Miranda Gold Corp. ('Miranda?) (TSX-V: MAD) announces the
termination of the exploration funding agreement with White Bear
Resources Inc. and subsequently a new exploration funding agreement with
Ramelius Resources Ltd. ('Ramelius?) (ASX: RMS) on Miranda′s Angel Wing
project.
Under the terms of the agreement, Ramelius will fund US$4,000,000 in
qualifying expenditures over a five-year period as an initial
exploration expenditure. Ramelius can then earn a 70% interest in Angel
Wing by completing a positive feasibility study over a four-year period
or by annually funding $1,000,000 in exploration and development during
the next 10 years. The first year′s commitment of $350,000 is an
obligation and includes a minimum of 4,000 ft (1,219 m) of drilling.
Ramelius plans to conduct detailed mapping, rock chip sampling,
expansion of the soil geochemistry grid and geophysics to refine the
strike and dip of the epithermal veins at Angel Wing. In areas where the
veins are poorly exposed, IP/resistivity geophysics is being considered
as a tool to guide the placement of drill holes.
For more details on Ramelius visit their website at
Project details
The Angel Wing project consists of 87 unpatented lode claims (7.3 sq km)
in northeast Elko County, Nevada. Past work has consisted principally of
mapping and sampling. High-grade, surface samples up to 2.700 oz Au/t
(92.5g Au/t) occur in steeply dipping quartz-calcite-adularia 'bonanza'
veins within Triassic limestone. The high-grade veins remain untested by
drilling in a zone measuring one mile (1.6 km) along strike, 1,200 ft
(366 m) wide and at depth. Surface sampling has also identified
disseminated, sediment-hosted gold mineralization up to 0.044 oz Au/t
(1.507 g Au/t) in silicified and clay altered Paleozoic and Tertiary
rocks. Historic past shallow, vertical drilling targeted disseminated
mineralization, returned up to 0.047 oz Au/t over 50 ft (1.609 g Au/t
over 15.2m) in drill hole DC-7.
For more information on Angel Wing go to
Corporate Profile
Miranda Gold Corp. is a gold exploration company active in Nevada,
Alaska and Colombia and whose emphasis is on generating gold exploration
projects with world-class discovery potential. 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. Previous partners include Barrick Gold
Exploration Inc., Newmont Mining Inc., Placer Dome (US) Inc.,
Agnico-Eagle (USA) Inc., Romarco Minerals Inc., Golden Aria Corp., the
Cortez Joint Venture and the Buckhorn Joint Venture. Miranda has ongoing
partnerships with Piedmont Mining Company Inc., Queensgate Resources
Corporation, Montezuma Mines Inc., NuLegacy Corporation, Red Eagle
Mining Corporation, Ramelius Resources Ltd., and SIN Holdings Ltd.
ON BEHALF OF THE BOARD
'Kenneth Cunningham?
Kenneth Cunningham
President and CEO
For more information visit the Company′s web site at or contact Fiona Grant, Manager, Investor Relations 1-877-689-4580.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts 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.
