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Re: News Releases - Thursday, June 19, 2008
Miranda Gold Signs Letter of Intent with CMQ Resources on Red
Canyon Project
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Vancouver, BC, Canada -- June 19, 2008 -Miranda Gold Corp. ("Miranda")
(TSX-V: MAD) is pleased to announce that it has signed a Letter of
Intent with CMQ Resources Inc. ("CMQ") (TSX-V: CMQ) whereby CMQ may
earn a joint venture interest in the Red Canyon property, located along
the Battle Mountain-Eureka Trend of Nevada.
Subject to CMQ receiving shareholder approval within the next 60 days,
CMQ may earn a 60% interest by funding US$4,000,000 in qualified
expenditures over a five year period. CMQ may then elect to earn an
additional 10% interest by completing a bankable feasibility study or
funding US$10,000,000 in additional exploration. The first year work
commitment of US$500,000 is an obligation. The two parties anticipate
signing an exploration agreement with option to form joint venture (the
"Agreement") based on these terms within the next month. CMQ is in the
process of formulating the 2008 exploration program and budget.
Red Canyon is a sediment-hosted gold project located 12 miles (19 km)
southeast of the 8.5 million ounce Cortez Hills gold discovery. The
7.7 sq. mi. (20 sq. Km.) property consists of 237 unpatented lode
mining claims that cover a two square mile (5.2 sq. km.) alteration
cell developed in carbonate rocks that are age-equivalent to host rocks
at the Cortez Hills and Gold Bar deposits. Previous drilling at the
Ice prospect identified a near-surface zone of oxidized gold
mineralization hosted in the McColley Canyon Formation, immediately
above the Lone Mountain dolomite. Exploration potential remains open
along strike to the northeast and south in areas covered by post
mineral volcanic rocks and alluvium. The exploration potential to the
northeast is defined by a) five drill holes that intersected gold
mineralization, b) structural contouring, a c) 3D geochemical
evaluation, and d) gravity data. Select drill hole intercepts include:
Previous deep drilling also identified a 3,500 ft by 4,600 ft (1.1 by
1.4km) hydrothermal cell at the Gexa prospect, immediately south of the
Ice prospect. Two holes encountered deep oxidation, moderate to strong
silicification, select intervals of fluidized breccias and elevated
pathfinder elements. Both holes ended prematurely prior to testing
their intended targets in favorable limestone of the Denay and McColley
Canyon Formations. These alteration features combined with elevated
gold confirm the presence of a deeper, previously unrecognized
Carlin-style gold system.
Miranda's President and CEO, Ken Cunningham is pleased with the CMQ
partnership and feels both companies will benefit from the aggressive
approach to exploration outlined in the agreement. CMQ's Vice President
of Exploration, John Hogg, and Miranda's Senior Geologist, Steven
Koehler, participated in the gold discoveries at West Leeville, Hardie
Footwall Extension and Four Corners on the Carlin Trend. As such, Mr.
Hogg and Mr. Koehler bring considerable knowledge and expertise
regarding Carlin-type gold deposits to the Red Canyon project.
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.,
Queensgate Resources Corporation, Newcrest Resources Inc. and CMQ
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 Wed Jun 18, 2008 at 5:00:13 PM Pacific Time
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