Minco Silver-Announces $45 Million Bought Deal Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2011) -

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Minco Silver Corporation (TSX:MSV) (the "Company" or "Minco Silver") has announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, under which the underwriters have agreed to buy on a bought deal basis by way of a short form prospectus, 7,600,000 common shares (the "Common Shares"), at a price of C$5.95 per Common Share for gross proceeds of C$45,220,000. In addition, the underwriters will also have an option exercisable at any time until 30 days following the closing of the offering to increase the size of this offering by up to an additional 15% of the offering to cover over-allotments, if any.

The Company intends to use the net proceeds of the offering to fund construction of the Company's Fuwan silver mine and for general corporate purposes.

Closing of this offering is expected to be on or about March 3, 2011 and is subject to certain conditions, including but not limited to, receipt of all necessary securities regulatory approvals (including the approval of the Toronto Stock Exchange).

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About Minco Silver

Minco Silver Corporation (TSX:MSV) is a TSX listed company focusing on the acquisition and development of silver dominant projects. The Company owns a 90% interest in the world class Fuwan Silver Deposit, situated along the northeast margin of the highly prospective Fuwan Silver Belt. For more information on Minco Silver, please visit the website at www.mincosilver.ca.

ON BEHALF OF THE BOARD

Dr. Ken Z. Cai, Chairman & CEO

Certain terms or statements made that are not historical facts, such as the expected timing of closing of the offering, the intended use of proceeds and receipt of all regulatory approvals are "forward-looking statements" within the meaning of applicable securities laws, 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, except as required by law.