Miranda Gold and Navaho Gold Sign Definitive Exploration Funding Agreement for TAZ Project
Miranda Gold Corp. ('Miranda?) (TSX-V: MAD) announces the signing
of an exploration and option to form a joint venture agreement (the
'Agreement?) with Taz Gold LLC, a Nevada limited liability company
controlled by Navaho Gold Ltd. ('Navaho?) a public company incorporated
in Australia on Miranda's TAZ project in Eureka County, Nevada.
Under the terms of the Agreement, Navaho will have to 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 no less than $1,000,000 per year.
Mid-year, Navaho will initiate the first-year $400,000 exploration
program, forecast to include approximately 2,500 m of drilling in eight
holes.
Miranda's TAZ project is located within the Battle Mountain-Eureka gold
trend, approximately 42 km northwest of Eureka, Nevada. The project
consists of 142 unpatented lode claims, covering 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 are 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 0.892 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 21.3m of 1.44 g Au/t from 65.5to 86.9 m, within
41.2 m of 0.86 g Au/t from 65.5 - 106.7 m. The drill-hole ended at a
depth of 106.7m and the last 1.5 m sample returned 0.175 g Au/t.
An initial 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.
Navaho is a subsidiary of ASX listed D′Aguilar Gold Limited (ASX: DGR).
The company has recently lodged a prospectus ahead of a proposed IPO to
raise AUD$9 million and ASX listing in April 2011. The IPO is fully
underwritten.
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 in
the Georgetown, northern Bowen Basin and Texas areas. Navaho has also
assembled a highly prospective gold portfolio in Nevada. 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.
For more information on Navaho Gold go to http://www.navahogold.com
The data disclosed in this press release have been reviewed and verified
by President & CEO Ken Cunningham, P.G., 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 Limited, Montezuma Mines Inc., Navaho Gold Pty Ltd.,
NuLegacy Gold Corporation, Piedmont Mining Company Inc., 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.
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.
Tel: (604) 689-4580