Drilling Underway at Miranda′s Red Canyon Project

Miranda Gold Corp. ('Miranda?) (TSX-V: MAD)is
pleased to announce that its exploration funding partner at Red Canyon,
Montezuma Mines Inc. ('Montezuma'), a wholly owned subsidiary of CMQ
Resources Inc. (TSX-V:NV), is now drilling in the Ice target zone.
Montezuma's Phase I reverse circulation drill campaign will consist of
approximately 6,000 - 8,000 ft (1,830 - 2,440 m) in seven holes.

The principal target for Phase I drilling is a southeast-trending
structural corridor 1,660 ft (506 m) long that has not previously been
drill tested. The ends of this corridor are anchored by core hole
MR09-05C in the northwest and reverse circulation hole MR10-01 in the
southeast.

Montezuma received approval for its Red Canyon Plan of Operations (PoO)
from the Bureau of Land Management on July 25, 2011. The PoO permits up
to about 125 acres (50 hectares) total disturbance and the Phase I
drilling was initiated under the provisions of the PoO.

The current drill program will follow up on Montezuma's eight-hole
11,260 ft (3,433 m) reverse-circulation drill program conducted in 2010
which included vertical hole MR10-01.

Project Details

The Red Canyon project in Eureka County, Nevada, includes 254 unpatented
lode mining claims (7.9 sq mi / 20.6 sq km) 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 Barrick′s Cortez Hills gold
deposit.

All data disclosed in this press release have been reviewed by Vice
President of Exploration, Joe Hebert, a 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, 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
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

www.mirandagold.com