VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED SATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

Minco Silver Corporation ("Minco Silver" or the "Company") (TSX:MSV)(OTCQX:MISVF)(DBFrankfurt:XYD) is pleased to announce the completion of the previously announced underwritten public offering of 7,600,000 common shares of the Company at $5.95 per share, for total gross proceeds of $45.22 million (the "Offering"). The Offering was qualified by a short form prospectus dated February 22, 2011 filed by the Company with the securities regulatory authorities in each of the Provinces of Canada other than Quebéc.

The Offering was underwritten by a syndicate of underwriters led by BMO Capital Markets and including Haywood Securities Inc., Raymond James Ltd. and Union Securities Ltd. (collectively, the "Underwriters"). In consideration for their services, the Underwriters received a cash commission equal to 5.5% of the gross proceeds of the Offering and an aggregate 418,000 compensation options. Each compensation option allows the Underwriters to purchase one common share of the Company at $5.95 for a period of 18 months following the closing of the Offering.

"We are very pleased to complete this financing," commented Dr. Ken Cai, Chairman & CEO of the Company. "With the net proceeds of the Offering, together with the RMB 300 million (approximately $44.45 million) debt facility commitment from Industrial and Commercial Bank of China previously announced on September 8, 2010, Minco Silver is fully funded for its planned construction of the Fuwan mine, upon receipt of the pertinent government approvals and/or permits."

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold in the United States absent an exemption from registration.

About Minco Silver

Minco Silver Corporation is a company focusing on the acquisition and development of silver dominant projects. The Company owns a 90% interest in its flagship project, the Fuwan Silver Deposit, situated along the northeast margin of the highly prospective Fuwan Silver Belt.

ON BEHALF OF THE BOARD

Dr. Ken Z. Cai, Chairman & CEO

Certain terms or statements made that are not historical facts, such as anticipated advancement of mineral properties or programs, productions, sales of assets, exploration plans or results, costs, prices, performance are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to; metals price volatility, volatility of metals production, project development risks and ability to raise financing. The Company undertakes no obligation and has no intention of updating forward-looking statements.