Miranda Gold and Red Eagle Sign Second Colombia Agreement

Miranda Gold Corp. ('Miranda?) (TSX-V: MAD)has
assigned 70 of the 100 issued shares of its wholly owned subsidiary
Miranda Gold Colombia IV Ltd. ('MAD IV?) to Red Eagle Mining Corporation
('Red Eagle?). The Colombian branch of MAD IV is the holder of option to
purchase agreements for a group of properties in Colombia collectively
called the Cajamarca project. Red Eagle and Miranda have a similar
arrangement in place for Miranda′s Pavo Real project in Colombia.

To maintain the option agreements, payments and issuance of Miranda
shares increase incrementally each December 30 anniversary year of each
individual option agreement with ExpoGold Colombia S.A. Red Eagle will
be responsible for paying the cash component of the ExpoGold option
agreements and for each share of Miranda issued or to be issued to
ExpoGold pursuant to these option agreements Red Eagle will issue one
share of Red Eagle to Miranda.

Miranda and Red Eagle executed a shareholder agreement ('SA?) to govern
the funding and activities of MAD IV. The 70 shares of MAD IV
transferred to Red Eagle are subject to forfeiture or transfer
provisions back to Miranda should Red Eagle fail to spend US$4,000,000
over the first five years of the SA. Upon Red Eagle′s sole funding to an
aggregate US$4,000,000 then 51 of the 70 shares will not be subject to
forfeiture or transfer provisions back to Miranda. These funds will be
used to fund exploration programs at the Cajamarca project. Within 180
days of earning a 51% vested interest, Red Eagle can elect to further
sole fund MAD IV at a minimum of US$1,000,000 per year and either
complete a bankable feasibility study on any of the MAD IV projects
within eight years or contribute a minimum of US$10,000,000 within 10
years. Upon completion of the funding the remaining 19 of the 70 shares
will not be subject to forfeiture or transfer provisions back to
Miranda. Red Eagle is required to reimburse Miranda the costs incurred
by MAD IV related to any of the Red Eagle Property Group project′s
concession fees and exploration work authorized by Red Eagle prior to
the effective date of the SPA and SA agreements.

Ian Slater is a director of Miranda and Ken Cunningham is a director of
Red Eagle. This non-arms length transaction is subject to TSX Venture
Exchange acceptance.

Cajamarca

The Cajamarca project covers a total of 45.1 sq. mi. (116.9 sq. km.) and
lies within the department of Tolima and Quindio.

The geologic setting at Cajamarca consists of meta-sediments that have
been intruded by Tertiary and Cretaceous-age stocks. Locally, the
igneous stocks are both hydrothermally and tectonically altered.
AngloGold Ashanti′s La Colosa gold porphyry discovery (13 million
ounces) lies 6.2 mi (10 km) to the southeast of the main project area.
Southwest-trending structures thought to be important to the
mineralization at La Colosa are projected to pass through portions of
the Cajamarca project.

Exploration work has consisted of a regional stream sediment program, a
detailed geophysical airborne magnetic survey and a rock chip sampling
program. Public domain data shows historic gold workings in and around
the application areas.

The high-resolution airborne magnetic survey was flown on 50 m line
spacing with 500 m tie lines and is currently under review and
interpretation. Preliminary results show a distinct north-east structure
pattern with several interpreted buried intrusions following the same
northeast trend. Rock chip samples average 0.006 oz Au/t (0.2 g Au/t)
and range from less than detectable to 0.0141 oz Au/t (0.44 g Au/t).
Preliminary mapping has revealed an unmapped multiphase intrusive
breccia with very fine-grained disseminated pyrite. Anomalous gold
values have been returned from both stream sediment and stream pan
concentrate sampling on numerous drainages within the Cajamarca project
areas. Detailed follow-up sampling is being conducted.

All technical 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?

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