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Re: News Releases - Tuesday, July 24, 2007
Miranda Gold Corp. and Romarco Minerals Inc. Amend Terms on Red
Canyon Joint Venture
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Miranda Gold Corp ("Miranda") (TSX-V: MAD) is pleased to announce that
an Amendment to the Red Canyon Exploration and Option Agreement dated
July 12, 2006 ("Agreement") has been signed with Romarco Minerals Inc.
("Romarco") (TSX-V: R).
Original terms of the Agreement required Romarco to spend US$400,000 in
qualifying work expenditures during the first year of the agreement,
subject to certain conditions. The Parties have agreed to enter into
an amendment to replace the first year work expenditure of US$400,000
with a 6,000 foot drilling program to be completed by December 31,
2007. The Parties agree that a drill program based on footage is more
appropriate for ensuring adequate testing of drill targets. Romarco is
responsible for all underlying payments and holding costs associated
with the project during the term of the Agreement.
Under the terms of the Agreement, Romarco can earn a 60% interest by
spending US$3,000,000 over five years. Following completion of the
initial earn-in, Romarco may then elect to earn an additional 10%
interest (for a total of 70%) by funding a feasibility study. Romarco
is the operator of the project during the term of the Agreement.
Miranda personnel have contributed to the project by completing a
421-station soil-sampling geochemical survey and an ongoing rock-chip
sampling and geologic mapping. All work has been funded by Romarco.
These systematic data sets are in the process of being evaluated to
identify drill targets. Target selection is set for the end of July
and permitting will commence immediately thereafter. Drilling, subject
to availability of a qualified drill contractor is envisioned for the
Fall of 2007.
For information and background, the Red Canyon project area covers 7.7
square miles (19.8 square kilometers) consisting of 237 unpatented lode
mining claims. The property adjoins U.S. Gold's Tonkin Springs property
on the south and covers an erosional "window" that exposes altered,
brecciated and silicified lower plate carbonate rocks that are age
equivalent to the host rocks at the Cortez Hills discovery. Drilling in
2005 by Miranda's previous JV partner Newmont Mining Corporation
identified an extensive hydrothermal system between the Ice and Gexa
target areas. Newmont's holes encountered deep oxidation, moderate to
strong silicification and select intervals of fluidized breccias.
These alteration features combined with elevated gold confirm the
presence of a deeper, previously unrecognized gold system.
Miranda is pleased with the Amendment as the 6,000-ft drill program in
combination with on-going mapping and sampling will exceed the required
$400,000 work commitment and will test high-priority targets that both
companies agree exist on the property.
The data disclosed in this press release have been reviewed and
verified by Company Senior Geologist Steven Koehler, P. Geo., BSc.
Geology and Qualified Person as defined by National Instrument 43-101.
Corporate Profile
Miranda Gold Corp. is a gold exploration company active in Nevada and
whose emphasis is on generating gold exploration projects within the
Battle Mountain-Eureka and Cortez Trends. Miranda performs its own
grass roots exploration and then employs a joint venture business model
on its projects in order to maximize exposure to discovery while
minimizing exploration risk. Miranda has ongoing partnerships with
Newcrest Resources Inc., Barrick Gold Exploration Inc., the Cortez
Joint Venture, the Buckhorn Joint Venture, Romarco Minerals Inc., White
Bear Resources Inc., and Piedmont Mining Company Inc.
ON BEHALF OF THE BOARD
"Kenneth Cunningham"
Kenneth Cunningham
President and CEO
For more information visit the Company's web site at
www.mirandagold.com or contact Fiona Grant, Manager, Investor Relations
1-877-689-4580.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
This news release may contain information about adjacent properties
on which we have no right to explore or mine. We advise U.S. investors
that the SEC's mining guidelines strictly prohibit information of this
type in documents filed with the SEC. U.S. investors are cautioned that
mineral deposits on adjacent properties are not indicative of mineral
deposits on our properties. This news release may contain
forward-looking statements including but not limited to comments
regarding the timing and content of upcoming work programs, geological
interpretations, receipt of property titles, potential mineral recovery
processes, etc. Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties.
Actual results may differ materially from those currently anticipated
in such statements.======================================================================
Copyright (c) 2007 MIRANDA GOLD CORP. (MAD) All rights reserved. For
more information visit our website at http://www.mirandagold.com/ or
send mailto:fiona@mirandagold.com
Message sent on Tue Jul 24, 2007 at 8:12:57 AM Pacific Time
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