Minco Silver Corporation
TSX : MSV

Minco Silver Corporation

January 23, 2007 09:31 ET

Minco Silver Completes Phase III Drilling and Initiates Scoping Study on Its Fuwan Silver Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 23, 2007) - Minco Silver Corporation (the "Company" or "Minco Silver") (TSX:MSV) is pleased to announce that it has completed the Phase III drilling program by drilling a further 7509m in 30 holes on the Fuwan Silver property. The Phase III drilling program consisted primarily of infill drilling on the western side of the centre of the deposit from section 35 from the West, to section 12 to the East, to increase the drill grid to 80m by 80m. Thus far a total of 16,009m have been drilled in 65 holes (Phase I, II and III) by the Company, in addition to the holes previously drilled by the former Chinese owners. The results of Phase I and II have been previously published and are available via SEDAR at www.sedar.com or on the Company's website www.mincosilver.ca. Assay results from the Phase III drilling program will be announced as soon they are available.

The Company also wishes to announce that a scoping study on the Fuwan Silver project has been initiated. An updated resource estimate including the assay results from the Phase I and II drilling program will be available before the end of the first quarter of 2007. The Company has commenced with the preliminary geotechnical studies, hydrology testing, and environmental assessment of the project.

The Company is working aggressively to bring the project to production at an early date and plans to commence a feasibility study and apply for a mining license in the second half of 2007.

About Minco Silver

Minco Silver Corporation is a TSX company focusing on the acquisition and development of silver dominant projects in China. The Company is the exclusive vehicle for pursuing silver opportunities in China pursuant to a strategic alliance agreement between Minco Mining & Metals Corporation (TSX:MMM)(AMEX:MMK) and Silver Standard Resources (TSX:SSO).

ON BEHALF OF THE BOARD

Ken Z. Cai, President & CEO

Certain terms or statements made that are not historical facts, such as anticipated advancement of mineral properties or programs, productions, sales of assets, exploration plans or results, costs, prices, performance are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to; metals price volatility, volatility of metals production, project development risks and ability to raise financing. The Company undertakes no obligation and has no intention of updating forward-looking statements.

The Toronto Stock Exchange does not accept responsibility for the accuracy of this news release.

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