NuLegacy Gold Returns Miranda Gold′s Red Hill and Coal Canyon Projects

Miranda Gold Corp. ('Miranda') (TSX-V: MAD) announces
that NuLegacy Gold Corporation ('NuLegacy?) has terminated the earn-in
agreement for Miranda′s Red Hill and Coal Canyon project. Miranda wishes
to thank NuLegacy for their work on the project and for returning the
property back to Miranda in a timely fashion so that a new funding
partner can be sought.

Ken Cunningham, Miranda′s President and CEO reports, 'that we
appreciate the work that NuLegacy has done to advance these projects but
are also pleased to have them returned.Miranda believes that the
potential of the Red Hill property relates to the deep mineralization
(45 ft of 0.237 oz Au/t ? 13.7m of 8.105 g Au/t) intercepted in drill
hole BRH-13. While NuLegacy conducted numerous drill campaigns only one
hole was directed at the deep potential of the property, thus leaving
the property inadequately tested. Considering Barrick′s nearby
multi-million ounce Goldrush discovery occurs at similar depths, we are
interested in finding a new partner who shares our enthusiasm in testing
the deep potential of the property?. Miranda′s Vice President of
Exploration, Joe Hebert was instrumental in the discovery of the
Goldrush deposit when he led Placer Dome′s generative exploration
program. According to Hebert, 'the Cortez district deposits which
include Pipeline, Cortez Hills and now Goldrush lie in an en echelon
pattern that trends from the northwest to southeast. Miranda′s Red Hill
property lies along this trend to the southeast of Goldrush?.

During the four years that NuLegacy was a partner on the Red Hill
project they funded the drilling of a total of 18 reverse-circulation
holes and one core hole for a combined footage of 24,425 ft (7,445 m).
In addition, one reverse-circulation hole was drilled at Coal Canyon to
a depth of 1,485 ft (453 m). NuLegacy partnered with Miranda on the Red
Hill property in September of 2009 and the Coal Canyon project was added
to the earn-in agreement in January of 2011. During the association
NuLegacy spent approximately $2.3 million advancing knowledge of the Red
Hill and Coal Canyon properties. The recent termination by NuLegacy
brings 100% control of the properties back to Miranda.

Red Hill is a sediment-hosted gold project consisting of 79 lode claims
that is located 15 miles (24 km) southeast of the 14 million ounce
Cortez Hills gold deposit and about 7 mi (11 km) from Barrick Gold′s new
multi-million ounce Goldrush discovery. The Red Hill project occurs
within a window of lower-plate limestone exposed through chert and
siliceous sediments of the upper-plate of the Roberts Mountains Thrust.
It is one of a series of windows and associated gold deposits that
define the Cortez Trend. The project covers an extensive area of
hydrothermal alteration occurring within fault zones and in lower-plate
limestone.

In 2006 drill hole BRH-013 intersected 45 ft of 0.237 oz Au/t (13.7 m of
8.105 g Au/t) from 1,920 to 1,965 ft (585.4 to 599.1 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.

The Coal Canyon project consists of 64 unpatented lode claims. The
project covers a large percentage of the Windmill window, a geologic
feature exposing favorable lower-plate carbonate rocks. Rocks exposed in
the Windmill window are analogous to carbonate rocks that host the
Cortez Hills and Pipeline gold deposits.

Data disclosed in this press release, 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., 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.

Miranda Gold Corp.

Joe Hebert, 775-738-1877

Vice President,
Exploration