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Re: News Releases - Tuesday, March 11, 2008
New Exploration Funding Agreement Signed on Miranda's Coal
Canyon, BPV and CONO Projects
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Miranda Gold Corp. ("Miranda") (TSX-V: MAD) is pleased to announce that
it has signed an Exploration Agreement with Option to Form a Joint
Venture with Queensgate Resources Corporation ("Queensgate").
Queensgate may earn a joint venture interest in the Coal Canyon, BPV
and CONO projects, located in the heart of northern Nevada's Cortez
Gold Trend. These three properties are adjacent to one another and in
aggregate consist of 178 unpatented lode mining claims covering 5.8
square miles (15.1 sq km). Queensgate is a privately held company
based in Montreal, Quebec.
Under the terms of the exploration agreement, Queensgate must fund
$3,000,000 in exploration activities over a five-year period in order
to earn a 51% interest in the properties. Upon earning a 51% interest
Queensgate may earn an additional 9% interest, for a total of 60%, by
funding an additional $2,000,000 and can eventually earn up to a 70%
interest in all three properties by funding a bankable feasibility
study on any one of the properties. The first year's $260,000 is an
obligation that will include exploration expenditures as well as
payments to maintain the underlying mineral lease. In addition to the
work expenditures and subject to the rules and regulations of the TSX
Exchange and other regulatory agencies, Queensgate will issue 100,000
common shares of Queensgate to Miranda by June 15, 2008.
Coal Canyon consists of 64 unpatented lode claims ten miles (16 km)
south of Barrick's +8 million ounce Cortez Hills gold deposit. Lands
surrounding the project are largely controlled by Barrick and US Gold.
The project covers a large percentage of the Windmill window, a
geologic feature exposing favorable lower-plate carbonate rocks. Rocks
exposed in the Windmill window are analogous to carbonate rocks that
host the nearby multi-million ounce Cortez Hills and Pipeline gold
deposits.
Past exploration has focused on the northwest-trending Grouse Creek
fault that lies on ground controlled by others, adjacent to the
southwest margin of Miranda's property. Historic drilling along this
fault has reportedly encountered gold mineralization of up to 85 ft of
0.022 oz Au/t (26m of 0.754 g Au/t) in the Hanson Creek dolomite and
the underlying Eureka quartzite. Gold mineralization is associated with
altered dikes, iron oxide and silicification. Significant stratiform
alteration is also noted locally at the Hanson Creek-Robert's Mountain
Formation contact away from the Grouse Creek fault zone. Geophysical
surveys demonstrate that the Grouse Creek fault mineralization
correlates with gradient resistivity and self-potential anomalies. In
conjunction with a previous partner, Miranda has outlined several
promising drill targets which were never drilled. These targets will
be evaluated by Queensgate for drill testing in 2008.
The BPV and CONO projects comprised 114 lode mining claims located
approximately two miles (3.2 km) south of the ET Blue prospect and 8
miles (12.8 km) southeast of the Cortez Hills gold deposit. Lands
surrounding the project are largely controlled by Barrick. The
projects occur within an inferred structural corridor between the
gold-bearing Grouse Creek fault at Coal Canyon to the south,
mineralization-controlling faults inferred for the ET Blue prospect,
and the altered fault boundary of the Cortez lower plate window to the
north. CONO is on the southern projection of the inferred horst
localizing the ET Blue gold-system. Drill targets will be defined by
interpreting pre-existing data including gravity, MT (magneto telluric)
profiles, mercury gas surveys and previous drill holes.
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
Barrick Gold Exploration Inc., the Cortez Joint Venture, the Buckhorn
Joint Venture, Piedmont Mining Company Inc. White Bear Resources Inc.,
and now Queensgate Resources Corporation.
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 Tue Mar 11, 2008 at 12:39:31 PM Pacific Time
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