Minco Gold Corporation
TSX : MMM
FRANKFURT : MI5
NYSE Amex : MGH

Minco Gold Corporation

October 22, 2009 16:33 ET

Minco Gold Corporation: Closing of Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 22, 2009) - Minco Gold Corporation (the "Company" or "Minco Gold") (TSX:MMM)(NYSE Amex:MGH)(FRANKFURT:MI5) is pleased to announce that Minco Gold has closed the non-brokered private placement financing previously announced on September 24, 2009. The financing placed 5,000,000 common shares in the capital stock of the Company at a price of $0.88 per share for gross proceeds of $4,400,000 (the "Offering") with IDG-Accel China Growth Fund II L.P. (the "IDG-Accel Fund") and IDG-Accel China Investors II L.P. ("IDG-Accel Investors"). IDG-Accel Fund acquired, indirectly through Blue Sky Strategic Holdings I, Ltd., ownership of 4,622,000 common shares, and IDG-Accel Investors acquired, indirectly through Blue Sky Strategic Holdings II, Ltd., ownership of 378,000 common shares. The aggregate 5,000,000 common shares represents approximately 10.40% of the outstanding common shares of the Company.

The net proceeds from the Offering will be used for the continued exploration and development of the Company's properties located in the Peoples Republic of China and for general corporate purposes.

IDG-Accel Fund is a limited partnership organized under the laws of the Cayman Islands. The general partner of IDG-Accel Fund is IDG-Accel China Growth Fund II Associates L.P., a limited partnership organized under the laws of the Cayman Islands. The general partner of IDG-Accel China Growth Fund II Associates L.P. is IDG-Accel China Growth Fund GP II Associates Ltd., a limited liability company incorporated under the laws of the Cayman Islands. IDG-Accel Investors is a limited partnership organized under the laws of the Cayman Islands. The general partner of IDG-Accel Investors is IDG-Accel China Growth Fund GP II Associates Ltd., which is also the general partner of IDG-Accel China Growth Fund II Associates L.P., which is the general partner of the IDG-Accel Fund. Blue Sky Strategic Holdings I, Ltd. and Blue Sky Strategic Holdings II, Ltd., each a limited liability company organized under the laws of the British Virgin Islands, are wholly-owned by IDG-Accel Fund and IDG-Accel Investors, respectively.

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. For more information on Minco Gold and its properties, please visit the website at www.mincomining.ca.

ON BEHALF OF THE BOARD
"Dr. Ken Z. Cai"

President & 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 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.

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