Friday September 5, 8:48 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Sep 5, 2008 -- Minco Silver Corporation (the "Company" or "Minco Silver") (Toronto: MSV.TO) is pleased to announce that it has initiated a 10,000 metre drill program on top showings along the Fuwan Silver Belt.
Geosan, LLC, of Ulaanbatar, Mongolia, recently completed a detailed ground magnetic survey covering approximately 155 line kilometres as well as 21 line kilometres of dipole-dipole induced polarization survey. Combined with previous geochemical surveys consisting of 50,000 individual soil samples, a number of highly prospective targets were generated. Minco Silver currently has 2 diamond drill rigs testing these targets along the Fuwan Silver Belt.
Minco Silver's Chairman and CEO, Dr. Ken Cai, commented: "Further to the drilling on the Belt, the Fuwan Silver project remains our primary focus and we are very pleased with our progress to date. Our International Bankable Feasibility Study and Environmental Impact Assessment remain on target for completion by year end and the permitting process is advancing well."
In addition, Minco Silver is working with Sterling Mining Company ("Sterling") on the repayment of the US$5,000,000 loan (the "Loan") provided to Sterling pursuant to the Credit Facility Agreement dated July 30, 2008. The Loan is fully secured by substantially all assets of Sterling pursuant to an All Assets Security Agreement and a Mortgage, Assignment of Leases and Rents Security Agreement.
About Minco Silver
Minco Silver Corporation (Toronto: MSV.TO) is a TSX listed company focusing on the acquisition and development of silver dominant projects. The Company owns 100% interest in the World Class Fuwan Silver Deposit, situated along the northeast margin of the highly prospective Fuwan Silver Belt. The Company is the exclusive vehicle for pursuing silver opportunities in China pursuant to a strategic alliance agreement between Minco Gold Corporation (Toronto:MMM.TO)(MGH)(Frankfurt:MI5.F) and Silver Standard Resources (Toronto:SSO.TO).
ON BEHALF OF THE BOARD
Dr. Ken Z. Cai, Chairman & CEO
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.
The Toronto Stock Exchange does not accept responsibility for the accuracy of this news release.
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Orlando, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
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