Minco Gold Corporation

Minco Gold Corporation

March 09, 2010 09:00 ET

Minco Gold Discovers a Significant Gold Zone on the Oujiaba Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 9, 2010) - Minco Gold Corporation (the "Company" or "Minco Gold") (TSX:MMM)(NYSE Amex:MGH)(FRANKFURT: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.

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.

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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