VANCOUVER, Dec 02, 2009 (BUSINESS WIRE) --
MirandaGold Corp. ("Miranda") (TSX-V: MAD) has signed an exclusive AssociationAgreement with ExpoGold to conduct generative exploration in Colombia.The addition of projects in Colombia to Miranda's portfolio is astrategic decision to explore for world-class gold deposits in anunderexplored jurisdiction in line with the objective of increasingshareholder value through discovery.
According to KenCunningham, President and CEO, Miranda's objective in establishing apresence in Colombia is to balance the Company's generative work inNevada by making an entry into an underexplored frontier area that isexperiencing a relatively high rate of multi-million ounce golddiscoveries. "Since the crash in the financial markets, Miranda hasbeen seeking ways to take advantage of our exploration talents andtreasury. Colombia offers everything we have been seeking --world-class gold-deposit discovery potential in an underexplored areathat is politically secure. In addition, we will be re-establishing anassociation with a talented team of Colombian geologists who will actas our 'people' on the ground, a key requirement for a successful entryinto a foreign jurisdiction. Joe Hebert, Miranda's Vice President ofExploration, has previously worked in Colombia and has maintainedcontacts with the president of a geologic consulting firm. We will beleveraging this relationship into an exclusive partnership forconducting our generative geology."
Miranda has signed anexclusive Association Agreement with ExpoGold, a Colombian registeredexploration company. Pursuant to the agreement ExpoGold and its managerJaime Diaz will conduct a project generative program to locate andacquire properties with the potential to host large gold systems inColombia. The program will be funded by Miranda. ExpoGold hasaccumulated an extensive database for target generation and hasconsiderable expertise in conducting business, acquiring explorationand mining properties and executing exploration programs in Colombia.Mr. Diaz has over 16 years of experience in Colombian exploration andmine production and has consulted for the government as well as anumber of international companies working in the region. Mirandateaming with ExpoGold will provide superior experience, expertise andcontacts for working in Colombia.
Under the terms of theAssociation Agreement, Miranda will grant, subject to the rules andapproval of the TSX Venture Exchange, 350,000 common shares of MirandaGold Corp. to ExpoGold and fund an annual exploration program ofapproximately US$600,000. Miranda has also secured a "First Right ofRefusal" to lease any of the 45 license applications controlled byExpoGold. These applications cover approximately 123,000 hectares andare located in 14 discrete mining districts. Included in the 45applications is the Pavo Real property. Miranda has negotiated theterms to acquire this project and will execute a lease as soon asExpoGold is granted the Pavo Real concession. Preliminary fieldwork onthis and other select projects is ongoing.
Miranda is in theprocess of establishing the branch office of Miranda Gold Colombia IILtd ("Miranda Gold Colombia"), to work with ExpoGold. Miranda GoldColombia will seek either a strategic funding partner to share inexploration costs or will seek joint venture partners to exploreindividual projects such as Pavo Real. In this way shareholders willpotentially be exposed to world-class gold discoveries in both Nevadaand Colombia using the project generation/joint venture model.
Corporate Profile
MirandaGold Corp. is a gold exploration company active in Nevada and whoseemphasis is on generating gold exploration projects within the BattleMountain-Eureka and Cortez Trends. Miranda performs its own grass rootsexploration and then employs a joint venture business model on itsprojects in order to maximize exposure to discovery while minimizingexploration risk. Previous partners include Barrick Gold ExplorationInc., Newmont Mining Inc., Newcrest Resources Inc., Placer Dome (US)Inc., Agnico-Eagle (USA) Inc., Romarco Minerals Inc., Golden AriaCorp., the Cortez Joint Venture and the Buckhorn Joint Venture. Mirandahas ongoing partnerships with Piedmont Mining Company Inc., White BearResources Inc., Queensgate Resources Corporation, Montezuma Mines Inc.,and NuLegacy Gold Corporation.
ON BEHALF OF THE BOARD
"Kenneth Cunningham" Kenneth Cunningham President and CEO
Formore information visit the Company's web site at www.mirandagold.com orcontact Fiona Grant, Manager, Investor Relations 1-877-689-4580.
Neitherthe TSX Venture Exchange nor its Regulation Services Provider (as thatterm is defined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
Thisnews release may contain information about adjacent properties on whichwe have no right to explore or mine. We advise U.S. investors that theSEC's mining guidelines strictly prohibit information of this type indocuments filed with the SEC. U.S. investors are cautioned that mineraldeposits on adjacent properties are not indicative of mineral depositson our properties. This news release may contain forward-lookingstatements including but not limited to comments regarding the timingand content of upcoming work programs, geological interpretations,receipt of property titles, potential mineral recovery processes, etc.Forward-looking statements address future events and conditions andtherefore involve inherent risks and uncertainties. Actual results maydiffer materially from those currently anticipated in such statements.
SOURCE: Miranda Gold Corp.
Miranda Gold Corp. Fiona Grant, 1-877-689-4580 Manager, Investor Relations
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