Miranda Gold Corp. Exploration and Company Update
July 11 2008 - 2:18PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: MAD)(OTCBB:
MRDDF)(FRANKFURT: MRG)(BERLIN: MRG) is pleased to provide an update
on exploration activities as well as Miranda's fundamentals. So far
this year Miranda has signed new exploration venture agreements
with Queensgate Resource Corporation, CMQ Resources Inc. and
Newcrest Resources Inc. These new partners are funding over
$1,000,000 dollars of exploration on five of Miranda's projects.
Another six properties are being evaluated by partners Barrick Gold
Exploration Inc., the Cortez Joint Venture, the Buckhorn Joint
Venture, Piedmont Mining Company Inc., and White Bear Resources
Inc. Miranda estimates that in total these companies will fund
between 40,000 to 50,000 feet of drilling and spend in excess of
$2,000,000 in 2008 on our projects.
Miranda currently has 44,837,000 shares issued and $11,000,000
in the treasury which represents $0.25 in cash per share. With an
annual expenditure rate of approximately $2,200,000 Miranda can
sustain current levels of exploration for the next five years.
According to Ken Cunningham, President and CEO, "The joint venture
business model provides our investors protection during tough
market periods while also minimizing risk in strong markets.
Miranda shareholders will benefit from exploration drilling on
numerous projects that is being funded by our exploration
partners."
Specific project and exploration activities include:
- A three-hole drill program at the Iron Point project was
completed earlier this year. Assays are pending and expected
soon.
- The drill permit and reclamation bond are in place for our PPM
project which is partnered with Piedmont Mining Company Inc.
Piedmont is seeking funding to complete this program.
- The Angel Wing project drill permit has been approved and
reclamation bonding is in place. Miranda and our exploration
partner White Bear Resources anticipate drilling will commence in
August.
- The drill permit has been approved for the Coal Canyon
project. Queensgate Resources is Miranda's partner at Coal Canyon,
BPV and Cono and pending availability of drill rigs this program
could begin in early August.
- Barrick Gold Exploration, Inc. is planning at least two deep
holes at Miranda's Red Hill project. Timing will depend on BLM
approval of past reclamation and a new drill permit.
- At Horse Mountain Newcrest Resources Inc. has already
submitted a 13-hole drill program to the BLM. Drilling is scheduled
for August.
- CMQ personnel in conjunction with Miranda geologists have been
planning additional soil sampling to be followed by a drill program
at Red Canyon. The drilling will likely take place in the 4th
quarter of 2008.
Miranda and its shareholders should expect to see a continuous
flow of news from these projects and programs. The Company is also
actively seeking new partners on its four remaining un-optioned
projects.
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, Romarco Minerals
Inc., Piedmont Mining Company Inc. White Bear Resources Inc.,
Queensgate Resources Corporation, CMQ Resources Inc. and Newcrest
Resources Inc.
ON BEHALF OF THE BOARD
Kenneth Cunningham, President and CEO
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.
The TSX Venture Exchange neither agrees nor disagrees with the
information contained herein.
Contacts: Miranda Gold Corp. Fiona Grant Investor Relations
(604) 689-4580 or Toll Free: 1-877-689-4580 (604) 801-5911 (FAX)
Email: mad@mirandagold.com Website: www.mirandagold.com
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