|March 29, 2004|
JOINT VENTURE CONTRACT SIGNED ON THREE GOLD PROPERTIES IN YANGSHAN GOLD FIELD
|Minco Mining & Metals Corporation (TSX: MMM) is pleased to announce that, further to the news release dated December 2, 2003, it has signed the final joint venture contract (the "JVC") with No.2 Exploration Institute of the Gansu Bureau of Geological Exploration (GBGE) for the exploration and development of three gold projects (the "Properties") in the Yangshan Gold Field in south Gansu Province of China. The three gold projects are as follows: 1. Guanniuwan (9.14km2); 2. Hongyanggou (25.56km2); 3. Guojiagou (17.16km2). Under the terms of the JVC, Minco has rights to earn 75% equity interests in the three areas by funding the properties to the feasibility stage. Total initial investment in the JV will be 10 million RMB (approx US$1.2 million), 75% contributed by Minco and 25% contributed by GBGE (being the consideration for vending in the exploration permits on the Properties).|
An independent evaluation has been completed on the properties by an independent evaluation agency in Beijing. The exploration permits are currently being transferred, and the NI 43-101 report will be prepared on the Properties in April.
Minco plans to conduct an aggressive exploration program in 2004 to follow up the gold occurrences discovered on the Properties by the Chinese partners. Many gold geochemical anomalies have been identified on the Properties over favorable structures and geological horizons. The Properties have not been systematically explored and many known occurrences have not been followed up. The three gold properties have identical geological setting, structure, alteration, and gold mineralization as those of the nearby Anba deposit where strata bound disseminated gold mineralization occurs in calcareous clastic sediments.
The Yangshan Gold Field is a 90km long carlin-style gold belt located in the central part of famous west Qinling which hosts numerous gold deposits with total gold resources estimated by the Chinese government agencies of over 16 million ounces, including the Anba deposit (3 million oz gold).
The Company is also pleased to announce that good progress has been made in obtaining the government approval on the Anba project (please see Minco news release dated November 5, 2003).
This news release has been reviewed and approved for release by William Meyer, P.Eng. Chairman of the Board, and designated Qualified Person.