MINCO plc

162 Clontarf Road
Dublin 3, Ireland
Tel: + 353 1 833 2833
Fax: + 353 1 833 3505
Email: minco@iol.ie
 www.minco.ie

24th December 2003

Funds raised for drilling in Central Asia


The directors of Minco Plc have invited Mr. Jitendra Patel to join the board. Mr. Patel has agreed to subscribe for 4,210,526 shares at 9.5p raising a total of £400,000. In addition, Mr. Patel has been granted options to subscribe for a further 4,210,526 shares at 9.5p per share for a period of 6 months, expiring on 23rd June 2004. The funds raised will be used to purchase a drill rig and to pursue an active drilling programme in Central Asia. 

In a separate agreement with Mr. Patel, the Board have agreed a staged payment in shares dependent on Minco obtaining certain identified gold concessions in Central Asia. The first payment of 1 million shares has been issued for work done in negotiating a concession. Competitive reasons preclude identifying the areas at this time.

Mr. Patel has significant business interests in Uzbekistan which have been built up over the past 10 years. In 1998, he became a shareholder in Oxus Gold Plc and has built his position into one of the largest shareholders via Sassan Holdings Ltd.  This company will provide Minco with office space in Tashkent as well as logistical support. Following the placing, Mr. Patel will hold 5,210,526 shares which is 5.49% of the equity.

The deputy chairman Roger Turner commented: “this is a vital step toward implementing our gold strategy in Central Asia. I am delighted to welcome Jitendra Patel to the board of Minco. He has the contacts and the ability to deliver quality gold projects to Minco. Together with the recent announcement of progress on our Laguna silver project in Mexico, Minco is well positioned in precious metals”.

              

Contacts:                   

Roger Turner                Tel       (+44)  1273 495 500
                                    E-mail   : rwturner@orcagoldcorp.com

John Teeling                  Tel.      (+ 353)  1 833 2833      
                                    E-mail   : minco@iol.ie

Richard Thornton          Tel (+44) 20 7286  3694 and 07957 687 386
                                    E-mail : rfthornton@orcagoldcorp.com

 

MINCO is a precious metals development and exploration company traded on the AIM market in London. Ticker symbol (MIO), www.minco.ie


Minco plc Secures La Laguna Silver Project Licence
17th December 2003

              

Minco Plc is pleased to announce that it has received confirmation from the Zacatecas State Director of Conagua (Mexican National Water Authority) that the licence has been issued, and will be registered in early 2004, to extract the silver-rich tailings contained within La Laguna Zacatecana in Mexico. This licence will be for a period of 20 years and entitles Minco to extract 6 million cubic meters of tailings from the lake.

 The Laguna project is located east of the municipality of Guadalupe, Zacatecas State, and contains gold, silver and mercury tailings produced from silver amalgam plants, operated under Spanish Colonial rule, from the 16th to the 19th Century.

Minco previously announced, in October 2003, that it had entered into a separate agreement with certain surface landowners to sample terrestrial tailings around the La Laguna Zacatecana.

The La Laguna project was the subject of an independent pre-feasibility study in the mid 1990’s when the entire resource was estimated as containing 55 M oz silver and 130,000 oz gold. Minco plans to commence a complete evaluation of the La Laguna project, including an update of the pre-feasibility study. 

Roger Turner, deputy chairman commented: “This is a vital step on the road toward Minco becoming a precious metals miner. Silver is booming and Mexico is the world’s principal silver producer.”

Contacts : 

Matthew Dorman            Tel  (+34) 687 494550 or (+34) 986 626249
                                      E- mail :  mldorman@orcagoldcorp.com

Richard Thornton            Tel (+44) 20 7286  3694 and 07957 687 386
                                      E-mail : rfthornton@orcagoldcorp.com

John Teeling                  Tel.            (+ 353)  1 833 2833       
                                     E-mail            : minco@iol.ie

Roger Turner                 Tel            (+44)  1273 495 500
                                     E-mail            : rwturner@orcagoldcorp.com


Highlights of Chairman’s Statement
AGM, Dublin
Wednesday Dec 10th 2003

 

Minco AGM

Wednesday 10th December 03
12 o’clock
St. Stephens Suite, Shelbourne Hotel, St. Stephens Green, Dublin 2.


Placing and update on Mexican Silver Exploration and La Laguna Tailings Project

1st December 03

Minco Plc is pleased to announce that it has completed a private placing to raise 1,003,900 through the issue of 12,548,750 new Ordinary Euro0.0125 Shares at a price of 8p per share (the "Placing). The Placing was conducted through Rowan Dartington and has introduced new institutional and private investors to the Company.

The proceeds of the Placing will enable the Company to accelerate its exploration programmes on a number of very promising precious metals prospects in both Ireland and Mexico, continue its joint venture drilling programme on a major base metal project in Ireland and progress negotiations on other precious metal projects in Mexico and, Central Asia. Application will be made for the new Ordinary Shares to be admitted to trading on AIM and it is expected that admission will take place and dealings commence
on 5 December 2003.

Minco Plc is also pleased to be able to report that preliminary results of a geochemical soil sampling programme, part of its continuing exploration programme in Mexico, has resulted in the identification of a number of areas with high silver values, at its El Milagros and El Morro properties, in Zacatecas, Mexico. Matthew Dorman, Chief Executive Officer said "the results to-date of Minco's ongoing surface exploration programmes, as well as the historical high grade mining prior to 1914, on the El Milagros and El Morro properties reinforces our belief that there is potential for significant high grade silver mineralization on these properties. Additional sampling is justified and potentially also a drilling programme. The financing will allow us to accelerate this work as well as follow through on further potential acquisitions in the area.

In addition, negotiations with Mexican Authorities are progressing well on the Laguna tailings project and we hope to be in a position to award the pre-feasibility study on this project in early 2004"


News Release - Wednesday, November 05, 2003

Tornigan Gold Accelerates Drilling at Curraghinalt, Northern Ireland =======================================================================

Tournigan Gold Corporation (TVC:TSX.V) ('Tournigan' or the 'Company') is moving towards gold production at Curraghinalt, Northern Ireland, with a rapid timetable leading to completion of a feasibility study and design of an underground gold mine and on-site ore processing plant by the middle of 2004.  To this end, a 3,000 metre infill diamond drilling programme has started, the results of which will increase the confidence levels of the current resource estimates.

Gold mineralization is contained in seven steeply dipping, high grade, quartz-sulphide veins that range in widths up to 3 metres.  The current inferred resource calculation of 468,097 tonnes at an average grade of 16.96 grams of gold per tonne, containing 255,000 ounces of gold is concentrated beneath an area measuring 1,000 by 250 metres (for details see Tournigan's Press Release of July 11, 2003).  This current drill programme, combined with the 15,000 metres of drilling that had previously been carried out, will yield a final average drill spacing of approximately 25 to 30 metres down to a depth of 150 metres.  This increased drilling density should allow for the majority of the current resources, which are in the inferred category, to be upgraded to the measured category.

Drilling of the HQ-size core is underway with two drill rigs.  A third rig will arrive on site within the next 10 days.  The drilling programme is expected to be completed within three months and will be under the supervision of Dr. Kent Ausburn, Tournigan's Vice-President, Exploration and designated Qualified Person.  Samples continue to be assayed at OMAC Laboratories in Loughrea, Republic of Ireland. Tournigan is planning to release results in groups of related drill holes at regular intervals.

Additionally, several other studies have been initiated that will be incorporated into the Curraghinalt feasibility study.  These include a comprehensive geostatistical study as well as mining and processing optimizations.  An environmental assessment, which is a necessary part of the permitting process, will be initiated next year.

Once in production, Curraghinalt will be the most significant gold mine in Northern Ireland.

TOURNIGAN GOLD CORPORATION

"Damien Reynolds"
Damien Reynolds, President and Director

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration and development.  As a result, actual results may vary materially from those described in the forward-looking statements.

For further information please contact in Canada:

Damien Reynolds, President
Tel:  +(604) 683-8320

Garry Stock, Executive VP
Tel: +(604) 683-8320

In UK, Conduit PR

Leesa Peters
Mob:  + 44 (0)7812 159 885

Laurence Read
Mob:  + 44 (0)7979 955 923


29th October 2003

NEWS RELEASE

Highlights of the Chairman’s statement accompanying the Annual Report and Accounts.

·         ·         The acquisition of Orca Gold and the Irish interests of Ennex have transformed Minco into a focused gold and silver explorer.

 

Chairman’s Statement

This is an exciting time for Minco shareholders.  The recent acquisition of Orca Gold and the expansion of our gold and zinc interests in Ireland, gives Minco significant exploration opportunities in precious metals. This, at a time, when many believe that the price cycle for gold, silver and zinc has turned upward. We now have high potential silver licenses in Mexico, excellent gold properties in Ireland and we are examining additional gold opportunities in Central Asia and Mexico.

During the year we purchased the Irish gold and zinc interests of Ennex International. This gave us a 2% royalty in the Curraghinalt gold property in Northern Ireland as well as increasing to 100% our interest in four zinc licences in the Irish midlands.

While our focus in on precious metals, let me not forget our superb portfolio of zinc exploration properties. We have 33 top class zinc exploration licences in Ireland, including the highly prospective Pallas Green licence block, which we are exploring in joint venture with Noranda.  During the year under review, we drilled a number of holes, all containing zinc mineralization. The historically low zinc price devastated exploration budgets and it was believed that Noranda was exiting exploration in Ireland. I am delighted to report that, following negotiations between Minco and Noranda, we will drill in 2004.

The increased level of activity requires more management. I am delighted to report that three highly experienced managers have become executive directors. Roger Turner, the Deputy Chairman, is a well known and widely experienced gold explorer.  He was a founder director of Nelson Gold and of the current stock exchange favourite, Oxus Gold. He brings unrivalled expertise in Central Asia. Matthew Dorman, who is Minco Chief Operating Officer, is an experienced metallurgist who has worked in precious metals in Central America and Uzbekistan. Roger and Matthew founded Orca Gold.  Richard Thornton, who is now Finance Director of Minco, is a Chartered Accountant with many years experience in U.K. industry.

Forthcoming Activity

The coming year will see us working on five fronts:

 

  1. 1.       We are already prospecting on our Irish gold licences in Avoca, Co. Wicklow and Tipperkevin, Co. Kildare. This programme involves geophysical, geochemical and drilling elements.
  1. 2.       The Laguna silver tailings project in Zacatecas, Mexico contains up to 24 million ounces of recoverable silver. We will finalise negotiations with the Mexican authorities and with local landowners. An existing bankable feasibility study will be updated.
  1. 3.       Zacatecas province in Mexico has been the centre of silver production for hundreds of years. Mexico is the world’s biggest silver producer. We hold 21 silver concessions in Zacatecas. We are currently prioritizing an exploration programme for 2004.  Most of the concessions are former producers.  Any explorer will tell you, the best place to find a mine is where there was a mine.
  1. 4.       A team has been recruited in Central Asia to examine potential gold opportunities.
  1. 5.       As outlined earlier, Minco and Noranda will continue drilling Pallas Green in Ireland in 2004. This 25 km. long strike zone has all of the indicators necessary for a large zinc deposit.  We need to drill more holes.

Prospects for Precious Metals

Many of us believe that the long bear market in gold and silver is over.

The gold price of $370 an oz looks set to rise further. And so it should. After a 20 year decline, the price curve is showing strong signs of a sustained rise.  The deficit in new gold production compared to demand has been well known for years but is finally affecting price. Closure of hedging positions and more certainty in relation to central bank sales is giving confidence to investors.

If gold is looking good then silver is looking spectacular.  Silver at $5.00 an oz or less is too cheap.  For 4000 years there was a 40 to 1 gold to silver price relationship. That implies a current silver price of $8.50 an oz of silver which makes economic sense.  The demonetization of silver and the position of silver production as a byproduct of base metal output has shattered the price relationship.  However, silver fundamentals look stronger now than they have in decades.  Demand is rising while supply is falling.  There are few pure silver mines in the world.  Mexico is the world’s largest silver producer.  The Minco\Orca concessions are in the center of the Zacatecas silver province and all have a history of silver production.

Funding

We have adequate funds for the exploration activities outlined above.  Success will require further investment but funding success is never a problem.

Future

The new Minco is poised for action.  We have the people, the projects and the money. The world economy is improving, demand for metals is rising, commodity and precious metals prices are rising. After a long period in the shade, our time in the sun may have arrived.

 

CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 APRIL 2003

 

 

2003

 

2002

ADMINISTRATIVE EXPENSES

(117,445)

 

(113,590)

 

 

 

 

OPERATING LOSS

(117,445)

 

(113,590)

Interest income

2,264

 

6,842

LOSS BEFORE TAXATION

(115,181)

 

(106,748)

Taxation

-

 

-

LOSS FOR THE YEAR AFTER TAXATION

(115,181)

 

(106,748)

Opening balance – profit and loss account

(4,306,955)

 

(4,200,207)

Closing balance – profit and loss account

(4,422,136)

 

(4,306,955)

Loss per share

(0.33c)

 

(0.30c)

Loss per share – diluted

(0.33c)

 

(0.30c)

 

 

 

 

There were no recognized gains or losses other than those included in the profit and loss account. Results derive solely from continuing activities.

 

CONSOLIDATED BALANCE SHEET AS AT 30 APRIL 2003

 

2003

 

2002

FIXED ASSETS

 

 

 

Intangible assets

3,017,618

 

2,844,512

CURRENT ASSETS

 

 

 

Bank

22,925

 

182,511

Debtors

18,166

 

2,543

 

41,091

 

185,054

CREDITORS: (Amounts falling due within one year)

(340,916)

 

(196,592)

NET CURRENT LIABILITIES

(299,825)

 

(11,538)

NET ASSETS

2,717,793

 

2,832,974

CAPITAL RESERVES

 

 

 

Calledup share capital

2,815,430

 

2,815,430

Share premium account

4,280,042

 

4,280,042

Profit and loss account – (deficit)

(4,422,136)

 

(4,306,955)

Capital conversion reserve fund

44,457

 

44,457

SHAREHOLDERS’ FUNDS

2,717,793

 

2,832,974

EQUITY

305,291

 

420,472

NON EQUITY

2,412,502

 

2,412,502

 

2,717,793

 

2,832,974

 

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2003

 

2003

 

2002

NET CASH OUTFLOW FROM OPERATING ACTIVITES


(77,070)

 

(120,309)

RETURNS ON INVESTMENTS AND SERVICING OF FINANCE


 

 

 

Interest received

2,264

 

6,842

NET CASH INFLOW FROM RETURNS ON INVESTMENTS AND SERVICING OF FINANCE


 

2,264

 

 

6,842

CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT


 

 

 

Payments in respect of intangible fixed assets


(84,780)

 

(13,030)

NET CASH OUTFLOW FROM CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT


(84,780)

 

(13,030)

NET CASH OUTFLOW BEFORE USE OF LIQUID RESOURCES AND FINANCING


(159,586)

 

(126,497)

FINANCING


 

 

 

Cost of issue of ordinary share capital

-

 

(7,162)

NET CASH OUTFLOW FROM FINANCING

-

 

(7,162)

DECREASE IN CASH

(159,586)

 

(133,659)

 

MINCO is an exploration company traded on the AIM market in London. Ticker symbol (MIO), www.minco.ie


Date: 14th October 2003

Exploration commenced on October 13th on the Minco gold licences in Avoca and Kildare.  The highly prospective Tipperkevin discovery in Kildare will be drilled, while exploration in Avoca will concentrate in and around the Goldmines river – the source of the 1803 Wicklow gold rush.

Options

Option have been exercised over 4,415,000 shares, in total raising € 94678.50

Directors: 

                                                John Teeling                                                        400,000 @ 1.27 c

                                                                                                                                900,000 @ 2.54 c

                                                James Finn                                                          250,000 @ 1.27 c

                                                                                                                                350,000 @ 2.54 c

                                                John Kearney                                                        500,000 @ 2.54 c

                                                Terence McKillen                                                 450,000 @ 2.54 c 

                                                Other management                                            725,000 @ 1.27 c

                                                                                                                                840,000 @ 2.54 c

 

Revised Directors Interests:

                                                                                                       No of Shares                         % of share capital

                                                John Teeling                                    2,416,645                                      3.13

                                                James Finn                                   1,341,645                                      1.74

                                                John Kearney                               1,500,000                                      1.94

                                                Terence McKillen                         3,145,000                                      4.07


Date: 13th October 2003

Minco has completed the acquisition of Orca Gold by issuing 35 million Minco shares, representing 46 % of the expanded Minco equity.  Orca holds silver licenses together with options on the Laguna multimillion tonne silver tailings deposit, all in the Zacatecas region of Mexico, and is actively negotiating gold projects in Central Asia. 

Roger Turner, former President of Nelson Gold, founder of Oxus Gold and a founding director of Orca Gold, becomes Deputy Chairman of Minco Plc.  Matthew Dorman and Richard Thornton also join the board of Minco Plc. 

John Teeling, Chairman of Minco Plc, said - “This acquisition is a powerful move forward for Minco, as it is now an active precious metals explorer focused on Mexico, Ireland and Central Asia.  The prospects for precious metals are the best in years and these locations host important projects and prospects.   Roger Turner also brings unsurpassed Central Asian knowledge, experience and contacts”.

Roger Turner added “The new enlarged group will bring benefits to both Minco and Orca shareholders. Minco brings an impressive portfolio of properties in Ireland as well as access to financial markets through its AIM listing. Orca provides Mexican precious metal assets and cash.  The dedicated management team is looking for rapid development of existing properties and is seeking gold and silver acquisition opportunities that offer the potential for early low cost production. We are confident that the fresh initiatives will result in an exciting and profitable future for all shareholders.’

Application has been made for the 35 million new ordinary shares to be admitted to trading on AIM and it is expected that admission will take place and dealings will commence on 16 October 2003. Further details concerning Roger Turner, Matthew Dorman and Richard Thornton will be announced shortly.

For further information contact:

Martin Rosser – Operations Director                      Brendan O’Conner 
VSA Resources Ltd                                                               Campbell O’Conner & Co. 
43 London Wall                                               Stockbrokers, 8 Cope Street, 
UK                                                                     Dublin 2, Ireland 

Tel: 44 (0) 20 7628 3989                                      Tel: +353 (1) 677 1773
Fax: 44 (0) 20 7920 0563                                     E-mail: brendan@camocon.ie
E-Mail: mail@vsaresources.com                          Roger Turner   Tel: +44 (0)1273 495500
Internet: www.vsaresources.com                         E-mail: rwturner@orcagoldcorp.com     

 
                                                                        John Teeling    Tel: +353 1 833 2833                                                                          E-mail: minco@iol.ie

                                                                         Matthew Dorman Tel: +44 7742 825 707                                                                          E-mail: mldorman@orcagoldcorp.com

MINCO is an exploration company traded on the AIM market in London. Ticker symbol (MIO), www.minco.ie


29th July 2003
NEWS RELEASE

MINCO,THE AIM LISTED PRECIOUS METAL AND ZINC EXPLORER, HAS AGREED TO ACQUIRE ORCA GOLD WHICH HAS MEXICAN SILVER AND GOLD PROJECTS

In commenting on the acquisition, John Teeling, chairman of Minco said, “Successful exploration requires good projects, good people and money. The acquisition of Orca brings all three. It will complement the excellent portfolio of gold and zinc properties held in Ireland.”

Details of the deal are as follows:-

-                     -                     Minco will acquire Orca Gold for 35 million Minco shares which will give Orca shareholders 49.6 % of Minco on full conversion.  Post exercise of options and the placing referred to below, the Orca shareholders stake will reduce to 46% of the expanded share capital. 

-                     -                     Orca, has significant gold and silver concessions in Mexico, has raised more than $1m in shareholder equity and will hold $450k cash on closure.

-                     -                     The Orca founders – Roger Turner, Matthew Dorman and Richard Thornton will become directors of Minco. They will not have service contracts but will be on a monthly salary of £4,000 stg each. 

-                     -                     Orca’s Mexican assets include two high grade silver properties, one gold property and an option on the Laguna silver tailings project estimated to contain 20 million tonnes averaging 90 g/t silver. All of the projects are in the State of Zacatecas which currently produces 17% of the world’s silver.

-                     -                     Orca has commenced a work programme on the three concession areas which consists of mapping, trenching and diamond drilling while an updated feasibility study into a 1 million tonnes a year silver-leaching project for Laguna will be initiated prior to year-end. 

-                     -                     Orca has identified other potential gold and silver opportunities in Mexico and in the Former Soviet Union. 

-                     -                     Roger Turner, who will become deputy chairman, is the former president of Nelson Gold and is the founder of Oxus Gold, the AIM listed Uzbek gold miner. Matthew Dorman has managed construction projects for leaching operations worldwide. Richard Thornton has several years experience in senior financial positions.  Paul Power has decided to step down as a director of Minco.

-                     -                     Work will continue on the current portfolio of Irish gold and zinc licences.  A prospecting programme for the recently acquired gold licences in Avoca and Kildare will commence shortly. Exploration results for the Pallas Green licence block are being evaluated. 

-