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Saturday, February 06, 2010 5:35:49 PM
Location
The Fuwan Silver Project is situated approximately 45 kilometres southwest of Guangzhou City, the capital of Guangdong Province and the fourth largest city in China, with a population of 13 million people. The property is adjacent to Minco Gold Corporation's Changkeng Gold Property.
Deposit
The Fuwan silver deposit falls into the broad category of sediment-hosted epithermal deposits and it is characterized by 8 zones of vein and veinlet mineralization within structural zones which have wide spread zones of silicification. The deposit currently has reserves of 9.118 Mt averaging 189 g/t Ag which will sustain an underground operation of 3,000 tpd for a mine life of 9.2 years. There is excellent potential to expand the reserves by upgrading the current indicated resources of 6,857,000 t averaging 173 g/t Ag for 38,203,000 ounces and the inferred resources of 11,290,00o t tonnes averaging 174 g/t Ag for 63,283,00 ounces of silver (Changkeng property included). Only one third of the 10 km long Fuwan belt as been explored to date with drilling and there is a good exploration potential to find new resources which could also potentially expand the mine life.
Infrastructure - A Miner's Dream
Unlike most mining properties, the Fuwan property is one of the few mineral projects in the world that already has a significant infrastructure in place, which is expected to save the company tens of millions of dollars in development costs.
Transportation is made easy with a four-lane highway that passes by the property and labour is available from the town of Fuwan (pop. 5,000) and nearby Gaoming City (pop. 100,000). Water and telecommunications are readily accessible and a high-voltage power line crosses the property. The adjacent Xijiang River also provides access to the South China Sea, which is the international waterway for shipping.
Easy access to a shipping channel also facilitates the disposal of waste rock and carries with it a significant economic benefit. The Company has been approached by several construction companies from Guangzhou City to purchase the waste material at an estimated price of US$2.50 per tonne to be used for gravel and construction material. This is expected to reduce mining costs significantly.
Ownership
Minco Silver owns 100% of the Fuwan Silver Deposit, subject to a 10% profit sharing agreement with the Guangdong Geological Exploration and Development Cooperation. The Company also holds three additional exploration permits covering more than 200 square kilometres.
Minco Silver successfully incorporated Foshan Minco Mining Co., Ltd. ("Foshan Minco") as the operating company for the Fuwan Silver project. Subsequently, the exploration permits for the project held by Minco Mining (China) were transferred to Foshan Minco. Minco Silver retains 90% ownership in Foshan Minco with the remaining 10% held by Guangdong Geological Exploration and Development Cooperation ("GGEDC") as per the original 10% profit sharing agreement.
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