Changes to Guideline Catalogue on Foreign Investments Have No Impact on Minco's Business in China
21 November 2007 - 7:24PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX: MMM)(AMEX: MGH)(FRANKFURT:
MI5) and Minco Silver Corporation ("Minco Silver") (TSX: MSV)
issued a statement to clarify changes related to the Guideline
Catalogue on Foreign Investments in China jointly issued by the
National Reform and Development Commission (NRDC) and the Ministry
of Commerce.
In comparison to the previous "Guideline Catalogue on Foreign
Investments in China" issued in 2004, no change in this new
catalogue will affect any of Minco's current and future business
activities in China. The Minco Group of Companies focuses on the
exploration and development of gold, silver, copper, lead, and zinc
projects.
The new Catalogue, expected to take effect December 1, 2007,
reclassifies tungsten, molybdenum, tin, antimony, and fluorite into
a "forbidden category" for foreign investors from a "restricted
category" and a requirement for Chinese majority shareholding in
exploration and mining of specialty coal such as coking coal. The
Minco Group of Companies does not mine any of these minerals and
thus is not impacted by the reclassification in the new
Catalogue.
According to remarks made by Wang Min, Chinese Vice Minister of
Land and Resources, at the China International Mining Conference
held Beijing on November 13, 2007, China will continue firmly
opening the mining field to foreign investors and foreign companies
may conduct risk prospecting and resource development in China in
the form of solely-funded venture, equity or non-equity joint
venture according to law. The mining industry in China has become
an important field for foreign investment. More than 100 foreign
companies have invested in mineral prospecting in China, involving
more than 400 prospecting and mining projects of oil, natural gas,
coal, iron, copper, lead, zinc, silver and gold.
About Minco Gold
Minco Gold Corporation (TSX: MMM)(AMEX: MGH)(FRANKFURT: MI5)
(formerly "Minco Mining & Metals Corporation") is a Canadian
mining company involved in the direct acquisition and development
of high-grade, advanced stage gold and base metals properties in
China. The Company owns an exploration property portfolio covering
more than 1,500 square kilometres of mineral rights in China
including the past producing Gold Bull Mountain mine.
About Minco Silver
Minco Silver Corporation (TSX: MSV) is a TSX 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 Gold Corporation (formerly "Minco Mining & Metals
Corporation") (TSX: MMM)(AMEX: MGH)(FRANKFURT: MI5) and Silver
Standard Resources (TSX: SSO).
ON BEHALF OF THE BOARD
Dr. Ken Z. Cai, Chairman & CEO
The statements that are not historical facts are forward-looking
statements involving known and unknown risks and uncertainties
which could cause actual results to vary considerably from these
statements. The risks and uncertainties include those described in
Minco Gold's annual report on Form 20-F filed with the U.S.
Securities and Exchange Commission. Forward Looking Statements:
Statements in this news release are forward-looking statements
within the meaning of the United States Private Securities
Litigation Reform Act of 1995. Forward looking statements are
statements that are not historical facts and that are subject to a
variety of risks and uncertainties which could cause actual events
or results to differ materially from those reflected in the
forward-looking statements, including risks related to the
exploration stage of the companies' projects; market fluctuations
in prices for securities of exploration stage companies;
uncertainties about the availability of additional financing;
uncertainties related to fluctuations in metal prices; the
possibility either company may change its plans with respect to one
or more properties; and other risks and uncertainties described in
Minco Gold's annual report on Form 20-F and Reports on Form 6-K
filed with or furnished to the U.S. Securities and Exchange
Commission. Although we believe the expectations reflected in our
forward looking statements are reasonable, results may vary, and we
cannot guarantee future results, levels of activity, performance or
achievements.
The TSX has neither approved nor disapproved of the information
contained herein.
Contacts: Minco Gold Corporation Ute Koessler 1-888-288-8288 or
(604) 688-8002 Email: info@mincosilver.ca Website:
www.mincosilver.ca
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