|June 16, 2004|
ASSAY RESULTS FROM MINCO'S YANGSHAN EXTENSION GOLD PROPERTIES CONFIRM POTENTIAL
|Minco Mining & Metals Corporation ("MINCO") (TSX: "MMM") is pleased to announce that an evaluation of the exploration, sampling and assaying programs previously undertaken by Chinese geological agencies on its three Yangshan Extension Properties in the Yangshan Gold Field, in south Gansu Province of China has been made by an independent consultant, Peter Folk, P.Eng ("Qualified Person") from a recent site visit. The report was filed on SEDAR on May 4, 2004, and conforms to National Instrument 43-101 guidelines.|
MINCO can earn a 75% interest in the Guanniuwan, Hongyangou and Guojiagou Yangshan Extension Properties in a joint venture with The No.2 Exploration Institute of the Gansu Bureau of Geological Exploration ("GBGE") as announced previously (March 29, 2004 news release). Guanniuwan has a similar geological setting and style of gold mineralization to MINCO's 3 million ounce-size Anba deposit approximately 5 km on strike to the northeast in the prolific 90km long Carlin-style Qinling Mountain Gold Belt. Chinese geological agencies have estimated the gold belt to contain greater than 16 million ounces gold, but these estimates are approximate and do not necessarily conform to CIM resource definitions.
GBGE has conducted exploration programs in the Yangshan Extension Property area since 1967, comprising geological mapping and geochemical sampling. This was followed by sampling of 23 trenches cut at Guanniuwan around 1994 in surface oxidized material in two identified mineralized zones. Assays over 1 gram per tonne gold were obtained in all trenches.
Significant Trench Assays at Guanniuwan, by GBGE
Zone Trench Length (m) Gold (grams per tonne) North Zone TC001 8.46 3.20 TC001 15.04 2.20 South Zone TC16 3.22 9.62 B 7.02 3.62
A West Zone recently discovered by artisanal miners, appears to lie on strike approximately 1km to the west of the North Zone. Exploration will be carried out on the zone during 2004 to verify the findings.
Verification trench grab sampling was undertaken on Guanniuwan and Guojiagou licences in April 2004 under direction of the independent consultant and assayed at the Central Laboratory of the Institute of Geophysical and Geochemical Exploration, Chinese Academy of Geosciences, Langfang, Hebei. 7 of the 8 verification grab samples taken assayed from 1.0-3.8 grams per tonne gold, which in the opinion of the independent consultant verifies the tenor of results obtained by the previous Chinese Government exploration groups.
The extent of artisanal miner activity on surface oxidized material in the three zones at Guanniuwan, each approximately 1km along strike, demonstrates the potential of the area. In general, surface assays from trench sampling at Guanniuwan are significantly higher than those from trench sampling at Minco's nearby Anba Deposit.
Exploration over the Hongyangou and Guojiagou areas has consisted of limited geological mapping and geochemical sampling, and some local mining activity has been carried out at Guojiagou.
In 2004 a first phase project will be carried out of geological mapping, geochemical sampling and adit sampling on the three Yangshan Extension Properties, to be followed by a second phase diamond drill program on identified targets. Guanniuwan will be the prime target initially.
This news release has been reviewed and approved for release by William Meyer, P.Eng. Chairman of the Board, and designated Qualified Person.