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Message: NR discovery 10m oz potential

NR discovery 10m oz potential

posted on Mar 16, 2010 09:00PM

Minco Gold Corporation (the "Company" or "Minco Gold") (TSX:MMM/AMEX:MGH/FSE:MI5) is pleased to announce the discovery of a large gold zone on its 100% owned Oujiaba property, within the Yangshan Gold Belt, Gansu Province P.R.C. The discovery has been traced for approximately 6 kilometres and has the same host lithologies as the Anba gold deposit. The Anba deposit is considered to be a Carlin-type gold deposit and is estimated to have over 10 million oz Au. Please refer to the property map with sample results on the Minco website.

Continuous channel samples were taken in 4 places along the 6 km mineralized structure and returned averaged gold results of:

Line 0 1.18g/t Au over 4.7 metres
Line 400 13.2 g/t Au over 10.0 metres
Line 496 0.33 g/t Au over 4.0 metres
Line 608 0.60g/t Au over 1.5 metres

Individual continuous channel sample results for Line 400 are:

Sample No. Width (m) Au grade (g/t) alteration
H400-1 1.0 15.35 Silicification with limonite
H400-2 1.0 0.89
H400-3 1.0 23.05
H400-4 1.0 7.70
H400-5 1.0 9.74
H400-6 1.0 9.77
H400-7 1.0 9.61
H400-8 1.0 29.70
H400-9 1.0 23.05
H400-10 1.0 3.36

Note: True width is estimated to be 7.0 metres

The gold enriched, hydrothermally altered structural trend has been discovered during the 2009 exploration program which consisted of traversing and trenching. The mineralization has a width ranging from 5 to 10 metres and is hosted along the contact of hanging wall limestone and heavily folded footwall phyllite which is intruded by numerous intrusive dykes. Numerous grab samples taken from outcrop along the structure returned 0.5g/t to 27.9g/t Au.

The Oujiaba property, located 25 kilometres east of the Anba gold deposit, is part of the Company's 100% owned Longnan Project which is located within the Yangshan Gold Belt.

In 2010 Minco will continue to explore and define this favourable target with further sampling, trenching, geophysics and potentially diamond drilling.

Samples were prepared and assayed at SGS -- CSTC Standards Technical Company, TEDA Tianjin, PRC under the supervision of an International certified assayer. Samples were analyzed with fire assay with AAS finish for gold and aqua regia with an AAS finish for silver. External check samples were sent to Intertek Laboratories in Beijing, PRC for additional check analysis.

Mr. Dwayne Melrose, P.Geo. Vice President Exploration for Minco Gold, has reviewed this news release and is the Qualified Person responsible for verification and quality assurance of the company's exploration data and analytical results.

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