RNS Number:7934N
Minco PLC
22 July 2003


  STATEMENT ACCOMPANYING THE UNAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED
                                 APRIL 30, 2003


Minco is an Irish focused zinc and gold explorer holding interests in 33 zinc
exploration licences and 6 gold licences. These are difficult times for junior
exploration companies. Zinc prices are at historic lows while the gold price in
Euro has not recovered. Despite having some of the most prospective ground for
zinc anywhere, Minco has found it increasingly difficult to attract and to hold
joint venture partners. In recent year, companies such as Rio Algom, Anglo
American, BHP-Billiton and Noranda have joint ventured with us on our Irish
licences. As metal prices have declined cash flow for exploration has dried up
and our partners have withdrawn.

During 2002 Noranda, our final active partner, having spent over #1.2 million on
the Pallas Green block with some considerable success ceased all their
exploration operations in Ireland primarily for budgetary reasons.

Recently Minco expanded its Irish mineral interests when our joint venture
partner Ennex decided to withdraw from mineral exploration in Ireland and agreed
to assign its interests in the prospecting licences to Minco thus increasing our
interest in the Moate and Shinrone blocks to 100%.

Drilling results on Pallasgreen, Co Limerick, our principal project, were mixed.
All holes had excellent indicators but limited base metal content. The
mineralized target on the Pallasgreen block is 25kms long. It contains all of
the requirements for a major zinc deposit but it requires a substantial drilling
and prospecting programme.

Our licences are all in good standing. The Irish government has assisted the
industry in these tough times by agreeing to a moratorium on committed
expenditure requirements for a limited period. However, hard decisions will have
to be taken on our holdings in the coming months as they come up for renewal.

We have expanded our interests in gold by taking up two licences in the Avoca
area of Co Wicklow and another in Co Kildare and by the acquisition of a 2%
royalty interest in the Curraghinalt gold property in Northern Ireland. A
limited prospecting programme will be carried out in Avoca and Kildare in the
coming months on the new gold licences. While maintaining our belief in the long
term potential of Ireland we have expanded our horizons. A number of projects
have been evaluated all of which will take the company into new countries. One,
a high potential precious metal venture, is at an advanced stage of negotiation.
We have managed our finances well but may need to raise some capital in the
coming months.


UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2003
                                                                     2003                   2002
                                                                      Euro                      Euro
ADMINISTRATIVE EXPENSES                                            (117,445)             (113,590)

OPERATING LOSS                                                     (117,445)             (113,590)
Interest income                                                        2,264                 6,842
LOSS BEFORE TAXATION                                               (115,181)             (106,748)
Taxation                                                                   -                     -
LOSS FOR THE YEAR AFTER TAXATION                                   (115,181)             (106,748)
Opening balance - profit and loss account                        (4,306,955)           (4,200,207)
Closing balance - profit and loss account                        (4,422,136)           (4,306,955)
Loss per share                                                       (0.33c)               (0.30c)
Loss per share - diluted                                             (0.33c)               (0.30c)

There were no recognized gains or losses other than those included in the profit and loss account.
Results derive solely from continuing activities.


UNAUDITED CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2003
                                                                     2003                   2002
                                                                      Euro                      Euro
FIXED ASSETS
Intangible assets                                                  3,017,618              2,844,512
CURRENT ASSETS
Bank                                                                  22,925                182,511
Debtors                                                               18,166                  2,543
                                                                      41,091                185,054
CREDITORS: (Amounts falling due within one year)                   (340,916)              (196,592)
NET CURRENT LIABILITIES                                            (299,825)               (11,538)
NET ASSETS                                                         2,717,793              2,832,974
CAPITAL RESERVES
Called-up share capital                                            2,815,430              2,815,430
Share premium account                                              4,280,042              4,280,042
Profit and loss account - (deficit)                              (4,422,136)            (4,306,955)
Capital conversion reserve fund                                       44,457                 44,457
SHAREHOLDERS' FUNDS                                                2,717,793              2,832,974
EQUITY                                                               305,291                420,472
NON EQUITY                                                         2,412,502              2,412,502
                                                                   2,717,793              2,832,974

UNAUDITED CONDOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2003
                                                                        2003                2002
                                                                         Euro                   Euro
NET CASH OUTFLOW FROM OPERATING ACTIVITES                             (77,070)            (120,309)

RETURNS ON INVESTMENTS AND SERVICING OF FINANCE
Interest received                                                        2,264                6,842

NET CASH INFLOW FROM RETURNS ON INVESTMENTS AND SERVICING OF
FINANCE                                                                  2,264                6,842
                                                                        
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT

Payments in respect of intangible fixed assets                        (84,780)             (13,030)

NET CASH OUTFLOW FROM CAPITAL EXPENDITURE AND FINANCIAL               (84,780)             (13,030)
INVESTMENT

NET CASH OUTFLOW BEFORE USE OF LIQUID RESOURCES AND FINANCING        (159,586)            (126,497)

FINANCING

Cost of issue of ordinary share capital                                      -              (7,162)

NET CASH OUTFLOW FROM FINANCING                                              -              (7,162)

DECREASE IN CASH                                                     (159,586)            (133,659)


The financial information set out above does not constitute the Company's
financial statements for the years ended 30 April 2003 or 2002.  The financial
information for 2002 is derived from the financial statements for 2002.

A copy of the Company's annual report and accounts for 2003 will be mailed to
shareholders shortly and will also be available for collection from the
Company's registered office.



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