Phase II Drilling Starts on Miranda Gold's Big Blue Project

Miranda Gold Corp. ('Miranda?) (TSX-V: MAD) is pleased to
announce Phase II drilling has started at Big Blue, a sediment-hosted
gold project located in Lander County, Nevada. Miranda's exploration
funding partner Ramelius Resources Ltd. ('Ramelius') (ASX: RMS) has
resumed drill testing of rock chip, soil, alteration, and geophysical
anomalies. In March of 2011, snow and mud conditions prevented continued
access to drill sites and drilling was suspended.

Ramelius plans Phase II to consist of about 3,000 ft (900 m) of angle
reverse circulation drilling in two to three holes. The holes will
continue to test the area of Phase I drilling that contains soils that
assay from non-detectable to 0.025 oz Au/ton (0.850 g Au/t) and rocks
from non-detectable to 1.70 oz Au/ton (58.2 g Au/t). Inferred northerly
trending controls to mineralization are indicated by local disrupted
bedding, brecciation, oxidation, quartz veins, silicification, and
structurally controlled jasperoid. The Phase II holes are designed to
cut across the inferred northerly trends.

In Phase I drilling, Ramelius completed four westerly-directed angle
reverse circulation holes totaling 2,445 ft (745 m). All holes
intersected >0.01 oz Au/ton (0.343 g Au/t) and included the following
results:

* Drilled intersections; True widths cannot be estimated at this time.
All results were previously reported by press release on May 26, 2011.

Historic drilling from three holes in the area report values of 20 ft of
0.007 oz Au/ton (6.1 m of 0.240 g Au/t), 5 ft of 0.032 oz Au/ton (1.5 m
of 1.10 g Au/t), and 10 ft of 0.071 oz Au/ton (3 m of 2.44 g Au/t). The
historic information is derived from prior operators′ internal reports
that Miranda has not been able to independently verify.

Data disclosed in this press release, including sampling, analytical and
test data, have been reviewed and verified by Vice President of
Exploration Joseph Hebert, C.P.G., B.Sc. Geology and Qualified Person as
defined by National Instrument 43-101.

Project Details

The Big Blue Project consists of 255 unpatented lode mining claims
covering 8.2 sq mi (21.2 sq km) located in the Toiyabe Range, 13 mi (21
km) north of Austin, Nevada. The project is on the south margin of the
Callaghan Window, a large area exposing Cambrian- through Silurian-age
lower-plate carbonate rocks in the footwall of the Roberts Mountains
Thrust. The lower-plate sequence includes the Roberts Mountains, Hanson
Creek and Pogonip Formations, of which all are known to be favorable
hosts for large, sediment-hosted gold systems in Nevada.

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, 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.

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, Vice President, Exploration

775-738-1877