Miranda Gold Signs Letter of Intent with Agnico-Eagle on Ester Dome
Miranda Gold Corp. ('Miranda?) (TSX-V: MAD) has signed a Letter
of Intent with Agnico-Eagle USA Limited ('Agnico?) (TSX: AEM), whereby
Agnico may earn a joint venture interest in the Ester Dome project,
located in the Fairbanks mining district of Alaska.
Under the terms of the Letter of Intent, which is to be replaced by a
definitive option agreement, Agnico can earn a 51% interest in Ester
Dome by spending US$4,000,000 in qualifying expenditures over a five
year period. Agnico may then elect to earn an additional 19% interest
(for a total of 70%) by completing a feasibility study or by spending an
additional $10,000,000 at a rate of no less than $1,000,000 per year.
Project Details
The Ester Dome project consists of 181 Alaska state mining claims
covering approximately 13.8 sq. mi (35.7 sq. km) and is located 5 mi (8
km) from Fairbanks, Alaska. The Fairbanks District has produced over 9.5
million ounces of alluvial gold. Over 3 million ounces of alluvial gold
were mined on the flanks of Ester Dome and the property covers the
majority of the upland source area for these 3 million ounces.
The geology of Ester Dome comprises a suite of metamorphic rocks,
primarily schist separated by thrust faults and cut by igneous sills and
small stocks. The mineralization on the Ester Dome project is
prospective for both high-grade vein and shear-hosted gold deposits and
larger tonnage bulk minable gold deposits. Fairbanks area gold deposits,
such as Fort Knox (+6 million ounces) that is hosted in an intrusive
stock and characterized by sheeted quartz veins and shears, as well as
True North (1.3 million ounces) that is hosted in complex imbricate
shears with quartz veins in metasediments, provide target analogues for
exploration at Ester Dome.
The most recent exploration on Ester Dome was conducted by Placer Dome
Exploration ('PDX?) in 1998. The best drill hole reported by PDX
intercepted 19.7 ft of 2.7 oz Au/t (6 m of 91.2 g Au/t) from 360 to 381
ft (110 to 116 m).
More details on the project can be obtained at http://www.mirandagold.com/s/NewsReleases.asp?ReportID=369974&_Type=News-Releases&_Title=Miranda-Gold-Acquires-District-Scale-Gold-Play-in-Alaska.
2010 Exploration
Miranda′s work on Ester Dome in 2010 has consisted primarily of limited
reconnaissance prospecting that identified quartz veins in schist and
intrusive rock, data compilation, and the completion of a soil grid
consisting of 367 samples. The purpose of the soil grid was to confirm,
delineate and tighten the spacing of an irregularly sampled and
undrilled soil anomaly previously identified by Placer Dome. The soil
anomaly has dimensions of approximately 6,000 ft (1,830 m) by
approximately 1,200 ft (366 m). This soil anomaly is proximal to a
cluster of small mapped and inferred intrusive bodies that occur in an
area measuring approximately 1.5 sq. mi (4 sq. km). Small gold placer
workings occur immediately downstream from the area containing the
intrusive bodies and soil anomaly.
Results from soil sampling are in the process of being compiled and
evaluated. Miranda has also submitted a permit to build a road through
the central part of the soil anomaly with the intent of providing
outcrop exposure for mapping, sampling and access to drill targets.
Agnico will continue to compile the large historic database for the
project in anticipation of the 2011 exploration season.
The data disclosed in this press release have been reviewed and verified
by President & CEO Ken Cunningham, P.Geo, 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., Red Eagle Mining Corporation, Ramelius Resources Ltd., and now
Agnico-Eagle USA Limited.
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 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