Miranda Gold Signs Letter of Intent with Navaho Gold on TAZ Project
Miranda Gold Corp. ('Miranda?) (TSX-V: MAD) announces the signing
of a Letter of Intent ('LOI?) with Navaho Gold Pty Ltd. ('Navaho?)
whereby Navaho may earn a joint venture interest in Miranda's TAZ
project in Eureka County, Nevada.
Under the terms of the LOI, Navaho must make initial exploration
expenditures of US$3,000,000 over a four-year period, with the first
year′s commitment of $400,000 an obligation. Navaho will then have the
option and right to earn a 75% interest by either producing a
feasibility study in four years or by spending an additional $10,000,000
over 10 years at a rate of not less than $1,000,000 per year.
Navaho is a subsidiary of D′Aguilar Gold Ltd. (ASX: DGR). The company is
clearly focused on the exploration and development of 'Carlin? style
gold mineralization. Navaho has identified three areas in Queensland,
Australia as highly prospective and holds six granted and 28
applications for exploration permits covering more than 8,000 km2 (3,100
mile2) in the Georgetown, northern Bowen Basin and Texas
areas. Navaho is also currently assembling a highly prospective gold
portfolio within the Carlin and Battle Mountain-Eureka trends in Nevada.
The company has recently completed a seed capital raising and commenced
preparation of a prospectus ahead of a proposed IPO and ASX listing in
early 2011.
The Board and Management of Navaho are all highly experienced resource
industry professionals with a demonstrated track record in the
discovery, project development and financing of precious and base metal
projects.
Miranda's TAZ project is located within the Battle Mountain-Eureka gold
trend, approximately 26 miles (42 km) northwest of Eureka, Nevada. The
project consists of 142 unpatented lode claims, covering 4.6 sq. mi.
(11.9 sq. km.). The property lies along the margin of a north-south
trending carbonate window where Devonian-age limestone of the Denay and
Devils Gate Formations is exposed through the Roberts Mountains Thrust.
Devonian-age limestone is a favorable host for sediment-hosted gold
systems such as the Cortez Hills, Pipeline and Gold Bar deposits in
Nevada. The thrust and west-northwest and east-northeast-trending fault
zones are locally bleached, brecciated and silicified.
Previous exploration at TAZ focused on shallow oxide, disseminated gold
mineralization. Rock chip assays returned values from below detection up
to 0.026 oz Au/t (0.892 g Au/t) and elevated Carlin-style geochemistry
(1600 ppm arsenic, 185 ppm antimony and 9.6 ppm mercury).
Historic drill results from hole VC96-8, which is within the current
claim block, include 70 ft of 0.042 oz Au/t from 215 to 285 ft (21.3m of
1.44 g Au/t from 65.5 to 86.9 m), within a 135 ft zone of 0.025 oz Au/t
from 215 to 350 ft (41.2 m of 0.86 g Au/t from 65.5 to 106.7 m). The
drill hole ended at a depth of 350 ft (106.7m) and the last 5 ft (1.5 m)
sample returned 0.005 oz Au/t (0.175 g Au/t).
An initial drill target at TAZ is to offset VC96-08, which ended in
anomalous mineralization, and drill deeper to test other favorable host
units for more robust gold mineralization lower in the carbonate section.
For more information on the TAZ project go to http://www.mirandagold.com/s/TAZ.asp.
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
Agnico-Eagle (USA) Inc. Montezuma Mines Inc., NuLegacy Corporation,
Piedmont Mining Company Inc., Ramelius Resources Ltd., Red Eagle Mining
Corporation, and now Navaho Gold Pty Ltd.
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