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Minco Silver Corporation

  September 24, 2009
Minco Silver Announces a Non-Brokered Private Placement of up to CND$20,000,000


Minco Silver Corporation (the "Company" or "Minco Silver") (TSX: MSV) is pleased to announce that it intends to issue, via a non-brokered private placement, of up to 11,764,706 Units at a price of CND$1.70 per Unit for an aggregate issuance of 17,647,059 common shares in the capital stock of the Minco Silver representing 54.6% of the issued and outstanding shares of the Company. Each Unit consists of one common share of the Company (a "Share") and one-half of one common share purchase warrant (a "Warrant or Warrants"). Each whole Warrant entitles the holder to purchase one Share at a purchase price of $2.15 per Share for a period of twelve (12) months for aggregate gross proceeds of up to CND$20,000,000 (the "Offering"). The Warrants will be subject to standard anti-dilution adjustments in certain circumstances. A cash Finder fee will be payable on a portion of the Offering in accordance with TSX policy.

The completion of the Offering will result in the issuance of Shares in excess of 25% of the issued and outstanding common shares of the Company and therefore will require shareholder approval pursuant to TSX policies. The company advises that in accordance with Section 604(d) of the TSX Company Manual the Company will obtain shareholder approval by way of written consents.

Minco Silver is also pleased to announce that it has entered into an agreement with IDG-Accel China Growth Fund II L.P. (" Accel") a fund under management by IDGVC Capital Partners located in the Peoples Republic of China to participate in the Offering for 6,000,000 Units for aggregate gross proceeds of CND$10,200,000. Assuming the exercise of the Warrants for an aggregate issuance of 9,000,000 common shares to Accel representing 21.8% on a partially diluted basis of the issued and outstanding shares of Minco Silver will not result in a material effect in control due to Minco Gold Corporations control position.

The Offering is being made in the provinces of British Columbia, Alberta, Ontario and certain other jurisdictions. The closing of the Offering is expected to occur on or about September 30, 2009 and is subject to the approval of the TSX and all applicable securities regulatory authorities. All of the common shares issued pursuant to the Offering will be subject to a four-month hold period.

The net proceeds from the Offering will be used for the development of the Company's Fuwan Silver Project located in the Province of Guangdong in the Peoples Republic of China; the continued financing of Sterling Mining Company and reorganization and for general corporate purposes.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

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.

You can view the Next News item: Mon Sep 28, 2009, Minco Silver Announces Positive Feasibility Study Results for Fuwan Silver Project

You can view the Previous News item: Mon Sep 21, 2009, Update on the Fuwan Silver Project

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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