Drilling Begins on Miranda′s Taz Project

Miranda Gold Corp. ('Miranda? or 'the Company?) (TSX-V: MAD) is
pleased to announce that Navaho Gold Limited (ASX:NVG) ('Navaho?) is now
drilling on the Miranda′s TAZ project located within the Battle
Mountain-Eureka gold trend, Eureka County, Nevada.

Miranda′s president and CEO, Ken Cunningham noted that this is the most
active drill year the Company has ever seen. Miranda now has four rigs
testing projects in Nevada and Alaska (Angel Wing, Big Blue, TAZ and
Ester Dome) and expects drilling to commence at Pavo Real in Colombia
sometime in October. The Company is also waiting for assay results from
recently completed drill campaigns at Red Canyon, Red Hill and Coal
Canyon.

At the TAZ project, Navaho has secured a diamond core rig from Major
Drilling and plans to drill approximately 1,200 m in 3 to 4 holes. The
initial drill target at TAZ is to offset VC96-08, which intersected 21.3
m of 1.44 g Au/t from 65.5 m to 86.9 m and ended in anomalous
mineralization. Hole VC96-08 was completed by BHP Minerals in 1996 and
has never been offset. Previous exploration at TAZ focused on shallow,
oxide, gold mineralization and the BHP drill hole is considered too
shallow to have adequately tested the most favorable host units lower in
the carbonate section.

Project Details

Miranda's TAZ project is located within the Battle Mountain-Eureka gold
trend, approximately 42 km northwest of Eureka, Nevada. The project
consists of 142 unpatented lode claims, covering 11.9 sq. km. The
property lies along the margin of a north-south-trending carbonate
window where Devonian-age limestone of the Denay and Devils Gate
Formations are exposed through the Roberts Mountains Thrust.
Devonian-age limestone is a favorable host for sediment-hosted gold
systems such as the Cortez Hills, Pipeline, Gold Bar and Barrick′s newly
announced Red Hill deposits in Nevada. The thrust and west-northwest and
east-northeast-trending fault zones are locally bleached, brecciated and
silicified.

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

Agreement details

Under the terms of a February 11, 2011, exploration and option to form a
joint venture agreement, Navaho will have to make initial exploration
expenditures of US$3,000,000 over a four-year period, with the first
year′s commitment of $400,000 an obligation. Navaho will then have the
option and right to earn a 75% interest by either producing a positive
feasibility study in four years or by spending an additional $10,000,000
over 10 years at a rate of no less than $1,000,000 per year.

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
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.

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