|September 20, 2004|
SIGNIFICANT PROGRESS ON MINCO SILVER
|Minco Mining & Metals Corporation (TSX: MMM) ("Minco") announces that further to the Company's news releases of June 22, 2004 and July 7, 2004, Minco is continuing its efforts to position itself as a major Chinese silver company. The Company has incorporated a wholly owned subsidiary in British Columbia: Minco Silver Corporation ("Minco Silver"). The Company is working with the Guangdong Geological Exploration and Development Corporation ("GGEDC") on the completion of the final Sino-Foreign Joint Venture Contract with regard to the Fuwan Silver project. The Company is in the process of obtaining all government approvals including the business license and exploration permits. The Sino-foreign joint venture enterprise will be named the Guangdong Minco Mining Co., Ltd., in which Minco Silver Corporation has the right to earn a 75% interest. |
An independent evaluation of the Exploration Permits on the Fuwan Silver Property has been completed. The assessed value of the property is 10.33million RMB (US$1.25 million) which has been confirmed by the Chinese government.
Future Strategic Plans
As described in the above referenced news releases, Minco has now established a corporate structure that allows itself to move its silver projects into a subsidiary while keeping its gold projects (BYC, Gobi, Yangshan, Changkeng) under the main umbrella company, Minco Mining & Metals Corporation.
The Company is considering new industry strategic partners and investors to be part of the Minco Silver. During the next few months, Minco Silver will undertake a private placement and Initial Public Offering (subject to regulatory and shareholder approval), and intends to acquire more advanced silver properties in China to build its silver resource base. The Company currently plans to dividend a significant portion of its holdings in Minco Silver to its shareholders at an appropriate time after the IPO.
This news release has been reviewed and approved for release by William Meyer, P.Eng. Chairman of the Board, and designated Qualified Person.
For further information, please contact Ken Cai at 1-888-288-8288 or (604) 688-8002 firstname.lastname@example.org www.mincomining.ca