|April 30, 2008|
Minco Gold Begins a Comprehensive Exploration Program on its Changkeng Gold Project
|Minco Gold Corporation (the "Company" or "Minco Gold") (TSX:MMM/AMEX:MGH/FSE:MI5) is pleased to report that a comprehensive exploration program has started on the Changkeng Gold project located in Guangdong Province, China. The program is comprised of 15,000 metres of diamond core drilling, preliminary metallurgical testing, and a hydrological & geotechnical assessment on the project. Following the completion of the drill program, an updated resource estimate will be prepared and an exploration report will be generated for permitting purposes. These completed studies will serve as the basis for an independent Preliminary Economic Assessment ("PEA") on the project.|
To date, a total of 81 drill holes have defined a minimum strike length of +650 metres with drilling conducted on approximate 40 metre section spacing and holes on section between 20 metres to 80 metres apart. On March 12, 2008, the Company released a NI 43-101 compliant resource estimate which contains an indicated resource of 2.1 million tonnes @ 5.61 grams per tonne (g/t) gold (Au) for a total of 379,000 oz Au and an inferred resource of 2.2 million tonnes @ 4.82 g/t Au for a total of 333,400 oz Au. The study also identified areas where inferred resources can be upgraded to indicated and the overall deposit can be expanded. An updated NI 43-101 resource estimate technical report has been filed on SEDAR and is available at www.sedar.com.
The Changkeng Gold deposit lies immediately northward of Minco Silver's Fuwan Silver deposit and remains open along strike to the northeast and southwest. The combined 15,000 metre diamond core drill program will take place in 2 parts. The first round of drilling consists of approximately 8,000 metres and is targeting resource expansion through step out drilling as well as increasing the indicated resources thru in-fill drilling. Minco Gold is currently operating 4 drill rigs on the property.
Additionally, BGRIMM (Beijing General Research Institute of Mining & Metallurgy), located in Beijing, China, has already begun metallurgical studies of the Changkeng mineralization which will be adequate for completing a PEA Study. Representative material has been sent to their laboratory and the test work is in progress. Initial metallurgical test work done by the 757 Exploration Team in 1995 has indicated that good recoveries for gold and silver can be obtained through flotation.
The Company also wishes to report that a hydro-geological program on the project is planned to start in the near term and will be carried out by the 757 Exploration Team. Initial work was undertaken by the 757 Exploration Team from November, 2006 to May, 2007. Regional hydro-geological survey/mapping was conducted over an area of approximately 51 square kilometers and will be followed up by a more detailed survey over the project area.
About Minco Gold
Minco Gold Corporation (TSX:MMM/AMEX:MGH/FSE:MI5) is a Canadian mining company involved in the direct acquisition and development of high-grade, advanced stage gold properties in China. The Company owns an exploration property portfolio covering more than 1,500 square kilometres of mineral rights in China. For more information on Minco Gold and its properties, please visit the website at www.mincomining.ca or contact Ute Koessler at 1-888-288-8288 or (604)-688-8002 email@example.com.
"Dr. Ken Z. Cai"
President & CEO
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.