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Minco Silver Corporation

  September 21, 2009
Update on the Fuwan Silver Project

  Minco Silver Corporation (the "Company" or "Minco Silver") (TSX: MSV) is pleased to provide an update on the status of the feasibility study on its Fuwan Silver Project. Since the first quarter of 2009, all of the key parameters of the project have been finalized. Wardrop Engineering Inc. ("Wardrop") and China Nerin Engineering Co. Ltd. ("NERIN") have been progressing on their respective aspects of the study. As well, Environmental Resource Management ("ERM") has been advancing the EIA which forms a part of the feasibility study.

On September 9 and 10, the Company held a conference in Nanchang whereby the highlights of the feasibility study were presented to a Chinese panel of experts. This panel approved the study which allows the company to proceed with the completion of the report. As well, with this approval, the Mine Development Plan can now be prepared, which is a key step to secure the Mining License.

All other permitting aspects are progressing well and most recently, the Water and Soil Conservation Plan has been approved by Guangdong provincial government.

The Company plans to secure debt financing from Chinese banks for the mine construction of the Fuwan Silver project. Discussions have been initiated with positive responses.

As of September 2009, the feasibility study is near completion and the Company anticipates releasing the Feasibility Study results in the very near future.

About Minco Silver

Minco Silver Corporation (TSX: MSV) is a TSX listed company focusing on the acquisition and development of silver dominant projects. The Company owns 90% interest in the world class Fuwan Silver Deposit, situated along the northeast margin of the highly prospective Fuwan Silver Belt. 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 ir@mincosilver.ca.

"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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Legal Information

Head Office

2060 - 1055 West Georgia Street
PO Box 11176
Vancouver, BC
Canada V6E 3R5
Tel: 604-688-8002
Fax: 604-688-8030
Toll Free: 1-888-288-8288

Minco Mining (China) Corporation

Suite 1706, Tower C, Global Trade Centre
36, East Beisanhuan Road
Dongcheng District, Beijing
Peoples Republic of China 100013
Tel: +86-10-59575377
Fax: +86-10-59575356