Minco Gold Commences Drilling Program on Its Baimashi North Gold Target and Announces Annual General Meeting Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 3, 2014) - Minco Gold Corporation (TSX:MMM)(NYSE MKT:MGH)(FRANKFURT:MI5) ("Minco Gold" or the "Company") is pleased to announce that the Company has started a drilling program on its Baimashi North target located in the Yejiaba region of Gansu Province, China. The drilling program, consisting of 1,200 m core drilling in 6 holes (please see attached map for hole locations), is designed to test a target area of roughly 1,200 m long and 600 m wide with strong gold anomalism as defined by the Company's exploration program last year.

Gold mineralization at Baimashi North is largely hosted within Triassic-age, thin-bedded phyllitic limestone on the hanging-wall side of a major E-W striking, northward dipping thrust fault. Mineralization is concentrated along high angle NE, N-S, and NW trending faults and carbonate veins and displays a strong spatial association with altered syenite and diabase dikes and sills. The gold target can be characterized as a low sulfide, low silica orogenic-type gold system that is dominated by carbonate veining and carbonate (ankerite) alteration. It has a similar geological setting to a number of gold deposits in the surrounding 30 km long Qinling / Yangshan Gold Belt, which contains China's second largest gold endowment with about 308 tonnes gold in six major deposits controlled by a number of Chinese national companies, the largest of which is the Anba Gold Deposit, with about 281 tonnes of contained gold at 4.77 g/t, (reference: Li et al, 2014)*.

The Company conducted an initial exploration program on the property last year comprising detailed geologic mapping, rock sampling, and soil sampling. The 247 rock samples collected within an area of approximately 1,200 m long by 600 m wide run from 0.005 to 47.115 ppm Au and average 1.49 ppm. Channel samples collected from abandoned tunnels by Minco geologists this past May returned 7.5 m (true thickness) averaging 2.133 g/t including a higher grade core of 1.7 m (true thickness) at 5.1 g/t. The Baimashi North target has good potential to host a substantial bulk tonnage gold deposit.

To view the map accompanying this press release, click on the following link: http://media3.marketwire.com/docs/955779f.jpg

Qualified Person - Thomas Wayne Spilsbury, P.Geo, a consultant to Minco Gold, a qualified person as defined by NI 43-101, has reviewed and approved the scientific and technical content of this news release.