Sep. 22, 2009 (Filing Services Canada) -- Miranda Gold Corp. (MAD - TSX Venture), announces that a new exploration agreement with option to form a joint venture ("the Agreement") has been executed with NuLegacy Gold Corporation ("NuLegacy") on Miranda's Red Hill property. Previous exploration at Red Hill intersected 45 ft of 0.237 oz Au/t (13.7 m of 8.105 g Au/t). NuLegacy will fund all exploration including a drill program that is expected to take place during the second quarter of 2010.
Under the terms of the Agreement, NuLegacy is committed to spending US$500,000 on or before December 31, 2010. NuLegacy may earn a 60% interest in the Red Hill project by funding US$4,000,000 in qualified expenditures over a five year period. NuLegacy may then elect to earn an additional 10% interest by completing a bankable feasibility study or funding US$10,000,000 in additional exploration.
NuLegacy Gold Corporation is a private Nevada focused gold exploration company financed and operated by original founding principals of National/Alamos Gold Corporation and Gryphon Gold Corporation. The Company's objective is the discovery of a significant multi-million ounce gold deposit in Nevada utilizing highly focused exploration programs that will make extensive use of sophisticated techniques for targeting the follow-up drilling to the previous exploration programs.
"NuLegacy is a private company led by a well-respected management team that has been successful at identifying, discovering and financing gold resources. Miranda is pleased to have a new partner on this project, especially a partner that understands Carlin-style gold systems and the importance of the previously intersected gold mineralization," stated Ken Cunningham, President and CEO of Miranda.
Detailed Project Information
Red Hill is a sediment-hosted gold project located 15 miles (24 km) southeast of the 12 million- ounce Cortez Hills gold deposit within the Cortez Trend. The project covers an extensive area of hydrothermally-altered lower plate carbonate rocks. In 2006 drill hole BRH-013 intersected 80 ft of 0.146 oz Au/t (24.4m of 4.987g Au/t) from 1,920 to 2,000 ft (585.4 to 609.8m), including 45 ft of 0.237 oz Au/t (913.7m of 8.105g Au/t) from 1,920 to 1,965 ft (585.4 to 599.1m). Gold mineralization is hosted in silty carbonate rocks of the Denay Formation associated with altered lamprophyre dikes; and high levels of arsenic, antimony, mercury and thallium. These features indicate a Carlin-style gold system.
Miranda geologists believe high-quality drill targets exist at Red Hill. Three of those targets are described below:
* A 2,300 ft by 4,600 ft (700 m by 1,400 m) area that shows hydrothermally-altered bedrock, a gold/mercury soil anomaly, a gravity low, and a mapped syncline. Deep mineralization in BRH-013 is inferred to project into this anomaly with bedrock exposures indicating a shallower target zone. No drilling has tested this target.
* Gold mineralization in BRH-013 indicates the presence of a Carlin-style gold system. Widely-spaced drill holes have not tested adequately tested this area.
* Three historic drill holes in an area of antimony prospects and altered dikes on the east side of the project end in 35 to 150 ppb gold above the Denay Formation, the host for gold in BRH-013. The Denay below these shallower anomalous intercepts should be tested with deeper drilling.
The data disclosed in this press release have been reviewed and verified by Company Senior Geologist Steven Koehler, CPG, BSc. Geology and Qualified Person as defined by National Instrument 43-101.
Visit www.mirandagold.com/s/Redhill.asp for a summary and historical review of all exploration conducted at Red Hill.
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. 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 Newcrest Resources Inc., Piedmont Mining Company Inc., White Bear Resources Inc., Queensgate Resources Corporation, and Montezuma Mines Inc.
ON BEHALF OF THE BOARD
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.
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.
OTCBB: MRDDF TSX-V: MAD FSE: MRG
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Source: Miranda Gold Corp. (MAD-TSX-V) http://www.mirandagold.com
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