|March 31, 2009|
Minco Gold: Advises Late Filing Of Regulatory Documents
Minco Gold Corporation (the "Company" or "Minco Gold") (TSX:MMM/NYSE Amex:MGH/FSE:MI5) advises that it will be delaying the filing of its annual audited financial statements and management's discussion and analysis ("MD&A") and related CEO and CFO certifications for the year ending December 31, 2008 beyond the statutory deadline of March 31, 2009.
The Company's failure to file its financial statements and MD&A on time is a result a number of problems encountered with a related party company, Minco Silver Corporation, whose financial results significantly impact Minco Gold's financial results because Minco Gold is required under GAAP to record an equity pick up in Minco Gold's financial statements.
Specifically Minco Silver encountered the application of a change in an accounting policy creating a technically challenging problem for the Company's public accounting firm and did not receive approval from their auditors adopting this change in accounting policy until the evening of March 30, 2009.
As a result Minco Gold was unable to complete its consolidate working papers and financial statements until receipt of Minco Silver Corporation's financial results.
The Company anticipates filing its annual audited financial statements and MD&A and related CEO and CFO certifications on or before Thursday April 2, 2009.
About Minco Gold
Minco Gold Corporation (TSX:MMM/NYSE Amex:MGH/FSE:MI5) is a Canadian mining company involved in the direct acquisition and development of high-grade, advanced stage gold properties. The Company owns an exploration property portfolio covering more than 1,000 square kilometres of mineral rights in China. For more information on Minco Gold and its properties, please visit the website at www.mincomining.ca or contact Ute Koessler at 1-888-288-8288 or (604)-688-8002 .
"Dr. Ken Z. Cai"
President & CEO
The TSX has neither approved nor disapproved of the information contained herein. The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties which could cause actual results to vary considerably from these statements. The risks and uncertainties include those described in Minco Gold's annual report on Form 20-F filed with the U.S. Securities and Exchange Commission. Forward Looking Statements: Statements in this news are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward looking statements are statements that are not historical facts and that are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including risks related to the exploration stage of the company's projects; market fluctuations in prices for securities of exploration stage companies; uncertainties about the availability of additional financing; uncertainties related to fluctuations in gold prices; the possibility that Minco Gold Corporation may change its plans with respect to one or more properties; and other risks and uncertainties described in the company's annual report on Form 20-F and Reports on Form 6-K filed with or furnished to the U.S. Securities and Exchange Commission. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.