Vancouver, BC, Canada –October 31, 2012 – Miranda Gold Corp. (“Miranda”) (TSX-V: MAD)is pleased to announce that Ramelius Resources Ltd. (“Ramelius”) (ASX:RMS), our funding partner at Angel Wing, completed its 2012 Phase III three-hole drill program and all analyses are complete. Phase III totaled 3,055 ft (930.6 m) of reverse circulation (“RC”) drilling. All three of the holes intersected gold at grades above 0.01 oz Au/ton (0.343 g Au/t) with the highest 5 ft (1.5 m) intercept being 0.309 oz Au/ton (10.6 g Au/t) in hole AW12-12. This intercept is 250 ft (76 m) north of the 0.413 oz Au/ton (14.15 g Au/t) encountered in Phase II hole AW12-06. Angel Wing is an epithermal vein and sediment-hosted gold project in northeast Elko County, Nevada.
During 2012, Ramelius drilled seven holes, including all the Phase III holes, in the south and southwest portions of a donut-shaped magnetic anomaly approximately 1,200 ft (400 m) in diameter. Ramelius refers to this anomaly as Grass Hollow. Tertiary rhyolites crop out in the vicinity of the magnetic anomaly. The rhyolites are underlain successively by Tertiary conglomerate and Triassic limestone. The limestone is moderately to strongly decalcified and silicified for approximately 200 ft (61 m) beneath the conglomerate. The principal gold intercepts are in this altered limestone. All seven holes penetrated deep enough to intersect the altered limestone and gold mineralization and all seven intersect gold grades above 0.01 oz Au/ton (0.343 g Au/t) .
The Phase III holes were drilled by Boart Longyear Company with a track-mounted drill. ALS Global performed all analyses. Significant gold or silver intersections are defined as those with gold grades of 0.01 oz Au/ton (0.343 g Au/t) or higher over intercepts of 5 ft (1.5 m) or longer, or silver grades of 0.30 oz Ag/ton (10.29 g Ag/t) or higher.
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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
President and CEO
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 ra tes; 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.
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