MINCO plc
					162 Clontarf Road Dublin 3, Ireland www.minco.ie
	Registered Office 162 Clontarf Road, Dublin 3.  Registered No 38284.

 

 

 

 

 

 

 

24th February 2004

 

 

MINCO acquires options over Significant Gold Projects

in Russia

 

Minco today announces it has acquired options over several gold projects in Russia.

 

The projects contain approximately 300,000oz Indicated and Inferred (C1 and C2) of confirmed gold resources, as calculated by Russian Geological State Committee of Geology, with further substantial potential resources (P1 and P2).

 

The Company believes these new gold projects can significantly strengthen the existing resource portfolio as they reflect Minco’s strategy to undertake only high margin resource operations. The projects range from near production opportunities with mining licences to exploration development. 

 

There has been substantial work completed on all properties; the exploration projects have significant volumes of trench, channel and drill data calculation completed from Soviet exploration. The process facilities in the near production opportunities are also well advanced

 

Minco’s immediate programme will be to mobilise independent consultants to review the portfolio of projects both technically and commercially, prior to negotiating agreements for joint venture or acquisition.

 

Matthew Dorman, CEO stated: ‘This is the first step in our strategic aim to be a major gold producer in the FSU and enhance shareholder value by acquiring significant deposits that have low cost operation potential. Acquiring these options provides Minco with the opportunity for potential early production whilst allowing for further substantial exploration.  The deposits have significant geological resources and can form a valuable portfolio of properties for Minco and its shareholders.

 

Minco will be continuing to develop our Mexican and Irish properties.’

 

Further announcements will be made at an appropriate time.

 

For further information

   

Matthew Dorman; CEO, Minco

Tel: +44 (0) 207 947 3237   Email: mldorman@orcagoldcorp.com

 

Roger Turner; Deputy Chairman, Minco,

Tel +44 (0) 1273 495 500 E-mail: rwturner@orcagoldcorp.com

 

Richard Thornton; FD, Minco

Tel: +44 (0) 207 947 3238 Email: rfthornton@orcagoldcorp.com

 

Laurence Read / Leesa Peters, ConduitPR

+44 (0) 207 936 9095 / +44 (0) 7979 955 923

 

 

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