Drilling Resumes 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 started its 2012 drill program at Red Canyon. Montezuma
expects to test three target areas with a total of six to seven reverse
circulation (RC) drill holes totaling about 9,300 feet (2835 m).

The target areas to be drill tested include the following:

Ice: Two holes will further test for
mineralization encountered in 2011 RC hole MR11-01 that intersects 20 ft
(6.1 m) of 0.205 oz Au/ton (7.025 g Au/t) from 110-130 ft (33.5-39.6 m).

The Hole: This target name derives from a
pronounced controlled source audio-frequency magnetotelluric (CSAMT)
resistivity low with approximate plan dimensions of 2,000 x 2,600 ft
(610 x 790 m). Montezuma interprets the resistivity low as permissive
for a fault-bounded decalcified and clay-altered gold mineralized
pipe-like body. Up to three holes to about 2,300 ft (700 m) deep will
test the target.

Wall: At Wall rock chip samples with up to
0.070 oz Au/ton (2.4 g Au/t) coincide with a geophysically defined
fault-bounded horst block that extends 5,000 ft (1,500 m) from Wall
northwest through the Ice target area. One drill hole to about 900 ft
(270 m) deep will test favorable carbonate stratigraphy along the
western margin of the horst.

Since 2009 Montezuma has completed geologic mapping, revised
stratigraphic interpretations, and run soil and rock-chip geochemical,
CSAMT resistivity, ground magnetic, and gravity surveys. Montezuma has
drilled a total of 26 RC and three core holes for a total of 25,607 ft
(7,805 m). Montezuma conducts 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.

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 Gold'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