MOP Mincorp

RNS Number:2053P
Mincorp Plc
22 July 2005


                                 MINCORP PLC
                                 PRESS RELEASE

                     INVESTMENT IN MT CADIG NICKEL PROPERTY


Mincorp Plc is pleased to announce the acquisition by its associated company,
Mincorp Asia, Inc, of a major lateritic nickel deposit in the Philippines.

The deposit is located at Mt Cadig, approximately 250 Km by road east of Manila
on Luzon Island. During 1970 a total of 103 pits were sunk to an average depth
of 7 metres into the nickel enriched weathered zone. In 1971 a team of
geologists and mining engineers from the Philippines Bureau of Mines carried out
an inspection for the purpose of verifying the results of the test pitting and
nickel values reported by the tenement holders. The team from the Bureau of
Mines concluded that the area tested contained approximately 83 million metric
tons with nickel content ranging from 0.8% to 2.0% nickel. There has been no
further work carried out on the area since that time.

The deposit is covered by an Exploration Permit Application with an area of
9,794 hectares, lodged by Bonaventure Mining Corporation. Mincorp Plc and
Mincorp Asia, Inc have entered into an agreement with Bonaventure Mining
Corporation under the terms of which the Exploration Permit Application is
conditionally transferred to Mincorp Asia, Inc for an initial payment of
US$50,000. The transfer of the title becomes unconditional if and when Mincorp
Asia, Inc fulfils all its obligations under a Memorandum of Agreement. This
obligation includes a total expenditure on exploration of US$400,000. Additional
payments to the vendor at the end of the initial six months period will be
5,000,000 fully paid Mincorp Plc shares which will extend the option for another
12 months. At the end of this additional 12 month period the transfer of the
tenement becomes unconditional upon payment to the vendor of US$100,000 in cash
and a further 5,000,000 fully paid Mincorp Plc shares plus a 2 year option on a
further 5,000,000 shares at an exercise price of #0.01The vendor's residual
interest is a 2% gross royalty on value of ore or mineral produced.

The initial payment of US$50,000 gives Mincorp Asia, Inc the right to test Mt
Cadig during the next 180 days. Due to the shallow depth of the deposit,  the
Directors believe that it will be possible to decide if the area contains an
economic deposit during that period. It is proposed to sink another 80 pits to
approximately 7 metres into the nickel enriched weathered zone.

The pitting in 1970 covered approximately 70% of the weathered mantle. Based on
the surface mapping, total volume of laterite is in the order of 120 million
metric tons. The main purpose of the test pitting programme is to determine the
nickel grade of the laterite and to search for higher grade saprolite layers
which could be a source of direct shipping ore.

Mincorp Plc has a 40% equity interest in Mincorp Asia, Inc. However, in the
event that Mt Cadig proves to be a major nickel discovery, Mincorp Plc could,
under existing Philippine laws, assume a 100% economic interest in the project.


22 July 2005


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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