More lead for Minco
Article Date: Jan 31 2008Metals hopeful Minco has found more high-grade zinc and lead indications at Pallas Green in Limerick.
The AIM-quoted company, based in Irish entrepreneur John Teeling’s Dublin office, says drilling results from Hole MN-2529-26 in Pallas Green’s Tobermalug prospect indicate an 8.4 metre interval averaging 30.53 per cent zinc and 5.33 per cent lead. Minco, which is developing Pallas Green with Anglo-Swiss mining giant Xstrata, says this demonstrates the presence of the ‘anticipated higher grades and widths’ within Tobermalug, which the company compares to Ireland’s major deposits at Lisheen and Galmoy.
Minco, which recently arranged a C$2.5 million (£12.6 million) funding in Canada for its silver projects in Mexico, has agreed to contribute £1 million this year to a £4.5 million exploration budget for Pallas Green, with Xstrata paying the rest. The shares, which fell from 18.5p in 2005 to 4.25p last month, are now 6.12p, up 0.25p this morning, and have speculative appeal.
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