|May 12, 2008|
Minco Silver Announces a 31% Increase in the Indicated Resource on its Fuwan Silver Project
Minco Silver Corporation (the "Company" or "Minco Silver") (TSX: MSV) is pleased to report the results of an updated resource estimate for the Fuwan Silver Project located in Guangdong Province, China. Recent drilling has been successful in expanding the overall resource through step out drilling and upgrading a significant amount of the Inferred resources to Indicated through closely spaced step out drilling on the outer boundaries of the mineralized zones and with very limited amounts of in-fill drilling. The Indicated resource increases from 11.9 million tonnes containing 71.6 million ounces of silver to 16.0 million tonnes containing 93.5 million ounces of silver, or a 31% increase. The Fuwan deposit remains open along strike to the southwest and down dip to the southeast.
The purpose of this resource estimate was to:
Table 1. Resource Estimate1 @ 40 g/t Ag Cut-Off Grade.
** The Indicated resources reported on the Changkeng permit represent 51% of the actual Indicated resources reflecting Minco Silver's proportional ownership. Total Changkeng Indicated silver resources are 4,054,000 tonnes and 18,470,000 ounces of silver.
*** The Inferred resources reported on the Changkeng permit represent 51% of the actual Inferred resources reflecting Minco Silver's proportional ownership. Total Changkeng Inferred silver resources are 2,098,000 tonnes and 14,272,000 ounces of silver.
Dr. Ken Cai, Chairman and CEO commented: "We are very pleased with the 31% increase in the Indicated resources and this will significantly increase the proposed mine life. The Company continues to expand the overall resources with the deposit which remains open along strike and down dip. We are also excited to begin to explore other top showings along the Fuwan Silver Belt."
The resource update was prepared by Qualified Persons, Eugene Puritch, P.Eng., Antoine Yassa, P.Geo. and Tracy Armstrong, P.Geo. of P & E Mining Consultants Inc. of Brampton, Ontario. The authors of the current resource estimate reviewed original assay certificates from core samples and check samples and collected their own site visit verification samples. It is the authors' opinion that the data have been adequately verified for the purposes of an NI 43-101 resource estimate and all historic and current data were found to be accurate, with an acceptable level of precision.
Mr. Dwayne Melrose, P. Geo, Vice President Exploration for Minco Silver, has reviewed this news release and is the Qualified Person responsible for verification and quality assurance of the Company's exploration data and analytical results.
About Minco Silver
Minco Silver Corporation (TSX: MSV) is a TSX company focusing on the acquisition and development of silver dominant projects in China. The Company is the exclusive vehicle for pursuing silver opportunities in China pursuant to a strategic alliance agreement between Minco Gold Corporation (TSX:MMM/AMEX:MGH/FSE:MI5) and Silver Standard Resources (TSX:SSO). For more information on Minco Silver, please visit the website at www.mincosilver.ca or contact Ute Koessler at 1-888-288-8288 or (604) 688-8002 firstname.lastname@example.org.
ON BEHALF OF THE BOARD
"Dr. Ken Z. Cai"
Chairman & CEO
The Toronto Stock Exchange does not accept responsibility for the accuracy of this news release. Certain terms or statements made that are not historical facts, such as anticipated advancement of mineral properties or programs, productions, sales of assets, exploration plans or results, costs, prices, performance are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to; metals price volatility, volatility of metals production, project development risks and ability to raise financing. The Company undertakes no obligation and has no intention of updating forward-looking statements.
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