|September 14, 2004|
DRILLING UNDERWAY ON BYC GOLD PROJECT, CHINA
|Minco Mining & Metals Corporation (TSX: MMM) ("Minco") and New Cantech Ventures Inc. ("New Cantech") are pleased to announce that a diamond drilling program has started at the BYC Gold project in Inner Mongolia, China. Drilling will focus on two major gold zones outlined in the 2004 and previous exploration programs. The exploration program is being funded by New Cantech through a farm-in agreement with Minco wherein New Cantech can earn a 51% interest in the project through expenditure of Cdn2.4 million over three years (see details in News Release of November 3, 2003). |
The 2004 exploration program comprised detailed geological mapping, trenching and sampling of approximately 100 gold showings and anomalies over the licence areas identified earlier by Minco's Chinese partner. This data is supplemented by additional geochemical and geophysical surveys (magnetometer and IP) in selected areas. The current diamond drilling program is designed to follow-up the targets selected from these mapping and sampling programs.
The North Zone includes an open pit previously mined by local miners, where approximately 400,000 tonnes oxide materials was extracted at a grade estimated by our consultants at approximately 3 grams per tonne. A minimum of 5 drill holes have been laid out in the North Zone to intersect the main mineralized shear zone beneath the old open pit. Further holes will be drilled along the shear zone as identified by mapping, trench sampling and the current geophysical surveys. A high grade section across the shear structure in this old pit was sampled by the Chinese in a previous exploration program and assayed at 71 grams per tonne gold over 9 metres across the shear structure. A sample of the open pit in the North zone assayed 54 grams per tonne gold over 2.5 metres. Assaying was done at the Laboratory of the Inner Mongolia Bureau of Mineral Exploration in Hohhot, the Capital city of Inner Mongolia.
In the South Zone, extensive sampling of exposed trenches has been completed and the results are being compilled currently. Further drill targets will be generated from this sampling program.
Minco and New Cantech are very encouraged by the initial results from BYC and will be reporting results regularly from the trench sampling and diamond drilling programs.
This news release has been reviewed and approved for release by William Meyer, P. Eng., Chairman of the Board, and designated Qualified Person.