Minco Gold says it will sell non-core Chinese projects to generate working capital for its primary assets. The company completed a detailed review of its Chinese properties in 2012, which pointed to a renewed focus on its core Longnan projects in Gansu province. Three drill holes at the site were completed late last year with assay results yet to be received.
“Parallel to our exploration in China, Minco also intends to diversify outside China in 2013. We are actively evaluating advanced gold projects outside China for potential acquisition,” says the company’s vice president of corporate development Peter Voulgaris.
He says the company plans to continue to hold 13 million shares of Minco Silver Corporation, representing about 22.15% of the issued and outstanding shares of Minco Silver, with the view that this is one of its key assets.
Minco Gold is a Canadian mining company involved in the direct acquisition and development of high-grade, advanced stage gold properties. The company owns a 51% interest in the 1 million ounce Changkeng gold deposit in southern China and 100% interest in 11 exploration projects in the Longnan region.