Drilling Starts at Miranda Gold′s Red Hill and Coal Canyon Projects, Nevada

Miranda Gold Corp. ('Miranda?) (TSX-V: MAD)is
pleased to announce NuLegacy Gold Corporation (TSX-V: NUG), funding
partner for both of Miranda's Red Hill and Coal Canyon projects in
Eureka County, Nevada, has started its 2012 drill program. NuLegacy
intends to drill about eight holes totaling a combined 10,500 to 14,000
ft (3,200-4,267 m) on the Red Hill and Coal Canyon projects.

NuLegacy plans two core holes totaling 4,000 to 5,000 ft (1,219-1,524 m)
to off-set the high-grade gold mineralization in a 2006 reverse
circulation hole BRH-013 that intersected 80 ft of 0.145 oz Au/t (24.4 m
of 4.960 g Au/t) including 45 ft of 0.235 oz Au/t (13.7 m of 8.064 g
Au/t). Miranda believes BRH-013 is the most significant drill intercept
outside of Barrick′s holdings in the Cortez gold corridor.

Drill hole BRH-13 is on trend with and southeast of the new discoveries
at Barrick's Red Hill/Goldrush projects. Barrick reports an Indicated
resource of 1.27 million ounces of gold and an additional 3.3 million
ounces of gold in the Inferred category at its Red Hill project and an
initial Inferred resource of 2.45 million ounces at Goldrush. A total of
468,000 ft (142,646 m) of drilling ($64 million) is planned by Barrick
at Red Hill/Goldrush in 2012 to expand and upgrade the resource.

In December 2011, NuLegacy completed a deep-penetrating induced
polarization ('IP') and resistivity ('R?) survey that was centered
around drill hole BRH-13. According to Dr. Steininger, NuLegacy′s COO,
'The new IP/R survey indicates that the structures and hydrothermal
alteration related to the high-grade gold mineralization intersected in
drill hole BRH-13 are much larger and thicker than indicated by the our
previous IP/R survey.' The new survey was designed to penetrate to a
depth of over 700 m in order to develop a better understanding of the
controls and the possible extensions of the high-grade gold
mineralization that was intersected by BRH-013 and to guide the 2012
drilling.

At Miranda′s Red Hill project, NuLegacy also plans on drilling five
reverse circulation ('RC?) holes totaling 5,000 to 7,500 ft (1,524 to
2,286 m) to further define other targets including mineralization along
the Long Fault Anomaly, which lies approximately 5,500 ft (1,680 m)
southeast of BRH-013.

At Miranda's Coal Canyon project, approximately 5 mi (8 km) west of Red
Hill, NuLegacy plans additional field work preparatory to drilling at
least one RC hole about 1,500 ft (457 m) deep.

The following table summarizes all significant gold intercepts in
NuLegacy's drilling at Red Hill for 2010 and 2011. Significant
intersects have gold grades of 0.010 oz Au/ton (0.343 g Au/t) or better
over lengths of at least 5 ft (1.5 m). The significant gold intercepts
are in stratigraphic units equivalent to those that host gold
mineralization in the Cortez District.

*True widths of drilled gold intercepts cannot be determined at this
time. Gold grades in oz Au/ton are calculated from original data in g
Au/t.

Holes with significant gold intercepts, taken together with
gold-anomalous holes, may all be part of one or more large gold systems,
e.g., the distance between holes RHM10-001 and RHM10-002 is about 2,500
ft (760 m) and there are currently no holes in between the two.

Project Detail

Red Hill and Coal Canyon are sediment-hosted gold projects within the
southeast-trending gold corridor that includes Barrick Gold's Pipeline,
Cortez, and Cortez Hills mines and, to the southeast Barrick′s new
discoveries at Red Hill/Goldrush. Miranda's projects are about 15 miles
(24 km) southeast of the 12 million ounce Cortez Hills gold deposit and
about 4 to 6 mi (6 to 10 km) southeast of Barrick's Redhill/Goldrush.

The Red Hill project covers 2.5 sq mi (6.7 sq km) and the Coal Canyon
project, about 5 mi (8 km) west of Red Hill, covers 2.0 sq mi (5.2 sq
km). These projects occur within a window of lower-plate limestone
exposed through chert and siliceous sedimentary rocks of the upper-plate
of the Roberts Mountains Thrust. These projects cover extensive areas of
hydrothermal alteration occurring within fault zones and pervasively in
lower-plate limestone.

In 2006, Red Hill drill hole BRH-013 intersected 80 ft of 0.145 oz Au/t
(24.4 m of 4.960 g Au/t) from 1,920 to 2,000 ft (585.2 to 609.6 m),
including 45 ft of 0.235 oz Au/t (13.7 m of 8.064 g Au/t) from 1,920 to
1,965 ft (585.2 to 598.9 m). Gold mineralization is hosted in silty
carbonate rocks associated with altered lamprophyre dikes and high
levels of arsenic, antimony, mercury and thallium. These features
indicate a Carlin-style gold system may be present at Red Hill.

In 2009 NuLegacy became Miranda's funding partner for Red Hill and in
2010 Coal Canyon was bundled into the Red Hill exploration agreement.
NuLegacy's Red Hill Prospect, through the Miranda and other agreements,
covers approximately 45 sq mi (116.5 sq km).

All data, disclosed in this press release, including analytical and test
data, have been reviewed and verified by Joseph Hebert, Vice President
of Exploration, C.P.G., B.Sc. Geology and 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 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 near-by
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

www.mirandagold.com