Newcrest Signs Letter of Intent on Miranda's Horse Mountain Project
29 May 2008 - 10:00PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: MAD)(OTCBB:
MRDDF)(BERLIN: MRG)(FRANKFURT: MRG) is pleased to announce that it
has signed a Letter of Intent ("LOI") with Newcrest Resources Inc.
("Newcrest") whereby Newcrest may earn a joint venture interest in
Miranda's Horse Mountain property, located along the Cortez Trend
of northern Nevada.
Newcrest may earn a 60% interest by funding US$3,250,000 in
qualified expenditures over a four year period. Newcrest may then
elect to earn an additional 10% interest by funding an additional
US$5,000,000 of qualified expenditures over a three year period.
The first year work commitment of US$500,000 is an obligation.
We expect to execute an exploration agreement with option to
form a joint venture to replace the LOI within the next month.
Miller, the underlying leaseholder, has agreed to reduce his Net
Smelter Return royalty from 3.5% to 3.0% in exchange for Miranda
quitclaiming 20 claims adjoining the Horse Mountain project to
Miller.
The Horse Mountain property is 11 miles (17.6 km) west of
Barrick's Pipeline Mine Complex, in the Shoshone Range of
north-central Nevada. The property consists of 159 claims (4.5 sq.
mi. / 11.7 sq.km.) that cover a two square mile (2.0 sq. mi. / 5.2
sq. km.) zone of hydrothermally altered chert/quartzite, igneous
dikes and elevated gold, arsenic, antimony and mercury in the
upper-plate of the Roberts Mountains thrust. Below the thrust,
drilling intersected oxidized, decalcified and gold-bearing
carbonate rocks of the Roberts Mountains Formation. Significant
drill results include 98 ft of 0.023 oz Au/t (27.4m of 0.789g Au/t)
in BHM-001 and 90 ft of 0.022 oz Au/t (27.4m of 0.753g Au/t) in
BHM-005. The gold bearing zone in BHM-001 begins at a depth of 926
ft (282m) and occurs in a horst of favorable lower-plate carbonate
rocks that are highly fractured by northeast and
west-northwest-striking faults.
Newcrest is in the process of formulating its 2008 exploration
program and budget. Although not finalized, an initial drill
program of reverse-circulation drilling northeast of the BHM-001
gold intercept is proposed to systematically test for higher-grade
gold mineralization within and along the flanks of the carbonate
horst.
The data disclosed in this press release have been reviewed and
verified by Company Senior Geologist Steven Koehler, P. Geo., BSc.
Geology and Qualified Person as defined by National Instrument
43-101.
Corporate Profile
Miranda Gold Corp. is a gold exploration company active in
Nevada and whose emphasis is on generating gold exploration
projects within the Battle Mountain-Eureka and Cortez Trends.
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 Barrick Gold Exploration Inc., the
Cortez Joint Venture, the Buckhorn Joint Venture, Piedmont Mining
Company Inc., White Bear Resources Inc., Queensgate Resources
Corporation, and Newcrest Resources Inc.
ON BEHALF OF THE BOARD
Kenneth Cunningham, President and CEO
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.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Miranda Gold Corp. Fiona Grant Manager, Investor
Relations (604) 689-4580 or Toll Free: 1-877-689-4580 Website:
www.mirandagold.com
Miranda Gold Corp. (TSXV:MAD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Miranda Gold Corp. (TSXV:MAD)
Historical Stock Chart
From Oct 2023 to Oct 2024