Minco reports 200% increase in share price

At today's AGM of Irish exploration company Minco (formerly Irish Marine Oil) chairman John J Teeling said that the company has seen a remarkable turnaround in its fortunes, indicated by a 200% increase in share prices.

He reported that Minco, together with its partner Noranda, will drill the Pallas Green zinc project in Limerick during 2004.

Teeling said that the Goldmines river area of Avoca, Co Wicklow, has identified a likely drill target.

In 200 years of prospecting, no-one has discovered the source of the historic alluvial gold.

Minco's chairman said that because of the huge market gap between demand and supply for new silver, the Orca acquisition gave the company 25 silver licences and also participation in end game negotiations with the Mexican government to process the La Laguna tailings.

He said that the high level of exploration activity expected in 2004 will be funded by the recent £1m (€1.42m) fund raising.