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Minco Capital Corporation
 October 12, 2004
MINCO CORPORATE UPDATE

 Minco Mining & Metals Corporation ("Minco") (TSX: "MMM") is pleased to provide a progress report on its various Chinese properties.

Changkeng Gold, Guangdong Province

Further to the framework joint venture agreement signed in May 2004 (May 17, 2004 News Release), the Company is close to finalizing the definitive joint venture contract (the "JVC") on the property. The next step will be to obtain the business licences and to transfer the exploration permit of Changkeng property to the joint venture. The exploration permit, valid to September 2004, is in the process of renewal with the application submitted by the 757 Exploration Team of the Guangdong Geological Exploration Bureau, in September 2004. The joint venture partner, the Guangdong Geological Exploration and Development Corp. is also a subsidiary of the Guangdong Geological Exploration Bureau.

Pursuant to the JVC, a Sino-foreign joint venture company will be formed for the project, with total investment of approx. C$16.6 million to be made by the partners on a pro-rata basis over 3.5 years from the date of granting of the business licence. The joint venture company will pay approx. C$5.5 million to acquire 100% property rights from the current vendor. The rest of the funds will be used for exploration, feasibility study and mine development on the Changkeng property. Minco has rights to earn 51% equity interest in the joint venture by contributing approx. C$8.5 million, or 51% of the total investment.

The 9-hole Phase I drilling program has been completed on the property. Assay results have been released on five drill holes, while fire assay results are awaited for the balance of four drill holes.

Fuwan Silver, Guangdong Province

Further to the framework joint venture agreement signed in May 2004 (May 26, 2004 News Release), the Company has signed the definitive joint venture contract (the "JVC") on the property. Obtaining the business licences and transferring exploration permit of Fuwan property to the joint venture will follow shortly. The exploration permit is valid to September 2005 and subject to further renewal.

Pursuant to the JVC, a Sino-foreign joint venture company will be formed for the project, with total investment of approx. C$5 million to be made by the partners on pro-rata basis over 3.5 years from the date of granting of the business licence. The joint venture company will pay approx. C$1.9 million to acquire 100% property rights from the current vendor. The balance of the funds will be used for further exploration on the Fuwan property. Minco has rights to earn 70% equity interest in the joint venture by contributing approx. C$3.5 million, or 70% of the total investment.

Minco plans to start the drilling programs shortly after the exploration permits have been transferred to the joint venture.

Anba Gold project, Gansu Province

Gansu Keyin Mining Co. Ltd, (Keyin), Minco's White Silver Mountain joint venture company, signed a joint venture agreement in principle in October 2003 on the 3 million oz Anba gold property (November 5, 2003 News Release). Keyin will earn 40% interest in the joint venture through investment of approx. C$4 million over 5 years. The exploration permit, valid until June 2006, is expected to be transferred into the joint venture company once the definitive joint venture contract has been signed and all requisite approvals have been obtained.

Minco plans to start the drilling programs shortly after the exploration permit has been transferred to the joint venture company.

Three Gold Properties on the Yangshan Extension, Gansu Province

Minco signed the definitive joint venture contract in March 2004 (March 29, 2004, News Release). The Company is in the process of obtaining the required government approval, including business licence and transfer of the exploration permits on the three gold properties. Minco has the right to earn 75% equity interest in three properties close to the Anba project, by funding the properties to the feasibility stage. Total initial investment in the joint venture is approx. C$1.7 million, with 75% to be contributed by Minco (approx. C$1.25 million).

The Phase 1 exploration program on the three constituent properties has been completed, including surveying, geological mapping, trenching and sampling. The results are pending. Phase II program will be started shortly.

BYC joint venture, Inner Mongolia

Minco has obtained required approvals to establish the joint venture and has received the business licence. The Company is at the final stage of transferring the exploration permits to the joint venture company. Minco has right to earn 75% interest in the joint venture by contributing approx. C$2.4 million over 4 years. Through a farm-in agreement between Minco and New Cantech Ventures Inc. signed in November 2003, the latter can earn 51% interest in the BYC project by spending C$2.4 million over 3 years.

Detailed geological mapping and trench sampling have been completed over the property September 14, 2004 News Release). Several drill targets have been identified, which lead to current 5-hole drill program. Three drill holes have been completed and fire assay results are awaited. New Cantech is funding 100% of the exploration programs.

Gobi Gold and White Silver Mountain

Minco has earned a 54% interest in the fully licensed joint venture company for the Gobi project by spending approx. C$1.4 million, and can earn up to 75% interest with a total contribution of approx. C$2.8 million. On the White Silver Mountain volcanogenic massive sulphide joint venture, Minco has earned 61% equity interest in the fully licensed joint venture by spending approx. C$3.7 million. Minco can earn up to 80% through a total expenditure of approx. C$6.3 million. Work will resume on both promising projects when priorities permit.

This news release has been reviewed and approved for release by William Meyer, P.Eng., Chairman of the board, and designated Qualified Person
 
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