Miranda Acquires Two Projects in Nevada′s Walker Lane
Miranda Gold Corp. ('Miranda?) (TSX-V: MAD) is pleased to
announce that it has recently acquired the Mustang and Kilby Flats
projects in the Walker Lane, Nevada.
These acquisitions were a direct result of an ongoing remote sensing and
ground reconnaissance program designed to identify intermediate to
high-sulfidation prospects by targeting strong alunite with kaolinite
and illite alteration systems. Intermediate to high-sulfidation deposits
have been the most robust gold discoveries in the Walker Lane and
abundant alunite can be an indirect indicator for this style of gold
deposit.
In conjunction with claim staking open ground, Miranda has acquired a
100% interest in Teslin River Resources Corp. ('Teslin?) Mustang project
located in Nye County, Nevada. Miranda has paid Teslin $40,000;
delivered Teslin 300,000 shares of Teslin owned by Miranda and granted
Teslin a 1% net smelter return royalty on the 72 claims acquired from
Teslin. The Mustang property is 20 miles (32 km) south of Gabbs, and
eight miles (12.8 km) southeast of the historic Paradise Peak Mine.
Following staking open ground the project now totals 142 claims for
approximately 2,900 acres. In 2011 Teslin drilled an eight-hole program
on the property from which they reported:
25 ft of 0.081 oz Au/t within 39.4 ft of 0.050 oz Au/t (7.6 m of 2.76
g Au/t within 12 m of 1.71 g Au/t) in M1106, and
39.4 ft of 0.022 oz Au/t (12 m of 0.75 g Au/t) in M1105
Miranda believes that this mineralization is open to the south and the
west. This drill-indicated mineralization falls within a three-mile (4.8
km) long, north-trending, fault-bounded corridor controlling the
distribution of altered felsic tuff and mineralized faults, veins,
breccia and quartz stockwork. Miranda′s surface rock sampling on the
Mustang property shows values up to 0.867 oz Au/t and 155 oz Ag/t (29.7
g Au/t and 5310 g Ag/t). Samples also show local enrichment in copper,
lead, zinc, and bismuth similar to the geochemistry reported at the
Paradise deposit. The Teslin drill holes were never offset.
Miranda has also staked 131 claims (2,700 acres) comprising the Kilby
Flats project located in Esmeralda County, Nevada. The Kilby Flats
project is also characterized by alunite-illite-kaolinite alteration
anomalies and has surface values from undetectable to a high of 0.018 oz
Au/t (0.600 g Au/t). The Kilby Flats project shows strong concentric
zoning of kaolinite inward to illite-alunite alteration over several
square kilometers. Kilby Flats is an example of Miranda′s ongoing Nevada
reconnaissance program that focuses on identifying new areas with the
potential to host large gold deposits.
In keeping with its joint venture business model, Miranda will look for
exploration funding partners for these two projects.
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.
To view this press release as a webpage, please click on the following
link:
http://www.fscwire.com/pr/mirandagoldnov12012.htm
Miranda Gold Corp.
Joe Hebert, Vice President, Exploration
775-738-1877
