Positive Results from Phase I Drilling and Start of Phase II Drilling 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), reports completion and receipt of all gold
analyses from its Phase I drilling in the Ice target area and
commencement of its Phase II drilling. The highest-grade interval from
the Phase I drilling is 5 ft (1.5 m) of 0.286 oz Au/ton (9.81g Au/t)
which occurs within the 20 ft (6.1 m) interval in hole MR11-01.

Phase I drilling completed eight reverse-circulation holes totaling
5,265 ft (1,605 m) in a zone about 1,230 ft long by 160 to 330 ft wide
(375 m long by 50 to 100 m wide) along the corridor. Holes ranged in
depth from 265 to 1,020 ft (80.8 to 310.9 m). 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) are presented in the table
below.

Holes MR11-02 and MR11-08 intersected anomalous mineralization ranging
from 0.007 to 0.009 oz Au/t (0.227 to 0.309 g Au/t) and holes MR11-04,
-05, and -06 did not intersect any significant gold mineralization.
MR11-06 was lost due to caving and did not test the complete carbonate
sequence. True thicknesses of the mineralized intervals are not known.

The target for Montezuma's August 2011 Phase I drilling was the interior
portion of a southeast-trending structural corridor 1,660 ft (506 m)
long that had not previously been drill tested. Ends of the corridor are
defined by previously drilled holes MR09-05C and MR10-01 (see map).

To view the map associated with this release, click on the following
link:

http://www.usetdas.com/pr/mirandagoldmap10122011.jpg

Montezuma's Phase II reverse-circulation campaign, which began last
week, will drill approximately 5,000 ft (1,500 m) in five holes. The
drill effort will be divided between further defining the higher-grade
mineralization in the Ice target area and starting drill tests in the
Juniper Gulch target area about 6,500 ft (2,000 m) to the southeast.

Montezuma is conducting its drilling under the Red Canyon Plan of
Operations ('PoO?) that was approved by the Bureau of Land Management in
July 2011. The PoO permits up to 125 acres (50 hectares) of total
disturbance.

All drill samples were collected with a reverse-circulation drill using
5 ft (1.5 m) sample intervals. Samples were assayed by ALS Minerals of
Sparks, Nevada. Gold results were determined using standard fire assay
techniques on a 30-gram sample pulp with an atomic absorption finish.
Montezuma QC/QA includes the insertion of standards and blanks on a
regular basis, check assays on select samples, and the collection of
duplicate samples.

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 and their newly announced Red Hill and Goldrush discoveries.

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?

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