2011 Drilling Completed at Miranda′s Red Canyon Project

Miranda Gold Corp. ('Miranda?) (TSX-V: MAD)is
pleased to announce its exploration funding partner at Red Canyon,
Montezuma Mines Inc. ('Montezuma'), a wholly owned subsidiary of CMQ
Resources Inc. (TSX-V:NV), has concluded its 2011 drill program at Red
Canyon and received all analytical results. During 2011, Montezuma
completed 15 reverse circulation holes totaling 10,915 ft (3,327 m); the
eight holes in their first phase of drilling completed in August (MAD
News Release October 12, 2011), and the seven holes in their second
phase drilling completed in October.

The principal target for Montezuma's 2011 drill program is within the
Ice target area and is a southeast-trending structural corridor 1,660 ft
(506 m) long that had not previously been drill tested by Montezuma. The
northwest end of the corridor is defined by core hole MR09-05C with 39
ft of 0.281 oz Au/ton (11.9 m of 9.64 g Au/t) and the southeast end by
reverse circulation hole MR10-01 with two 20 ft intercepts with 0.050
and 0.086 oz Au/ton (6.1 m intercepts with 1.714 and 2.949 g Au/t).
Thirteen of the 15 holes are in the Ice target corridor and the other
two provide Montezuma's initial tests of the Juniper Gulch target area
about 6,500 ft (2,000 m) southeast of Ice.

Significant drill intercepts, defined as mineralization grading 0.010 oz
Au/t (0.343 g Au/t) or higher over 5 ft (1.5 m) or longer, for all of
Montezuma's 2011 drilling are presented in the table below.

In addition to the holes with significant intercepts, three holes
(MR11-02, -13, -14) contain 5 ft (1.5 m) intercepts with anomalous
maximum gold values between 0.105 and 0.309 ppm Au. The remaining seven
holes have maximum gold intercepts ranging between 0.032 and 0.067 ppm
Au.

Results of Montezuma's 2011 drilling at Ice, along with their 2010
drilling and historic holes, now indicate two zones within the Ice
target area that contain significant drill-indicated gold
mineralization: a northwestern zone that includes MR09-05C is about 700
x 400 ft (200 x 120 m), and a southeastern zone that includes MR10-01 is
about 200 x 200 ft (60 x 60 m). Both zones are open to expansion.

The Juniper Gulch target area, about 6,500 ft (2,000 m) southeast of
Ice, is a north-northwest-trending zone approximately 4,000 x 700 ft
(1,200 x 200 m) along the contact between the upper and lower plates of
the Roberts Mountains Thrust and underlain by a horst block interpreted
from a gravity survey. Montezuma's initial drill holes in the Jupiter
Gulch target, MR11-14 and -15, are 1,900 and 1,620 ft (579.1 and 493.8
m) deep, respectively, and have 5 ft (1.5 m) maximum gold intercepts of
0.159 and 0.044 ppm Au, respectively. Both holes have elevated
pathfinder elements of arsenic, antimony, and mercury associated with
the anomalous gold intervals. The 0.159 ppm Au intercept in MR11-14 is
1,025 ft (312.4 m) deep and below the depths reached by all historic
holes in the Juniper Gulch area. The anomalous gold and pathfinder
elements indicate a Carlin-style sediment-hosted gold system may exist
in the Juniper Gulch target area.

Montezuma is conducting its drilling under the Bureau of Land Management
approved Red Canyon Plan of Operations ('PoO?) that permits up to 125
acres (50 hectares) of total disturbance. Montezuma currently has twenty
sites that are permitted that remain to be drilled.

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 the Barrick′s Cortez Hills gold
deposit.

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?

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. 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