Pallas Green Exploration Project

Description of Operation

The Pallas Green project located in Ireland is a joint venture between Minco Plc (23.6%) and Xstrata Zinc (76.4%).

The Pallas Green Project comprises prospecting licenses located in northeast county Limerick and southwest County Tipperary. Exploration is focused on the Pallas Green Alteration Trend, a structurally defined zone of hydrothermal alteration and zinc-lead mineralization 2 to 3 kilometres in width, which has been demonstrated to extend over a strike length of more than 20 kilometres.

Within the Pallas Green property, three separate high grade prospects have been identified (Tobermalug, Caherconlish South and Srahane West) within 11 square kilometres area. Only 30% of the Pallas Green Trend has been explored to date by drilling and, with few exceptions, drill holes have intersected significant alteration and mineralization.

Following encouraging exploration results in 2006-2007, the joint venture has approved a significant increase in exploration drilling.  The level of expenditure for 2008 is budgeted at 6 million euros.