Miranda Gold Reports Red Canyon Drill Results

Miranda Gold Corp. ('Miranda?) (TSX-V: MAD) announces drill
results from an eight hole, 11,260 ft (3,433 m) reverse-circulation
drilling program at Red Canyon, a sediment-hosted gold project in Eureka
County, Nevada.

Miranda′s exploration funding partner Montezuma Mines Inc.
('Montezuma'), a wholly owned subsidiary of CMQ Resources Inc.,
conducted the drill program, which aimed to expand upon results in
MR09-05C, a 2009 core hole that intersected 119 ft of 0.152 oz Au/t
(36.28 m of 5.211 g Au/t) at the Ice prospect. The drill program tested
geologic, geochemical and geophysical targets southeast of MR09-05C in
an area of complex faulting and folding.

Drill results included two mineralized zones in MR10-01, a vertical hole
1,660 ft (506 m) southeast of core hole MR09-05C. The intercepts include:

• 
  20 ft of 0.050 oz Au/t from 775-795 ft (6.1 m of 1.714 g Au/t from
  236.3 to 242.4 m) and
  
• 
  20 ft of 0.086 oz Au/t from 965-985 ft (6.1 m of 2.949 g Au/t from
  294.2 to 300.3 m).
  

Prior exploration and drilling by Montezuma and others confirm the
presence of a 650 ft-wide (200 m), 2,850 ft-long (869 m),
southeast-striking corridor that extends from Ice through MR10-01 and up
to an additional 1,190 ft (363 m) to the southeast. The corridor between
MR09-05C and MR10-01 has not been drilled by past operators. The
remaining seven drill holes, MR10-02 through MR10-08, did not intersect
gold mineralization exceeding 0.01 oz Au/t (0.343 g Au/t).

'Although we would have liked to have seen mineralization in all of the
drill holes, we are particularly encouraged by hole MR10-01. This hole
lies along the projection of mapped folds in an area cut by faults and
dikes, all of which appear to be important in localizing gold
mineralization at MR09-05C and the Ice Zone,? stated Ken Cunningham,
President and CEO of Miranda.

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. Nine of these holes lie in the corridor between MR09-05C and
MR10-01. 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. Additional drilling is
contingent upon acceptance of the POO.

All drill samples were collected with a reverse circulation drill using
5 ft (1.5 m) sample intervals. Samples were assayed by ALS Chemex
Laboratories, Inc. of Sparks, Nevada. Gold results were determined using
standard fire assay techniques on a 30 gram sample with an atomic
absorption finish. Montezuma QA/QC included the insertion of standards
and blanks on a regular basis, collection of duplicate samples, and
rerun assays on select samples. Check assays were performed by SGS
Mineral Services in Toronto, Ontario.

Project Details

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 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
Montezuma Mines Inc., NuLegacy Corporation, Piedmont Mining Company
Inc., Ramelius Resources Ltd. and Red Eagle Mining Corporation.

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

www.mirandagold.com