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| August 15, 2006 Minco Silver Provides Fuwan Silver Drilling Update and the Development Plan |
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| Minco Silver Corporation (the "Company" or "Minco Silver") (TSX:MSV) is pleased to report that its drilling program on the Fuwan Silver Project located in Guangdong Province, China continues to confirm very good grade silver and base metal values. Currently there are five drills on the property, which have completed thirty-one drill holes aggregating approximately 7500 meters. Assay results for the initial nine holes drilled in the Phase I Program were summarized in press releases dated March 3, 2006 and May 10, 2006. Assay results are presently available for eight holes in the Phase II Program highlighted by drill hole FW0013 which returned 6 metres grading 575.2 gm/t silver, 0.41 gm/t gold, 0.57% lead and 2.36 zinc and drill hole FW0018 which returned 3.3 metres grading 251.9 gm/t silver, 0.14 gm/t gold, 0.17% lead and 0.40 zinc. Two holes (FW0018 and FW0021) returned individual values greater than 1 kilogram (1000 gm) per ton. Assay results for the eight new holes are summarized in the following table.
Hole From To Length Average Grade
(m) (m) (m) Ag(ppm) Au(ppm) Pb(%) Zn(%)
FW0010 226.50 227.60 1.10 57 0.09 0.03 0.0015
250.90 254.90 4.00 183.9 0.04 1.26 0.67
288.65 289.35 0.70 62.1 0.09 0.17 0.7
FW0013 237.00 243.00 6.00 575.2 0.41 0.57 2.36
256.10 265.40 9.30 270.6 0.10 0.37 3.36
FW0016 250.37 250.90 0.53 325 0.11 0.36 1.17
268.56 270.14 1.58 136.2 0.27 0.24 0.23
FW0017 97.32 98.32 1.00 271 0.16 0.12 0.28
113.73 114.73 1.00 391 0.11 0.27 2.06
158.70 161.68 2.98 166.2 0.07 0.49 1.36
FW0018 154.84 158.14 3.30 251.9 0.14 0.17 0.40
161.10 162.10 1.00 128 0.13 0.09 0.55
183.10 183.90 0.80 322.8 0.26 0.48 3.18
195.45 197.45 2.00 90.9 0.01 0.04 0.11
208.35 209.15 0.80 1930.5 0.11 1.08 2.21
256.43 256.73 0.30 192.5
FW0021 71.91 80.01 8.10 152.6 0.24 0.16 0.16
91.10 92.10 1.00 620.5 0.10 0.47 3.27
95.50 99.93 4.43 176.2 0.15 0.35 0.69
110.80 111.16 0.36 2100 0.14 9.31 5.80
FW0023 281.20 282.00 0.80 66 0.04 0.043 0.14
319.00 319.70 0.70 235 0.04 0.140 0.21
210.00 216.36 6.36 228.3 0.04
FW0031 108.20 114.00 5.80 55.3 0.38 0.05 0.24
149.97 150.27 0.30 1095 0.07 1.59 0.76
The new holes include fill-in holes in the sparsely drilled southwest portion of the mineralized areas and are considered very encouraging. Samples were prepared and assayed at PRA Kunming lab (Process Research Associates Ltd.) with supervision of a certified BC assayer. Silver was assayed with acid digestion and AAS finish. Assay results were further checked at PRA's Vancouver lab as an internal check. Reference materials were inserted by Minco staff geologists as a further assay control. The assay data provided by PRA is considered acceptable. Upon completion of the current drilling program, the Company will commission a preliminary economic analysis to determine project viability and identify the initial mining area. This will be followed by a 5,000m infill drilling program, geotechnical and hydrological studies, metallurgical testing and environmental assessment. A subsequent pre-feasibility study will be initiated in the first half of 2007. Minco Silver plans to apply for a mining license for the project during the second half of 2007. The Company is working aggressively to bring the project to the production stage at an early date. This news release has been reviewed and approved for release by William Meyer, P.Eng. Chairman of the Board, and designated Qualified Person. About Minco Silver Minco Silver Corporation is a TSX-listed 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 Mining and Metals Corporation (TSX:MMM/AMEX:MMK) and Silver Standard Resources (TSX:SSO). For more information on Minco Silver and its properties, please visit the website at www.mincosilver.ca or contact Byron Cox at 1-888-288-8288 or (604) 688-8002 info@mincosilver.ca. ON BEHALF OF THE BOARD "William Meyer" Chairman 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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