("Minco" or "the Company") Final results for the year ended 31 December 2004

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May Watson
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1 Minc plc ("Minc" r "the Cmpany") Final results fr the year ended 31 December 2004 LONDON: 5 May Minc plc (MIO) reprts final results fr the year ending 31 December Highlights: Minera Sisa, Mexic - Acquisitin f 50% sharehlding in silver prject: cmpleted after year end 2,250 hectare highly prspective silver/gld/cpper prperty in the Sierra Madre district f Mexic 7,000 metre drilling prgramme t begin in May 2005 Laguna, Mexic- Cmpletin f the feasibility study n precius metals /Mercury tailings prject Life-f-mine revenue frm the prject f US$116.4m* Life-f-mine perating prfit f US$75.6m* Net present value f US$26.5m* 8-year mine life Cmmencement f the bankable feasibility study n Laguna Cmpletin f additinal 150 drill hles Bankable feasibility study scheduled fr cmpletin in the third quarter f 2005 by Micn Internatinal Increase frm feasibility thrughput f 1 millin t 1.25 millin tnnes a year fr eight years Secured perating licence frm Mexican Gvernment Envirnmental Agency, representing the final licence requirement Prductin targeted fr 2006 Drilling prgramme cmmenced n Pallas Green zinc prperty in Ireland 9,000 metre diamnd drilling prgramme t cmmence in April 2005 with partners Nranda 4.5 millin fundraising ( 6.4 millin ) (befre expenses) in Nvember 2004 * US$6.50 per unce silver price Objectives fr 2005: Fcus n Mexican precius metals develpment Cmplete the bankable feasibility study n the Laguna silver tailings prject Cmplete prject financing f the Laguna prject, allwing Minc the ptential t cnstruct plant and t generate revenue in 2006 Cmplete phase 1 drilling prgramme n Minera Sisa t indicate the extent f the mineralised structure and upgrade the silver and gld depsit categrisatin t resurces status Cntinue prject evaluatins in Mexic t secure cmplementary high value prjects Cmplete Pallas Green zinc licence drill prgramme The achievement f these gals will ensure that ur grwth prfile remains n track and cntribute significantly t Minc's gal f becming a majr silver

2 prducer by Excerpts frm the Chairman's Statement: Minera Sisa; Mexic 'Since the cmpletin f the Minera Sisa acquisitin, in late February 2005, gechemical and gephysical prgrammes and infrastructure cnstructin were cmmenced in preparatin fr the cmmencement f drilling in early May. Additinal cncessins arund the riginal Sisa prperties were granted t Minc, increasing this highly prspective area t 2,250 hectares alng the strike f the knwn silver/gld/cpper depsits.' 'The existing knwn depsit at Minera Sisa is hst t a small narrw vein mine, with mine equipment and prcess plant, and we are currently assessing the viability f recmmencing peratins. It is, hwever, the ptential f the entire prperty t cntain large scale epithermal silver/gld/cpper depsits, f which three are already knwn, that has led us t take n Minera Sisa. N mdern explratin activity has previusly been carried ut n the prperty, althugh histric mining f the narrw veins f ne f the depsits is reprted t have delivered grades f 3,000 grammes per tnne f silver and 20 grammes per tnne f gld.' La Laguna; Mexic 'Drilling cntinued n the Laguna tailings prject at Zacatecas until December and a further 150 hles were drilled fllwing the cmpletin f the feasibility study bringing the ttal drilling, fr resurce and reserve calculatins, t 366 hles. The bankable feasibility study was awarded t Micn Internatinal in Trnt, with the cmpletin date scheduled fr the third quarter f this year. All envirnmental permits have nw been received frm the Mexican Gvernment.' Silver Outlk. 'Between January 2004 and January 2005 the price f silver increased frm US$4.50 t US$6.50 per unce. The utlk fr silver remains gd with strng demand in electrnics, medicine, and wd preservatin applicatins, cmbined with a decline in mined prductin. The ptential fr silver t replace platinum as an autmtive catalyst, and its use in autmtive fuel cells, culd als have a majr impact n demand and price.' Pallas Green; Ireland. 'Fllwing encuraging drill results in 2004, plans fr a 9,000 metre drilling prgram were finalised with ur partner Nranda Inc. and the first phase f drilling cmmenced in April With zinc price at a 5-year high, and a spectacular rise in the past tw years frm just ver US$0.30 t ver US$0.60 per pund the incentive t prve this a majr depsit has increased cnsiderably.' Rger W Turner Chairman f the Bard

3 Cnslidated Prfit and Lss Accunt fr the Eight Mnths Ended 31 December mnths ended 12 mnths ended General and Administratin expenses (395, 970) (209,932) Freign exchange lsses (64,758) - Administratin expenses (460,728) (209,932) Explratin csts written ff (387,738) Operating lss - Cntinuing activities (848,466) (110,380) - Acquired activities - 99, (848,466) (209,932) Exceptinal item Prfit n dispsal f assets - 77, (848,466) (132,104) Interest incme 56,348 14, Lss befre taxatin (792,118) (117,388) Taxatin Lss fr the perid after taxatin (792,118) (117,388) Lss per share (0.79c) (0.18c) Lss per share - diluted (0.79c) (0.18c) The results abve are derived frm cntinuing activities.

4 Cnslidated Statement f Ttal Recgnised Gains and Lsses fr the Eight Mnths Ended 31 December mnths ended 12 mnths ended Lss fr the perid (792,118) (117,388) Exchange gains n freign currency net investments 6,300 10,525 Ttal recgnised lsses fr the perid (785,818) (106,863) Cnslidated Balance Sheet at 31 December 2004 Fixed assets Intangible assets 6,527,073 5,810,617 Current assets Bank 6,644,332 1,947,447 Debtrs 43,605 13,555 6,687,937 1,961,002 Creditrs Amunts falling due within ne year (541,981) (343,259) Net current assets 6,145,956 1,617,743 Net assets 12,673,029 7,428,360 Capital and reserves Called-up share capital 4,073,554 3,562,191 Share premium accunt 13,869,835 8,350,711 Prfit and lss accunt - (deficit) (5,314,817) (4,528,999) Capital cnversin reserve fund 44,457 44,457 Sharehlders' funds 12,673,029 7,428,360 Analysed as: Equity 10,260,527 5,015,858 Nn-equity 2,412,502 2,412,502 12,673,029 7,428,360

5 Cnslidated Cash Flw Statement fr the Eight Mnths Ended 31 December mnths ended 12 mnths ended Net cash utflw frm perating activities (285,756) (251,666) Returns n investments and servicing f finance Interest received 56,348 14,716 Net cash inflw frm returns n investments and servicing f finance 56,348 14,716 Capital expenditure and financial investment Payments in respect f fixed assets (1,104,194) (500,961) Net cash utflw frm capital expenditure and financial investment (1,333,602) (486,245) Acquisitins and dispsals Purchase f subsidiaries - (27,017) Net cash acquired with subsidiaries - 432,741 Sale f subsidiary - 100,000 Expenses n sale f subsidiaries - (22,172) Net cash utflw frm acquisitins and dispsals - 483, Net cash utflw befre use f liquid resurces and financing (1,333,602) (254,358) Financing Shares capital issued fr cash 6,419,249 2,294,203 Cst f issue f share capital (388,762) (115,323) Net cash flw frm financing 6,030,487 2,178, Increase in cash 4,696,885 1,924,522

6 Ntes: 1. These d nt cnstitute statutry accunts as defined in the Cmpanies Acts. Statutry accunts fr the year ended 31 December 2004 tgether with a reprt frm the auditrs will be filed with the Irish regulatry authrities in due curse. 2. The Directrs have decided nt t pay a dividend. 3 Basic lss per share is cmputed by dividing the lss after taxatin fr the year available t rdinary sharehlders by the sum f the weighted average number f rdinary shares in issue. Diluted lss per share is cmputed by dividing the lss after taxatin fr the year by the weighted average number f rdinary shares in issue, adjusted fr the effect f all dilutive ptential rdinary shares that were utstanding during the year. In 31 December 2004 (and 30 April 2004) the basic and diluted lss per share were the same, as the effect f the utstanding share ptins was anti-dilutive, and was therefre excluded. The cmputatin fr basic and dilutive lss per share (EPS) is as fllws: Numeratr Numeratr fr EPS - lss (792,118) (117,388) Denminatr Number Number Denminatr fr basic and diluted EPS 99,817,588 64,601,576 Basic EPS (0.79c) (0.18c) Diluted EPS (0.79c) (0.18c) 4 The annual reprt and accunts fr the Cmpany fr the year ended 31 December 2004 will be psted t sharehlders n r befre 30 June 2005 and cpies f the reprt and accunts will be available frm that date at the Cmpany's registered ffice at 162 Clntarf Rad, Dublin 3, Ireland. Fr further infrmatin Matthew Drman, CEO Tel: mldrman@minc.ie Rger Turner, Chairman Tel: +44 (0) rwturner@minc.ie Richard Thrntn, Directr Laurence Read, Cnduit PR Tel: +44 (0) rfthrntn@minc.ie Tel: +44 (0) laurence@cnduitpr.cm / (0) Ewan Leggat, Seymur Pierce Tel: +44 (0) ewanleggat@seymurpierce.cm Limited MINCO is a precius metals develpment and explratin cmpany listed n the AIM market in Lndn. Ticker symbl (MIO),

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