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Re: News Releases - Tuesday, January 15, 2008
Miranda Gold Corp. Intersects 85 Feet Of 0.046 oz Au/t at Red
Canyon Project
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Miranda Gold Corp. ("Miranda") (TSX-V: MAD) is pleased to report
drilling results from the Red Canyon project in Eureka County, Nevada.
In late 2007 Romarco Minerals Inc. ("Romarco"), Miranda's exploration
funding partner completed 6,070ft (1,850m) of reverse-circulation
drilling in eight holes. The holes were selected to drill test several
"Carlin-Style" gold targets, hosted in porous lower-plate limestone,
based on surface mapping, soil geochemistry and interpretation of
pre-existing drilling. Results include 85 ft of 0.046 oz Au/t (25.9m
of 1.568 g Au/t) in drill hole ROM07-01 at the Ice Prospect. All drill
results are summarized below and are based on a 0.010 oz Au/t (0.343 g
Au/t) cutoff with "no significant assays" reported as anything less
than 0.010 oz Au/t.
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Hole Azimuth/
Number Depth Inclination Interval Length Grade oz Length Grade
(ft) (ft) (ft) oz (Au/t) (m) (g Au/t)
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ROM07-01 400 315/-60 15-100 85 0.046 25.9 1.568
includes 15-30 15 0.133 4.6 4.573
ROM07-02 600 307/-60 No significant assays
ROM07-03 700 315/-60 No significant assays
ROM07-04 700 315/-60 No significant assays
ROM07-05 455 150/-60 No significant assays
ROM07-06 1,500 0/-90 20-30 10 0.012 3.1 0.421
ROM07-07 1,420 0/-90 No significant assays
ROM07-08 295 201/-60 No significant assays
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The gold intercept in ROM07-01 is approximately 145 ft (44m) southwest
of KR-001, a Kennecott drill hole completed in 2000 on the property
with 95 ft of 0.117 oz Au/t from 20 to 115 ft (29.0m of 4.01 g Au/t
from 6.1 to 35.1m). Mineralization occurs in oxidized and silicified
lower-plate limestone, with barite and elevated levels of arsenic,
antimony and mercury. The true thickness of this gold intercept is not
known. Drill holes ROM07-02, ROM07-03 and ROM07-04 also penetrated
silicified limestone, but failed to expand gold mineralization in a
southeast direction. Drill data compilation indicates the exploration
potential remains open to the northeast and south in areas covered by
post mineral volcanic rocks and alluvium. The northeast exploration
potential is supported by other existing drill holes, structural
contouring, a geochemical evaluation completed by specialist Robert
Jackson and gravity data.
Drill holes ROM07-05 and ROM07-06 were sited at the Gexa Knob Prospect
to evaluate the disseminated gold potential along a silicified and
barite rich fault zone. ROM07-05 was drilled across the fault to test
for near-surface mineralization and ROM07-06 was drilled deeper to test
for down dip mineralization. The target zone in ROM07-06 was not
intersected and it remains untested beneath the bottom of the hole.
Significant assays were limited to 10 ft of 0.012 oz/t Au (3.1m of
0.421 g/t Au) in ROM07-06.
ROM07-07 offset a 2005 Newmont drill hole that intersected deep
oxidation, silicification and elevated pathfinder elements at 1,150 ft
(350m). The hole intersected thin zones of alteration and anomalous
gold mineralization, but failed to reach the target horizon. The drill
rig used for this hole, although ideal for holes less than 1,000 ft
(305m), was not capable of thoroughly testing this target but was the
only rig available at the time.
The final hole, ROM07-08 at the Fire Prospect, was a short angle hole
to test mineralization in and proximal to an exposed lamprophyre dike.
These altered dikes are similar to those documented in and around the
Pipeline and Cortez Hills deposits, and at Miranda-Barrick's Red Hills
project. The hole ended prematurely due to poor drilling conditions.
Significant gold was not intersected.
Miranda and Romarco geologists will continue evaluating these new drill
results in conjunction with existing geologic data. The identification
of additional drill targets is anticipated.
The Red Canyon project consists of 237 unpatented lode mining claims
(7.7 square miles / 19.8 square kilometers) and adjoins U.S. Gold's
Tonkin Springs property to the west. The project covers an erosional
"window" along the Battle Mountain-Eureka Trend that exposes
hydrothermally-altered and brecciated lower-plate carbonate rocks that
are age equivalent to rocks hosting the Cortez Hills discovery.
All drill samples were collected with a reverse circulation drill using
5ft (1.5m) sample intervals. Samples were assayed by ALS Chemex
Laboratories, Inc. of Sparks, Nevada. Gold results were determined
using standard fire assay techniques on a 30-gram sample with an atomic
absorption finish. Romarco QC/QA included the insertion of standards
and blanks on a regular basis, and the collection of duplicate samples.
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.,
Piedmont Mining Company Inc. and White Bear Resources 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.
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Copyright (c) 2008 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 Jan 14, 2008 at 4:33:02 PM Pacific Time
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