Minco Gold Announces Sale of the Changkeng Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 22, 2015) - Minco Gold Corporation (TSX:MMM)(NYSE MKT:MGH)(FRANKFURT:MI5) (the "Company" or "Minco Gold") is pleased to announce that following a strategic review of the Company's mineral properties by the Company's board of directors (the "Board"), the Company has entered into a share purchase agreement with Minco Silver Corporation ("Minco Silver") and Minco Silver's wholly-owned subsidiary, Minco Investment Holdings HK Ltd. ("Minco Investment"), as purchaser (the "Share Purchase Agreement"), providing for the sale of the Company's 51% undivided interest in the Changke ng Gold Project for an aggregate purchase price of $13,732,260 (the "Purchase Price"), subject to certain adjustments. The Company intends to use the proceeds from the transaction to pursue strategic mineral acquisitions, joint ventures or other transactions outside of China.

The Changkeng Gold Project is held by Guangdong Mingzhong Mining Co. Ltd.("Mingzhong") a Chinese corporation owned 51% by two indirect wholly owned subsidiaries of Minco Resource Limited ("Minco Resources"), itself a wholly owned subsidiary of the Company, with the remaining 49% held by an unrelated third party (the "Changkeng Joint Venture"). Minco Resources also holds exploration permits in various other regions of China, including the Longnan Project, the Gold Bull Mountain Project and the Tugurige Gold Project (collectively, the "Other Projects"). Following completion of the sale, Minco Silver will continue to hold, directly or indirectly, the Other Projects in trust for the benefit of the Company. The Company will also continue to hold its investment of 11,000,000 common shares in Minco Silver.

Under the Company's governing corporate legislation, the Business Corporations Act (British Columbia), the transaction constitutes the sale of substantially all of the Company's assets and must be approved by a special resolution of the shareholders. The Company intends to seek shareholder approval of the transaction at the Company's upcoming annual general and special meeting of shareholders, to be held on June 25, 2015 (the "Meeting"). In connection with the Meeting, the Company will prepare and distribute a management information circular containing full particulars of the terms of the transaction. A copy of the Share Purchase Agreement will also be made available on SEDAR at www.sedar.com.