Nevada Cortez Gold Trend
4th largest gold producing area in the world
Message: Miranda Gold and Navaho Gold Sign Definitive Exploration Funding Agreement for
Feb. 17, 2011 (Filing Services Canada) -- Miranda Gold Corp. (MAD - TSX Venture), announces the signing of an exploration and option to form a joint venture agreement (the "Agreement") with Taz Gold LLC, a Nevada limited liability company controlled by Navaho Gold Ltd. ("Navaho") a public company incorporated in Australia on Miranda's TAZ project in Eureka County, Nevada.
Under the terms of the Agreement, Navaho will have to make initial exploration expenditures of US$3,000,000 over a four-year period, with the first year's commitment of $400,000 an obligation. Navaho will then have the option and right to earn a 75% interest by either producing a feasibility study in four years or by spending an additional $10,000,000 over 10 years at a rate of no less than $1,000,000 per year.
Mid-year, Navaho will initiate the first-year $400,000 exploration program, forecast to include approximately 2,500 m of drilling in eight holes.
Miranda's TAZ project is located within the Battle Mountain-Eureka gold trend, approximately 42 km northwest of Eureka, Nevada. The project consists of 142 unpatented lode claims, covering 11.9 sq. km. The property lies along the margin of a north-south-trending carbonate window where Devonian-age limestone of the Denay and Devils Gate Formations are exposed through the Roberts Mountains Thrust. Devonian-age limestone is a favorable host for sediment-hosted gold systems such as the Cortez Hills, Pipeline and Gold Bar deposits in Nevada. The thrust and west-northwest and east-northeast-trending fault zones are locally bleached, brecciated and silicified.
Previous exploration at TAZ focused on shallow oxide, disseminated gold mineralization. Rock chip assays returned values from below detection up to 0.892 g Au/t and elevated Carlin-style geochemistry (1600 ppm arsenic, 185 ppm antimony and 9.6 ppm mercury).
Historic drill results from hole VC96-8, which is within the current claim block, include 21.3m of 1.44 g Au/t from 65.5to 86.9 m, within 41.2 m of 0.86 g Au/t from 65.5 - 106.7 m. The drill-hole ended at a depth of 106.7m and the last 1.5 m sample returned 0.175 g Au/t.
An initial target at TAZ is to offset VC96-08, which ended in anomalous mineralization, and drill deeper to test other favorable host units for more robust gold mineralization lower in the carbonate section.
For more information on the TAZ project go to http://www.mirandagold.com/s/TAZ.asp.
Navaho is a subsidiary of ASX listed D'Aguilar Gold Limited (ASX: DGR). The company has recently lodged a prospectus ahead of a proposed IPO to raise AUD$9 million and ASX listing in April 2011. The IPO is fully underwritten.
The company is clearly focused on the exploration and development of "Carlin" style gold mineralization. Navaho has identified three areas in Queensland, Australia as highly prospective and holds six granted and 28 applications for exploration permits covering more than 8,000 km2 in the Georgetown, northern Bowen Basin and Texas areas. Navaho has also assembled a highly prospective gold portfolio in Nevada. The Board and Management of Navaho are all highly experienced resource industry professionals with a demonstrated track record in the discovery, project development and financing of precious and base metal projects.
For more information on Navaho Gold go to http://www.navahogold.com
The data disclosed in this press release have been reviewed and verified by President & CEO Ken Cunningham, P.G., BSc. Geology and Qualified Person as defined by National Instrument 43-101.
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 Limited, Montezuma Mines Inc., Navaho Gold Pty Ltd., NuLegacy Gold Corporation, Piedmont Mining Company Inc., Ramelius Resources Ltd. and Red Eagle Mining Corporation.
ON BEHALF OF THE BOARD
President and CEO
For more information visit the Company's web site at www.mirandagold.com.
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.
This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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Source: Miranda Gold Corp. (MAD-TSX-V) http://www.mirandagold.com
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Source: Filing Services Canada (February 17, 2011 - 9:32 AM EST)
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