Minco Base Metals and Minco Gold Announce the Sale of 61% of the Company's Interest in the White Silver Mountain Property
04 Mars 2010 - 2:48PM
Marketwired
Minco Gold Corporation (TSX: MMM)(NYSE Amex: MGH)(FRANKFURT: MI5) -
Minco Base Metals Corporation (the "Company" or "Minco Base
Metals") has entered into a share transfer agreement with Baiyin
Non-Ferrous Metals Group Co. Ltd. ("BNMC") to sell its 61% earned
interest in the White Silver Mountain project, located in the Gansu
Province in China for $23,846,154 (RMB 155 million). An initial
payment of $7,692,308 (RMB 50 million) has been received and the
remaining $16,153,846 (RMB 105 million) is currently held in a
trust account to be released to the Company upon the determination
of the applicable withholding tax by the Chinese Taxation
Authority.
The Company has also entered into a service agreement with BNMC
for the provision of technical support services for a 15 month
period for an aggregate amount of $460,327 (RMB 3 million), of
which $138,098 (RMB 0.9 million) has been received as a
deposit.
"We are pleased with the sale, which provides significant value
to our shareholders. The Company is in a strong financial position
and is actively looking for high quality mining projects
worldwide," said Dr. Ken Z. Cai, the President and CEO of the
Company.
ON BEHALF OF THE BOARD
Dr. Ken Z. Cai, President & CEO
ABOUT MINCO GOLD
Minco Gold Corporation (TSX: MMM)(NYSE Amex: MGH)(FRANKFURT:
MI5) is a Canadian mining company involved in the direct
acquisition and development of high-grade, advanced stage gold
properties. The Company owns an exploration property portfolio
covering more than 1,000 square kilometres of mineral rights in
China.
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 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 company's projects; market
fluctuations in prices for securities of exploration stage
companies; uncertainties about the availability of additional
financing; uncertainties related to fluctuations in gold prices;
the possibility that Minco Gold Corporation may change its plans
with respect to one or more properties; and other risks and
uncertainties described in the company'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 info@mincomining.ca www.mincomining.ca
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