Miranda Reports Additional Drill Results from Long Fault Anomaly Red Hill Project

Miranda Gold Corp. ('Miranda?) (TSX-V: MAD) is pleased to
announce drill results from its Red Hill Project in Eureka County,
Nevada. Miranda′s funding partner at Red Hill, NuLegacy Gold
Corporation, has completed nine holes for 11,715 ft (3,571 m) since
starting drilling November 2010. The drill program continued to test the
Long Fault Anomaly, which is defined by a large IP geophysical signature
and elevated gold in surface sampling.

Miranda and NuLegacy are pleased that drilling at Red Hill continues to
show significant mineralization that may be part of a larger gold system
on the property. Significant drill intercepts (defined as mineralization
grading 0.010 oz Au/t (0.342 g Au/t) or better over 5 ft (1.5 m) or
longer lengths are presented below. Gold-bearing intervals occur within
carbonaceous and pyritic siltstone, including the Horse Canyon
Formation, a host for economic mineralization in the nearby Cortez
District. In addition to the intervals reported below, several thick
zones (up to 150 ft or 45.7 m) of 10 to 100 ppb gold were reported in
all of the 2011 drill holes.

*Drilled Intersections; True widths cannot be determined at this time.

NuLegacy plans to drill two more holes in Miranda′s portion of the Red
Hill property in September 2011. A deep penetration IP survey will be
conducted after the completion of the drilling this fall. A detailed
synthesis of all data, including cross-sections, will be completed in
order to design additional drilling tentatively planned for the spring
of 2012.

Project Details

Red Hill is a project with sediment-hosted gold mineralization. The
project consists of 79 lode claims covering 2.6 sq mi (6.7 sq km) and is
located 15 miles (24 km) southeast of the 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 west northwest en echelon gold deposits that
define the Cortez Trend. The project covers an extensive area of
hydrothermal alteration occurring within fault zones in and pervasively
in lower-plate limestone.

In 2006 drill hole BRH-013 intersected 80 ft of 0.146 oz Au/t (24.4m of
4.987g Au/t) from 1,920 to 2,000 ft (585.4 to 609.8m), including 45 ft
of 0.237 oz Au/t (13.7m of 8.105g Au/t) from 1,920 to 1,965 ft (585.4 to
599.1m). Gold mineralization is hosted in silty carbonate rocks
associated with altered lamprophyre dikes and high levels of arsenic,
antimony, mercury and thallium. These features indicate a Carlin-style
gold system may be present at Red Hill. To date, this target has not
been tested by the NuLegacy drilling.

All drill samples were collected with a reverse circulation drill rig
using 5 ft (1.5 m) sample intervals and following standard industry
practice. Samples were assayed by American Assay Laboratories, Inc. of
Sparks, Nevada. Gold results were determined using standard fire assay
techniques on a 30-gram sample with an atomic absorption finish.
NuLegacy's QC/QA included the insertion of numerous standards and blanks
on a regular basis. All data, disclosed in this press release, including
sampling, analytical and test data have been reviewed and verified by
Joseph Hebert, Vice President of Exploration, C.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) Inc., Montezuma Mines Inc., Navaho Gold Ltd.,
NuLegacy Corporation, Piedmont Mining Company Inc., 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.

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 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