Vancouver, BC, Canada – March 3, 2015 – Miranda Gold Corp. (“Miranda”) (TSX-V: MAD) is pleased to provide an update on its activities in Colombia and Alaska as well as the monetization of its remaining Nevada projects.
In all, Miranda expects to see partner spending on Miranda projects of $1.5-$1.75 million in 2015. In addition to partner-funded projects, Miranda has a budget for generative work in Colombia that is outside of the Strategic Alliance and outside of the Department of Antioquia.
Prospect Generator/Joint Venture Model
Miranda continues to adhere to the Prospect Generator and Joint Venture model and as a result expects to see the following partners fund activities in projects in both North and South America.
Miranda submitted a “Target Report” to Agnico in the 4th quarter of 2015 as the first step towards possible acceptance of Oribella as a “Designated Property” pursuant to the Strategic Alliance agreement. Once a property is submitted, Agnico can: (1) accept it as a joint venture whereby they would be solely responsible for funding future exploration; (2) reject the project at which time Miranda can seek a 3rd party joint venture; or (3) request that specific additional work be done to demonstrate that the property has the size potential to be of interest to Agnico. Agnico has requested trenching and channel sampling to demonstrate continuity of mineralization (gold and copper) prior to considering Oribella as a Designated Property. This work is underway and once samples are assayed a revised report will be submitted to Agnico.
Miranda also recently met with the president of the Agencia National de Mineria (ANM) to request assistance in obtaining a license for the northern part of the property which is currently held under a mining application. Assurances were given that the government would work with us on the license.
Cerro Oro is a low-sulfidation epithermal gold system that lies approximately 14 km southwest of the Marmato (14 M ounces) mine. Currently, Miranda is conducting a “Consulta Previa” or “consultation” with local and indigenous peoples near the project as a requirement of the Colombian mining law. Once this permit is obtained a mapping, trenching and a soil sampling program funded by Prism Resources will begin with the aim of delineating drill targets for the 2016 season. Prism Resources will also commission a technical report on the property.
Red Eagle Mining recently terminated the joint venture agreement at Pavo Real in order to focus its time and treasury on permitting and building their San Ramon underground mine. Red Eagle drill tested several target areas and conducted property wide geochemical surveys, spending $4 million on the project. Soil sampling on the south end of the property produced a large untested gold anomaly and Miranda is seeking a new partner to drill test this area.
Willow Creek, Alaska
Gold Torrent plans to fast-track the Coleman deposit into production in 24 to 30 months. Initial production estimates are for 21,000 ounces of gold annually from the mining and milling of 150 tons per day. Gold Torrent anticipates achieving +80% recovery through gravity (tables and spiral concentrators) without the use of chemicals which should expedite permitting. Expected milestones for 2015 include:
While no drilling is planned for 2015, modeling of the old underground workings, drill holes and underground samples will provide targets for 2016. Both companies agree that with the rehabilitation of the Enserch tunnel, targets can be best drilled from underground drill stations.
Miranda is hoping to finalize a joint venture/purchase agreement with Montezuma Mines pending consent to assignment of the lease by the owner to Montezuma.
Red Hill, Iron Point, Kibby Flats and Mustang
Miranda has monetized its four remaining Nevada holdings in order to focus on Colombia. This decision was made not because we no longer believe Nevada will yield discoveries but rather we feel that we can make a significant discovery in Colombia sooner than in Nevada. We feel that Colombia, as a frontier jurisdiction with its rich mineral endowment, will provide the fastest route to a large grassroots discovery. On March 2, 2015, Miranda announced an agreement with European Uranium Resources Ltd. (“EUU”) whereby, subject to regulatory approval, Miranda will sell and or assign its interest in the four properties for an 8% equity interest in EUU (subject to its reorganization), the retention of a royalty interest (NSR) ranging from 1% to 2% in all four properties and the commitment by EUU of conducting a modest drill program on the Mustang property.
Data disclosed in this press release have been reviewed and verified by Miranda’s Executive Vice President Joseph Hebert, C.P.G., B.Sc. Geology, and Qualified Person as defined by National Instrument 43-101.
Miranda is a gold exploration company active in Nevada, Alaska and Colombia, 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 relationships with Agnico Eagle Mines Limited, Prism Resources, Gold Torrent Inc., and Montezuma Mines Inc.
For more information related to Miranda:
Joe Hebert, Executive Vice President