2011 Drilling Completed at Miranda Gold′s Angel Wing Project

23.12.2011  |  Business Wire

Miranda Gold Corp. ('Miranda?) (TSX-V: MAD) is pleased to
announce that Ramelius Resources Ltd. ('Ramelius?) (ASX:RMS), our
funding partner at Angel Wing, has completed a 15-hole drill program and
received all analyses. Angel Wing is a sediment-hosted and epithermal
vein gold project in northeast Elko County, Nevada. Ramelius drilled a
total of 6,308 ft (1,922.7 m) in 12 reverse circulation holes for 5,520
ft (1,682.5 m) and three core holes for 788 ft (240.2 m).

Miranda is encouraged that all 2011 drill holes intersected gold and/or
silver mineralization. Maximum gold values were 1 ft (0.3 m) of 0.045 oz
Au/ton in AW11-C01 and maximum silver values were 5 ft (1.5 m) of 4.29
oz Ag/ton (147 g Ag/t) in hole AW11-C03. The results of the 2011
drilling more than doubled the strike length and increased the depth
extent of known gold mineralization in the Da Vinci vein. Seven drill
intercepts now indicate the Da Vinci vein's strike length is about 575
ft (175 m) and vertical extent from surface is about 330 ft (100 m).

Angel Wing currently has seven gold target areas identified by surface
mapping of quartz-calcite veins with distinctive 'angel wing' textures,
rock chip and soil geochemistry, and geophysics. Ramelius' 2011 drill
program tested five of the target areas. All the holes, except for one
vertical hole, were angled across the dominantly northerly trend of
structures and veins. The 2011 drilling continued to test the Da Vinci
vein (see News Release dated November 29, 2010) with five holes and
provided first-ever drill tests of the three additional outcropping
veins: the Botticelli which is a northwestward splay of the Da Vinci
vein, the Rossetti, and the Raphael.

Significant drill intersections, defined as those with gold grades of
0.01 oz Au/ton (0.343 g Au/t) or higher over intercepts of 5 ft (1.5 m)
or longer, or silver grades of 0.30 oz Ag/ton (10.29 g Ag/t) or higher,
are summarized in the following table.

Epithermal veins similar to those at Angel Wing have a discrete
elevation interval that contains the majority of high-grade
mineralization. The geochemistry, textures, and morphologies observed in
the recent drilling suggest this bonanza zone, if present, may be deeper
in the system.

Quality Assurance / Quality Control procedures used by Ramelius for
their drill program includes collection of duplicate samples and
insertion of blanks and analytical standards into the sample sequence.
Control samples are about 10 percent of each batch of samples. All
samples were analyzed by ALS Minerals on a 50 g charge and an AAS finish.

Project Details

The Angel Wing project consists of 87 unpatented lode claims covering
2.8 sq mi (7.3 sq km.) in northeast Elko County, Nevada. Project area
stratigraphy from youngest to oldest is a) Tertiary felsic volcanic
units, b) Tertiary conglomerate, and c) limestone, probably late
Paleozoic or Triassic in age. Past work consisted of geologic mapping,
soil and rock sampling, and a gravity survey. Ramelius completed
IP/Resistivity, ground magnetic, and soil geochemical surveys. Gold
values above 100 g Au/t in rock chips occur in an area 6,700 ft (2,042
m) long and up to 3,000 ft (914 m) wide. Rock-chip samples up to 2.7 oz
Au/t (92.5 g Au/t) occur in steeply dipping, quartz-calcite-adularia
veins within the limestone and up to 0.044 oz Au/t (1.507 g Au/t) in
disseminations and quartz-calcite veinlet stockworks in altered
limestone and Tertiary conglomerate. Historic shallow vertical drilling
targeted disseminated mineralization and returned up to 0.047 oz Au/t
over 50 ft (1.609 g Au/t over 15.2 m) in drill hole DC-7.

All data, disclosed in this press release, including sampling,
analytical and test data, have been reviewed and verified by Vice
President of Exploration Joseph Hebert, C.P.G., B.Sc. Geology and
Qualified Person as defined by National Instrument 43-101.

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. Miranda has ongoing partnerships with
Agnico-Eagle (USA) Inc., Montezuma Mines Inc., Navaho Gold Ltd.,
NuLegacy Corporation, Ramelius Resources Ltd., and Red Eagle Mining
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 Joe Hebert, Vice President, Exploration at 775-738-1877.

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.

U.S. investors are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on our properties. We
advise U.S. investors that the SEC's mining guidelines strictly prohibit
information of this type in documents filed with the SEC.

This news release contains forward-looking statements that are based
on the Company′s current expectations and estimates. Forward-looking
statements are frequently characterized by words such as 'plan?,
'expect?, 'project?, 'intend?, 'believe?, 'anticipate?, 'estimate?,
'suggest?, 'indicate? and other similar words or statements that certain
events or conditions 'may? or 'will? occur. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that could cause actual events or results to differ materially
from estimated or anticipated events or results implied or expressed in
such forward-looking statements.Such factors include, among
others: the actual results of current exploration activities;
conclusions of economic evaluations; changes in project parameters as
plans to continue to be refined; possible variations in ore grade or
recovery rates; accidents, labour disputes and other risks of the mining
industry; delays in obtaining governmental approvals or financing; and
fluctuations in metal prices.There may be other factors that
cause actions, events or results not to be as anticipated, estimated or
intended.Any forward-looking statement speaks only as of the
date on which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new
information, future events or results or otherwise. Forward-looking
statements are not guarantees of future performance and accordingly
undue reliance should not be put on such statements due to the inherent
uncertainty therein.