Miranda Gold Reports Final Drill Results from Red Hill and Coal Canyon Projects

Miranda Gold Corp. ('Miranda?) (TSX-V: MAD)is
pleased to announce final drill results from its Red Hill and Coal
Canyon projects in Eureka County, Nevada. Miranda's funding partner for
both these projects, NuLegacy Gold Corporation (TSX-V: NUG), completed a
total of nine reverse circulation holes, eight at Red Hill for a total
of 10,180 ft (3,102.9 m) and one at Coal Canyon for 1,485 ft (452.6 m).
The three Red Hill holes, RHM11-010 through -012 totaling 3,385 ft
(1,031.7 m), and the Coal Canyon hole, RHCC11-001, were completed since
the last Red Hill press release of August 31, 2011.

Miranda is encouraged that NuLegacy's last drill hole at Red Hill,
RHM11-012 intersected significant gold mineralization and looks forward
to NuLegacy's continued drill evaluation in 2012. The following table
summarizes all significant gold intercepts in NuLegacy's drilling at Red
Hill and Coal Canyon for 2010 and 2011. Significant intercepts are gold
grades of 0.010 oz Au/ton (0.343 g Au/t) or better over intercepts of at
least 5 ft (1.5 m). The significant gold intercepts are in stratigraphic
units equivalent to those that host gold mineralization in the Cortez
District.

*True widths of drilled gold intercepts cannot be determined at this
time. Gold grades in oz Au/ton are calculated from original data in g
Au/t.

Holes with and without significant gold intercepts may have intercepts
over tens of feet of elevated, anomalous gold values; e.g., RHM11-007
contains 35 ft (10.7 m) with 0.012 to 0.296 g Au/t, RHM11-009 contains
210 ft (64.0 m) with 0.010 to 0.256 g Au/t, RHM11-011 contains 450 ft
(137.2 m) with 0.010 to 0.160 g Au/t, RHM11-012 contains 375 ft (114.3
m) with 0.010 to 0.100 g Au/t, and RHCC11-001 contains 175 ft (53.3 m)
with 0.018 to 0.180 g Au/t. Holes with significant gold intercepts,
taken together with the gold-anomalous holes, may all be part of one or
more large gold systems that require additional drilling to define,
e.g., the distance between holes RHM10-001 and RHM10-002 is about 2,500
ft (760 m) and there are no intervening holes.

During 2010 and 2011, NuLegacy's drill effort concentrated on the
east-northeast trending Long Fault which extends at least 5,600 ft
(1,700 m) across the southern portion of the Red Hill claim block.

In 2012, NuLegacy plans to further evaluate the mineralization in
BRH-013 that Miranda believes may be the best drill intercept in the
Cortez gold corridor on trend and southeast of Barrick's new discoveries
at Red Hill (different from Miranda's Red Hill) and Goldrush. Barrick
announced a total inferred resource of 3.5 M ozs Au for these
discoveries. BRH-013 intersects 80 ft of 0.145 oz Au/t (24.4 m of 4.960
g Au/t) which includes 45 ft of 0.235 oz Au/t (13.7 m of 8.064 g Au/t).
BRH-013 is approximately 5,500 ft (1,680 m) northwest of the Long Fault.

Project Detail

Red Hill and Coal Canyon are sediment-hosted gold projects within the
southeast-trending gold corridor that includes Barrick Gold's Pipeline,
Cortez, and Cortez Hills mines and, southeast of them, their new
discoveries at Red Hill (Barrick) and Goldrush. Miranda's projects are
about 15 miles (24 km) southeast of the 12 million ounce Cortez Hills
gold deposit and about 4 to 6 mi (6 to 10 km) southeast of Goldrush.

Red Hill consists of 79 lode claims covering 2.5 sq mi (6.7 sq km) and
Coal Canyon, about 5 mi (8 km) west of Red Hill, consists of 64 lode
claims covering 2.0 sq mi (5.2 sq km). These projects occur within a
window of lower-plate limestone exposed through chert and siliceous
sediments of the upper-plate of the Roberts Mountains Thrust. They cover
extensive areas of hydrothermal alteration occurring within fault zones
and pervasively in lower-plate limestone.

In 2006, Red Hill drill hole BRH-013 intersected 80 ft of 0.145 oz Au/t
(24.4 m of 4.960 g Au/t) from 1,920 to 2,000 ft (585.2 to 609.6 m),
including 45 ft of 0.235 oz Au/t (13.7 m of 8.064 g Au/t) from 1,920 to
1,965 ft (585.2 to 598.9 m). Gold mineralization is hosted in silty
carbonate rocks associated with altered lamprophyre dikes and high
levels of arsenic, antimony, mercury and thallium. These features
indicate a Carlin-style gold system may be present at Red Hill.

In 2009 NuLegacy became Miranda's funding partner for Red Hill and in
2010 Coal Canyon was bundled into the Red Hill exploration agreement.
Through the Miranda and other agreements, NuLegacy's Red Hill Prospect
covers approximately 45 sq mi (116.5 sq km).

All drill samples were collected with a reverse circulation drill using
5 ft (1.5 m) sample intervals and following standard industry practice.
Samples were assayed by American Assay Laboratories, Inc. of Sparks,
Nevada. Gold results were determined using standard fire assay
techniques on a 30-gram sample with an atomic absorption finish.
NuLegacy's QC/QA included the insertion of numerous standards and blanks
on a regular basis. All data, disclosed in this press release, including
sampling, analytical and test data have been reviewed and verified by
Joseph Hebert, Vice President of Exploration, 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 near-by
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.

Miranda Gold Corp.

Joe Hebert, 775-738-1877.

Vice
President, Exploration