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Fuwan Property

Reserve / Resource Statement

at a 40 g/t Silver Cutoff May 2008 (NI 43-101)


RESERVES*** tonnes Ag Ag Au Pb Zn
  (g/t)   (oz) (g/t) (%) (%)
Probable Reserve (diluted - In Situ) 9,118,000 189 55,300,000 0.15 0.20 0.57
~~~ all of the economics contained in the IFS are derived from the Probable Reserves only ~~~
Fuwan Permits 13,948,000 188 84,268,000 0.17 0.20 0.56
Changkeng Permits** 2,027,000 142 9,235,000 0.40 0.20 0.61
Total Indicated Resources 15,975,000 182 93,503,000 0.20 0.20 0.57
Fuwan  Permits 10,241,000 171 56,147,000 0.26 0.26 0.72
Changkeng Permits** 1,049,000 212 7,136,000 0.29 0.37 0.86
Total Inferred Resources 11,290,000 174 63,283,000 0.26 0.27 0.73

* Information in these tables is extracted from the NI 43-101 TECHNICAL REPORT titled "Fuwan Silver Project - Feasibility Study Technical Report" prepared by Jianhui (John) Huang, P.Eng., S. Byron V. Stewart, P.Eng., Aleksandar (Sasha) Živković, P.Eng. and Scott Cowie, B.Eng., MAuSIMM, all of Wardrop, A Tetra Tech Company, and Eugene Puritch, P.Eng., of P&E Mining Consultants Inc., dated effective September 1, 2009 and issued on October 23, 2009. The Technical Report is available here..
**  The Indicated and Inferred Resources reported on the Changkeng permit each represent 51% of the actual resources and reflects Minco's proportionate ownership of the Changkeng property. Total Changkeng indicated silver resources are 4,054,000 tonnes and 18,470,000 ounces of silver. Total Changkeng inferred silver resources are 2,098,000 tonnes and 14,272,000 ounces of silver.
1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

2. The quantity and grade of reported inferred resources in this estimation are conceptual in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.

3. Only indicated mineral resources as defined in NI 43-101 were used to establish the probable mineral reserve estimate. No reserves were categorized as proven.

4. The mineral resources and reserves in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005.

For further information, please see our 43-101 Technical Reports page and then follow the link to our NI 43-101 Technical Report dated October 23, 2009 and January 24th 2008.

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