Minco to raise £1m from private placing

Minco, the London-listed company chaired by Irish entrepreneur John Teeling, has announced the completion of a private placing of 12.5m new ordinary shares in the Company at £0.08 per share to raise £1m (€1.43m).

The gold and silver exploration and development company, will use the proceeds of the placing to accelerate its current exploration programmes on a number precious metals prospects in Ireland and Mexico.It will also progress negotiations on other precious metals projects in other parts of the world.

Application will be made for the new Ordinary shares to be admitted to trading on AIM. It is expected that admission will take place and dealings to commence on 5 December 2003.

Minco will continue with its plans for drilling its zinc properties in Limerick in Ireland in 2004.