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Miranda Gold Reports Drilling Results from Red Hill Project in Nevada

Miranda Gold Corp. (TSX-V: MAD) announces drill results from its Red Hill project in Eureka County, Nevada. NuLegacy Gold Corp. (TSX-V: NUG), Miranda's funding partner at Red Hill completed four drill holes for a total of 4,920 ft (1,515 m).

Three holes in the program tested a large 7,380 ft (2,250 m) by 3,300 ft to 9,900 ft (1,000 to 3,000 m) CSAMT/IP/Resistivity geophysical anomaly that was interpreted to represent carbonaceous material and pyrite. Drill holes RHM10-001 and 002 show highly anomalous gold values in silty limestone with carbon alteration, disseminated pyrite and elevated trace elements, confirming the interpretation. This geologic setting is characteristic of many Carlin-type gold systems. A fourth hole, which intersected 69 ft (21 m) of anomalous gold very near the surface, tested a gold in soil anomaly 4,500 ft (1,370 m) west of the geophysical anomaly.

The holes are widely spaced, more than 3,280 ft (1,000 m) apart, presenting a target-rich environment for discovering significant gold mineralization.

NuLegacy announced today that they "have budgeted $4 million over the next couple of years" for drilling on their consolidated land position at Red Hill. This exploration will focus on their 45 square mile holdings that include Miranda's Red Hill and Coal Canyon projects as well as claims they have optioned from Barrick Gold and Idaho Resources.

All drill samples were collected with a reverse circulation drill using 5 ft (1.5 m) sample intervals. Samples were assayed by ALS Chemex Laboratories, Inc. of Sparks, Nevada. Gold results were determined using standard fire assay techniques on a 30 gram sample with an atomic absorption finish. Montezuma QA/QC included the insertion of standards and blanks on a regular basis, collection of duplicate samples, and rerun assays on select samples. Check assays were performed by SGS Mineral Services in Toronto, Ontario.

Project Details

Red Hill is a sediment-hosted gold project consisting of 79 lode claims covering 2.6 sq mi (6.7 sq km) that is located 15 miles (24 km) southeast of the 12 million ounce Cortez Hills gold deposit. The Red Hill project occurs within a window of lower-plate limestone exposed through chert and siliceous sediments of the upper-plate of the Roberts Mountains Thrust. It is one of a series of windows and associated gold deposits that define the Cortez Trend. The project covers an extensive area of hydrothermal alteration occurring within fault zones in and pervasively in lower-plate sediments.

In 2006 drill hole BRH-013 intersected 80 ft of 0.146 oz Au/t (24.4m of 4.987g Au/t) from 1,920 to 2,000 ft (585.4 to 609.8m), including 45 ft of 0.237 oz Au/t (913.7m of 8.105g Au/t) from 1,920 to 1,965 ft (585.4 to 599.1m). 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.

The data disclosed in this press release have been reviewed and verified by President & CEO Ken Cunningham, P.Geo, MSc. Geology and Qualified Person as defined by National Instrument 43-101.

Source: Miranda Gold Corp.

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