Drilling Commences at Miranda Gold′s Red Canyon Project

Miranda Gold Corp. ('Miranda?) (TSX-V: MAD) announces that its
exploration funding partner Montezuma Mines Inc. ('Montezuma'), a wholly
owned subsidiary of CMQ Resources Inc., has commenced
reverse-circulation drilling at Red Canyon, a sediment-hosted gold
project in Eureka County, Nevada. A 7,200 ft (2,195 m) drilling program
is anticipated in up to eight drill holes.

Montezuma′s drilling will attempt to expand upon results in MR09-05C, a
2009 core hole designed to follow-up known gold mineralization at Red
Canyon's Ice prospect, that intersected 119 ft of 0.152 oz Au/t (36.28 m
of 5.25 g Au/t). This result verified the results in KR-001, a reverse
circulation hole, which intersected 95 ft of 0.117 oz Au/t from 20 to
115 ft (29.0 m of 4.012 g Au/t from 6.1 to 35.1 m), but with 30% higher
grade and 25% greater thickness. The program will test geologic,
geochemical and geophysical targets southeast of MR09-05C in an area of
complex faulting and folding.

Permitting Update

To date, Montezuma's drilling has been permitted through a Notice of
Intent (NOI) with the Bureau of Land Management. The NOI limits surface
disturbance to a maximum of 5 acres (2 hectares). A Plan of
Operations/Permit for Reclamation (POO) was filed in March 2010 with the
Bureau of Land Management and is expected to be approved later this
year. The POO will allow for the drilling of 31 holes in the first
phase. When complete, the POO will allow for up to 24.6 acres (9.96
hectares) of surface disturbance and increased flexibility in drill
testing a variety of targets across the project.

The Red Canyon project includes 254 unpatented lode mining claims (7.9
square miles / 20.6 square kilometers) on the Battle Mountain-Eureka
Trend and adjoins U.S. Gold's Tonkin Springs property to the west. The
project covers an erosional 'window' that exposes hydrothermally altered
and brecciated lower-plate carbonate rocks that are age equivalent to
the rocks hosting the Cortez Hills gold deposit.

The data disclosed in this press release have been reviewed and verified
by Company Geologist and Nevada Projects Manager Steven Koehler, CPG,
BSc. 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 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. 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 Piedmont Mining Company Inc., White Bear Resources
Inc., Queensgate Resources Corporation, Montezuma Mines Inc., NuLegacy
Corporation, Red Eagle Mining Corporation, Ramelius Resources Ltd. and
SIN Holdings Ltd.

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.

Miranda Gold Corp.

Fiona Grant, 1-877-689-4580

Manager,
Investor Relations