Phase Two Drilling Completed at Miranda Gold′s Big Blue Project

Miranda Gold Corp. ('Miranda?) (TSX-V: MAD) is pleased to
announce that Ramelius Resources Ltd. ('Ramelius') (ASX: RMS) our
funding partner at Big Blue, has completed a Phase II drilling and
received all analyses. Big Blue is a sediment-hosted gold project
located in Lander County, Nevada. The Phase II drilling consisted of
three angle reverse circulation holes totaling 1,905 ft (580.6 m).

The Phase II drilling continued to test the area of Phase I drilling
that contains surface samples containing up to 0.025 oz Au/ton (0.850 g
Au/t) in soils and up to 1.70 oz Au/ton (58.2 g Au/t) in rocks. Phase I
drilling was suspended last March due to snow and mud covered access
roads preventing access. Drill holes in both phases of drilling were
designed to cross dominantly northerly trends of structure and
alteration. All holes were terminated due to caving above their target
depth of about 1,500 ft (460 m). Total combined drilling in Phases I and
II is 4,350 ft (1325.9 m).

The following table summarizes significant drill intersections (defined
as those gold grades of 0.01 oz Au/ton or higher over intercepts of 5 ft
or longer) for all the 2011 drilling.

Pathfinder elements in hole BBR11-05, from 600 ft (182.9 m) to the
bottom of the hole at 835 ft (254.5 m), show a general increase to
highly anomalous values: As from 109 to 1360 ppm, Sb from 9.95 to 116
ppm, Hg from 0.52 to 5.54 ppm, and Tl from 0.17 to 0.91 ppm (maximum =
1.92 ppm). In this same interval gold shows a general increase from
0.008 to 0.055 g Au/t (maximum = 0.074 g Au/t).

Miranda and Ramelius geologists are encouraged that the approximately
10-fold increase in pathfinder elements in the bottom of BBR11-05 may be
an indication of better gold grades at depth.

Quality Assurance / Quality Control procedures utilized by Ramelius
during the analyses of drill samples include collection of duplicate
samples and insertion of blanks and analytical standards into the sample
sequence. Control samples constitute about 10 percent of each batch of
samples. All drill samples were analyzed by ALS Minerals with gold
analyses by fire assay of a 30 g charge and AAS finish and trace-element
analyses by ICP-MS.

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 and
Hanson Creek Formations and the Pogonip Group, 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
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