|November 11, 2004|
DRILL RESULTS CONFIRM POTENTIAL OF CHANGKENG GOLD
|Minco Mining & Metals Corporation ("MINCO") (TSX: "MMM") is pleased to report fire assay results from the completed Phase I drilling program at its Changkeng Gold project in Guangdong Province , China . All the holes were drilled vertically and true widths of the intersections have not yet been established. The Phase 1 program confirmed results both of the previous Chinese drilling and also the continuity of the No.1 Zone along the synclinal structure towards the east and south. |
Of particular significance is the eastern extension of the deposit where hole JZK4001 revealed strong gold values in an open area. In a previous drill program, the Chinese partner had drilled a hole ZK4802, approximately 1,000 metres east of the deposit area , which encountered a 127.59 metre thick mineralized alteration zone assaying 1.24 grams per tonne of gold (by the atomic absorption method), with a higher grade section running at an average of 3.85 grams per tonne gold over 11.99 metres.
Assay results of the first three drill holes in the Changkeng Phase 1 Program were announced in a news release on August 4, 2004. These assays had been carried out by the atomic absorption method. All samples over 0.1 gram per tonne gold in the Phase 1 Program were subsequently re-assayed by the fire assay method, which is generally accepted in the minerals industry to be more accurate for gold grade estimation. Re-assay results on these first three drill holes have revealed that the fire assay results are consistently higher than those of the previously published atomic absorption results. The Chinese laboratory has explained that the lower atomic absorption results had resulted from incomplete digestion of gold in the sample preparation process. Furthermore, check fire assays were undertaken on randomly selected samples in labs both in China and Vancouver , and closely matched the fire assay results from the Chinese laboratory.
Assay results as published previously for drillholes JZK0101, JZK0401 and JZK0601 have been re-stated respective to the fire assays. In addition, fire assay results are presented for new drill holes JZK0102, JZK2001, JZK2002, JZK4001.
The holes are drilled on a north west-south east grid approximating the dip direction of the mineralized zone. A sketch plan of the Changkeng drill holes and drill section lines will be provided on the Minco website ( www.mincomining.ca ) November 12 th and will include a description of the sample preparation, assay procedures and check assay results.
Changkeng Gold Project Fire Assay Results
Summary of Phase 1 Drill Program
Phase 2 Program
The Phase 2 drill Program is being planned to extend the resource base in the directions indicated by the Phase 1 Program. Drilling then will be concentrated on filling in the grid to a 40 metre by 40 metre spacing for preparation of an upgraded resource estimate. Down hole eng i neering studies will be carried out on selected drill holes.
Current status of Changkeng Gold and Fuwan SilverJoint Venture agreements
Definitive Joint Venture contracts have been signed on both projects and have been submitted to the Chinese government for final approval. A comprehensive technical database is being constructed on both deposits.
Dr. Ken Cai, President and CEO comments: "We are tremendously excited by the potential of Changkeng Gold. The Phase 1 results have confirmed the high grade nature of the known deposit, and now we have identified open areas to the west, south and east of high grade mineralization. This gives us the opportunity to add significantly to the resource estimates. We are pressing ahead with the Phase 2 drill Program as a top priority."
This news release has been reviewed and approved for release by William Meyer, P.Eng. Chairman of the Board, and designated Qualified Person.
- 30 -
For further information, please contact Miranda Berukoff Zwaag at Minco at 1-888-288-8288 or (604) 688-8002 firstname.lastname@example.org www.mincomining.ca
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. Refer to the Company's Form 20-F and Form 6-K reports for a more detailed discussion of factors that may impact future results. The Company undertakes no obligation and has no intention of updating forward-looking statements.