Drilling Begins at Miranda′s Red Hill Project

Miranda Gold Corp. ('Miranda?) (TSX-V: MAD) is pleased to
announce that drilling has begun on its Red Hill project located in the
Cortez Trend of Nevada. Miranda′s exploration funding partner, NuLegacy
Gold Corporation (TSX-V:NUG) plans to drill four holes for a total of
6,000 ft (1,829 m). This is intended as the first of phase of the 2011
drill season. Later in the season NuLegacy will drill Miranda′s Coal
Canyon project. A second drill campaign in 2011 will be decided after
assay results from this drill program have been evaluated. NuLegacy has
permitted a total of twelve sites at Red Hill of which four were drilled
in 2010. Sites H, G, A and F will be drilled during this current phase.

All four drill holes will continue to test the Long Fault structural
zone and associated 7,380 ft (2,250 m) by 3,300 to 9,900 ft (1,000 to
3,000 m) IP geophysical anomaly. Wide-spaced drilling in this target
area by NuLegacy in 2010 confirmed the presence of disseminated pyrite
and carbon alteration associated with anomalous gold and trace element
mineralization. Current drilling is targeting the contact between the
Long Fault and the Horse Canyon Formation, a lower-plate limestone that
hosts disseminated gold mineralization elsewhere in the Cortez area.
Each hole will be approximately 1,500 ft (457 m) deep and will be angled
to the south. Drill site locations can be viewed on the attached map.

To view the map associated with this press release, please click on the
following link: http://www.usetdas.com/maps/miranda/mirandamap06022011.jpg

Project Details

Red Hill is a sediment-hosted gold project consisting of 79 lode claims
covering 2.6 sq mi (6.7 sq km) that is located 15 miles (24 km)
southeast of Barrick Gold Corporation′s ('Barrick?) reported 12 million
ounce Cortez Hills gold deposit. The Red Hill project occurs within a
window of lower-plate limestone exposed through chert and siliceous
sediments of the upper-plate of the Roberts Mountains Thrust. It is one
of a series of windows and associated gold deposits that define the
Cortez Trend. The project covers an extensive area of hydrothermal
alteration both within fault zones and in lower-plate limestone.

The most significant drill intercept on the Red Hill property was
drilled by Barrick while they were a funding partner in 2006 when drill
hole BRH-013 intersected 45 ft of 0.237 oz Au/t (913.7 m of 8.105 g
Au/t) from 1,920 to 1,965 ft (585.4 to 599.1m). Gold mineralization is
hosted in silty-decalcified carbonate rocks that are associated with
altered lamprophyre dikes and high levels of arsenic, antimony, mercury
and thallium. In late 2010 NuLegacy conducted their first drilling at
Red Hill (see Miranda press release January 13, 2011 for results). Four
drill holes totaling 4,920 ft (1,515 m) were completed. Holes RHM-10-001
and 002 intersected thin, 5-30 ft (1.5-9.1 m), zones of low-grade,
0.012-0.020 oz Au/t (0.409-0.702 g Au/t) gold mineralization. These
holes are in the Long Fault target area.

All data disclosed in this press release have been reviewed by President
& CEO Ken Cunningham, P.G., MSc. 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., Navaho Gold Ltd.,
NuLegacy Gold 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 Joe Hebert, Vice President, Exploration at 775-738-1877.

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.

U.S. investors are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on our properties. We
advise U.S. investors that the SEC's mining guidelines strictly prohibit
information of this type in documents filed with the SEC.

This news release contains forward-looking statements that are based
on the Company′s current expectations and estimates. Forward-looking
statements are frequently characterized by words such as 'plan?,
'expect?, 'project?, 'intend?, 'believe?, 'anticipate?, 'estimate?,
'suggest?, 'indicate? and other similar words or statements that certain
events or conditions 'may? or 'will? occur. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that could cause actual events or results to differ materially
from estimated or anticipated events or results implied or expressed in
such forward-looking statements.Such factors include, among
others: the actual results of current exploration activities;
conclusions of economic evaluations; changes in project parameters as
plans to continue to be refined; possible variations in ore grade or
recovery rates; accidents, labour disputes and other risks of the mining
industry; delays in obtaining governmental approvals or financing; and
fluctuations in metal prices.There may be other factors that
cause actions, events or results not to be as anticipated, estimated or
intended.Any forward-looking statement speaks only as of the
date on which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new
information, future events or results or otherwise. Forward-looking
statements are not guarantees of future performance and accordingly
undue reliance should not be put on such statements due to the inherent
uncertainty therein.

Miranda Gold Corp.

Joe Hebert, 775-738-1877

Vice President,
Exploration