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News Releases - Monday, July 16, 2007
Miranda Gold Corp. Announces Drill Program for Red Hill Project
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Red Hill
Miranda Gold Corp. ("Miranda") is pleased to announce the 2007
exploration plans for the Red Hill property. Barrick Gold Exploration
Inc. ("Barrick"), Miranda's joint venture partner at Red Hill,
intends
to spend US$500,000 on expansion of the existing gravity survey and
approximately 10,000 ft (~3,000m) of reverse circulation drilling.
Barrick's 2007 drilling will consist of step-outs from BRH-013, a hole
completed in 2006 that intersected 80 ft of 0.146 oz Au/t from 1,920 to
2,000 ft (24.4m of 4.987 g Au/t from 585 to 610m). This intercept
included a 45 ft interval of 0.237 oz Au/t gold between 1,920 feet and
1,965 ft (13.7m of 8.105 g Au/t from 585 to 599m). Mineralization is
hosted in lower-plate carbonate rocks and is associated with high
levels of arsenic, antimony, mercury and thallium. These features and
the presence of altered igneous dikes indicate that a Carlin-style gold
system is present at Red Hill. Step-out drilling will test the margins
of a west northwest-striking CSAMT geophysical resistor, a feature that
focused the placement of BRH-013. Barrick's drilling at Red Hill is
part of a larger campaign near BRH-013 that includes drilling on
third-party lands adjoining to the west.
Upon completion of the above mentioned drill program, Barrick will
consider up to an additional four holes at the east pediment target,
located approximately 7,800 ft (2,380m) east of BRH-013. Previous work
in this area focused on an antimony prospect hosted within
hydrothermally-altered, lower-plate carbonate rocks. In addition to
the antimony, trench sampling identified elevated concentrations of
gold, arsenic and mercury. Drilling, expected to begin in late summer,
will test for a sediment-hosted gold deposit where this alteration cell
extends under pediment cover.
Horse Mountain
Miranda has been notified by Barrick that they intend to terminate the
Horse Mountain Venture Agreement. Miranda wishes to thank Barrick for
advancing the exploration opportunities on the project. In total,
Barrick spent US$872,000 and completed 11,776 ft (3,590m) of drilling
in five holes. Results of this work included 98 ft of 0.023 oz Au/t
(29.9m @ 0.789 g Au/t) in hole BHM-001. The data accumulated from work
done at Horse Mountain has provided Miranda with vital information for
understanding the structures and mineralization on the project. This
mineralization is hosted in oxidized, decalcified and clay-altered
Roberts Mountains Formation, in a horst (uplifted block) of lower-plate
carbonate. Miranda geologists believe high-quality drill targets
remain along the horst margins for a high-grade, structurally
controlled gold orebody. Miranda will immediately start looking for a
new joint venture partner on the project.
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 neither agrees nor disagrees with the
information contained herein.
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.
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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 Mon Jul 16, 2007 at 8:15:20 AM Pacific Time
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