2.70 1.95 1.99
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GBH-K032 486.40 1.51 8.74 0.43 0.95
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GBH-K033 488.50 1.80 13.22 3.38 4.07
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GBH-K034 493.13 1.94 205.98 10.31 18.73
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GBH-K035 496.01 1.42 18.93 0.75 2.14
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GBH-K036 497.57 1.58 0.07 0.21 0.20
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GBH-K037 485.48 1.04 18.76 1.68 2.91
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GBH-K038 500.01 1.77 2.39 1.48 1.54
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GBH-K039 493.65 1.37 4.54 1.80 1.96
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GBH-K040 485.01 1.13 73.58 3.91 8.17
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GBH-K043 491.84 1.32 132.35 6.32 15.79
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GBH-K044 488.43 0.85 3.55 0.89 1.06
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Average 1.52 12.32
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There is a significant "Nugget Effect" within the assay distribution requiring careful sampling and assaying techniques. All rock chip samples were collected as continuous samples across the width of the veins and over intervals ranging from 0.8 to 0.5 metres along strike and sent for analyses to Yunnan Paijia Mining Technology Services Co., a division of Canada Process Research Associates Ltd., located in the Yunnan Province, China. The samples were divided into two parts: +200 mesh fraction and -200 mesh fraction. The two samples were then analyzed separately using fire assay with atomic absorption spectrometry finish and a weighted average calculated. Minco Gold President & CEO Dr. Ken Cai commented: "The significant 'Nugget Effect' returns a wide range of values and makes results difficult to reproduce. For this reason, we've chosen to suspend drilling and expanded our cross cutting and drifting program to provide a more accurate representation of the mineralized zones. Minco Gold is excited by the results to date and is working aggressively to advance the project." Over the past 3 months, the exploration team has prepared 80 metres of drifting along strike on the 112 level of which 30 metres has been sampled. The team has also completed a detailed geological mapping program conducted over both the exploration (16.78 km2) and mining license (0.178 km2) areas in preparation for ongoing surveys. These programs were carried out under the technical supervision of Dr. John Li, Chief Geologist and Manager of Jinniushan Property Exploration (GBM). Mr. Dwayne Melrose, P. Geo, Vice President Exploration for Minco Gold, is the Qualified Person responsible for verification and quality assurance of the company's exploration data and analytical results. About Minco Gold Minco Gold Corporation (MMM-TSX/MGH-AMEX/FRANKFURT-MI5) (formerly "Minco Mining & Metals Corporation") is a Canadian mining company involved in the direct acquisition and development of high-grade, advanced stage gold and base metals properties in China. The Company owns an exploration property portfolio covering more than 1,500 square kilometres of mineral rights in China including the past producing Gold Bull Mountain mine. For more information on Minco and its properties, please visit the website at www.mincomining.ca or contact Ute Koessler at 1-888-288-8288 or (604) 688-8002 info@mincomining.ca. ON BEHALF OF THE BOARD "Ken Z. Cai" President, CEO & Director The TSX has neither approved nor disapproved of the information contained herein. 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. | |
