|October 28, 2009|
Minco Gold Advises of NYSE Notice of Continued Listing on the NYSE Amex Exchange
|Minco Gold Corporation (the "Company" or "Minco Gold") (TSX:MMM/NYSE Amex:MGH/FSE:MI5) Advised in a news release dated August 13, 2009 that on August 7, 2009 the Company received a notice from NYSE Amex LLC (the "Exchange") advising that the Company is not in compliance with the continued listing standards of the Exchange as set out in the Exchange's company guide (the "Guide"). |
The main reason the Company did not meet the minimum requirements of net asset value is due to over C$9 million in acquisition and exploration costs expensed in the 2008 fiscal year under US General Accepted Accounting Principles ("GAAP") on the Company's Changkeng gold project (the "Project") in the Guangdong province, China, and over C$ 2.5 million due on the payment for the exploration permit payable by other joint venture partners for the Project accrued as a loan payable on the Company's financial statements. The Company believes that, while these treatments may be what is required under both Canadian and US GAAP, they do not best reflect the potential economic value of this Project as the Company has defined a one million ounce gold resource on the Project.
The Company was afforded the opportunity to submit a plan of compliance to the Exchange and on September 4, 2009 and October 9, 2009 respectively, the Company presented its plan to the Exchange. On October 23, 2009 the Exchange notified the Company that it accepted the Company's plan of compliance and granted the Company an extension until February 8, 2010 to regain compliance with Section 1003(a)(iv) of the Guide and until February 7, 2011 to regain compliance with Sections 1003(a)(i), 1003(a)(ii), and 100(a)(iii) of the Guide. The Company will be subject to periodic review by Exchange staff during the extension period. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in the Company being delisted from the Exchange.
The Company is working diligently to meet the schedule deadlines and to regain compliance with the Exchange's continued listing standards in due course.
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 firstname.lastname@example.org.
"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.