Minco Silver Receives Extension for the Fuwan Exploration Permit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 23, 2011) - Minco Silver Corporation (the "Company" or "Minco Silver") (TSX:MSV)(OTCQX:MISVF)(DBFrankfurt:XYD) is pleased to announce that the Luoke-Jilinggang Exploration Permit (the "Fuwan Exploration Permit") for the Fuwan silver project located in Guangdong province of the People's Republic of China, previously expired on July 20, 2011, has been renewed until July 20, 2013 by the Ministry of Land and Resources of China.

The Company continues to make good progress on the Environmental Impact Assessment (the "EIA") as well as the preliminary mine design on its Fuwan silver project. With approximately $72 million of working capital, combined with a RMB 300 million (approximately US$ 46.88 million) debt facility commitment by the Industrial and Commercial Bank of China as previously announced, Minco Silver is fully financed to put the Fuwan silver project into production, upon receiving the EIA.

The Company also announces that Dr. Dianmin Chen, Vice President Operations, resigned for personal reasons effective August 19, 2011. The Company thanks him for his contributions during his tenure, and wishes him well in his future endeavors.

About Minco Silver

Minco Silver Corporation is a TSX and OTCQX 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 in Guangdong China. For more information on Minco Silver, please visit the Company's website at www.mincosilver.ca.

ON BEHALF OF THE BOARD

Dr. Ken Z. Cai, Chairman & CEO

Certain of the information and statements in this news release constitute "forward-looking information" and "forward-looking statements" under applicable securities laws. Such forward- looking information and statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking information and statements. These include, but are not limited to, information and statements relating to the Company's financing requirements for its Fuwan project, obtaining necessary regulatory approvals and licences and permits, including the EIA, future development of and achieving production at the Fuwan project and future plans and objectives of the Company. In certain cases, forward-looking information and statements were developed using the material factors or assumptions stated herein. Such factors and assumptions include, amongst others, the timing of receipt of required governmental approvals, permits and licences, the accuracy of estimates underlying the Company's project development plans and studies, the ability of the Company to meet project goals and assumptions regarding foreign currency rates and metals prices. In addition, there are also known and unknown risk factors that could cause actual results to differ materially from those in forward-looking information and statements, which include, but are not limited to, the Company's ability to obtain and renew required governmental approvals, permits and licences and its ability to comply with any conditions imposed in connection with the same, actual operating, development and production costs varying from those estimated by the Company, metals price volatility, exchange rate fluctuations, project development risks, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with operating in foreign jurisdictions, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely and cost-effective basis, accidents or equipment breakdowns, unanticipated environmental impacts on operations and costs to remedy same, and other project development risks or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including its annual information form for the year ended December 31, 2010, a copy of which is available at www.sedar.com. The Company is under no obligation to update or alter any forward-looking information or statements except as required by law.