Message: Miranda Gold / Agnico-Eagle USA Sign Exploration Agreement for Ester Dome
NR concerning the portion of the Ester Dome Project that Silverado released.
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Miranda Gold and Agnico-Eagle USA Sign Exploration Agreement for Ester Dome Project
Vancouver, British Columbia CANADA, March 29, 2011 /FSC/ - Miranda Gold Corp. (MAD - TSX Venture), has signed an exploration agreement with option to joint venture (the "Agreement") with Agnico-Eagle (USA) Limited ("Agnico"), a wholly owned subsidiary of Agnico-Eagle Mines Limited (TSX:AEM), whereby Agnico may earn up to a 70% interest in the Ester Dome project located in the Fairbanks mining district of Alaska.
Under the terms of the Agreement, which replaces a Letter of Intent announced on October 14, 2010, Agnico can earn a 51% interest in Ester Dome by spending US$4,000,000 in qualifying expenditures over a five year period. Agnico may then elect to earn an additional 19% interest, for a total of 70%, by completing a feasibility study or by spending an additional US$10,000,000 at a rate of no less than US$1,000,000 per year. Upon signing the Agreement, Agnico agreed to pay Miranda US$30,000 and is obligated to fund a first year exploration budget of US$500,000.
2011 Exploration Plans
In 2011 exploration will focus on enhancing and testing drill targets within a 7,000 ft by 1,200 ft (2,134 m by 366 m) gold in soils anomaly that was developed by Miranda in 2010. Miranda and Agnico both believe the source of this gold anomaly could be a buried gold-bearing intrusion. Agnico plans on collecting an additional 350 soil samples using a mechanized auger as a first phase to verify and expand the soil anomaly. Agnico anticipates drilling 4,500 ft (1,372 m) of core in 6 to 8 holes. This drill program is dependent on drill rig availability. Agnico may also conduct Induced Polarization ("IP") geophysical surveys to better define drill targets.
The most recent drilling on Ester Dome was conducted by Placer Dome Exploration in 1998 where 19.7 ft of 2.7 oz Au/t (6 m of 91.2 g Au/t) from 360 to 381 ft (110 to 116 m) was intersected.
Project Details
The Ester Dome project consists of 181 Alaska state mining claims covering approximately 13.8 sq. mi (35.7 sq. km) and is located 5 mi (8 km) from Fairbanks, Alaska. The Fairbanks District has produced over 9.5 million ounces of alluvial gold. Over 3 million ounces of alluvial gold were mined on the flanks of Ester Dome and the property covers the majority of the upland source area for these 3 million ounces.
The geology of Ester Dome comprises a suite of metamorphic rocks, primarily schist separated by thrust faults and cut by igneous sills and small stocks. The mineralization on the Ester Dome project is prospective for both high-grade vein and shear-hosted gold deposits and larger-tonnage bulk-minable intrusion-related-gold-deposits. Fairbanks area gold deposits, such as Fort Knox (+6 million ounces) that is hosted in an intrusive stock and characterized by sheeted quartz veins and shears, as well as True North (1.3 million ounces) that is hosted in complex imbricate shears with quartz veins in metasediments, provide target analogues for exploration at Ester Dome.
The data disclosed in this press release have been reviewed and verified by President & CEO Ken Cunningham, P.G., MSc. Geology and Qualified Person as defined by National Instrument 43-101.
Corporate Profile
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) Limited, Montezuma Mines Inc., Navaho Gold Ltd., NuLegacy Corporation, Piedmont Mining Company Inc., Ramelius Resources Ltd., and Red Eagle Mining Corporation.
ON BEHALF OF THE BOARD
"Kenneth Cunningham"
Kenneth Cunningham
President and CEO
Miranda Gold and Agnico-Eagle USA Sign Exploration Agreement for Ester Dome Project
Vancouver, British Columbia CANADA, March 29, 2011 /FSC/ - Miranda Gold Corp. (MAD - TSX Venture), has signed an exploration agreement with option to joint venture (the "Agreement") with Agnico-Eagle (USA) Limited ("Agnico"), a wholly owned subsidiary of Agnico-Eagle Mines Limited (TSX:AEM), whereby Agnico may earn up to a 70% interest in the Ester Dome project located in the Fairbanks mining district of Alaska.
Under the terms of the Agreement, which replaces a Letter of Intent announced on October 14, 2010, Agnico can earn a 51% interest in Ester Dome by spending US$4,000,000 in qualifying expenditures over a five year period. Agnico may then elect to earn an additional 19% interest, for a total of 70%, by completing a feasibility study or by spending an additional US$10,000,000 at a rate of no less than US$1,000,000 per year. Upon signing the Agreement, Agnico agreed to pay Miranda US$30,000 and is obligated to fund a first year exploration budget of US$500,000.
2011 Exploration Plans
In 2011 exploration will focus on enhancing and testing drill targets within a 7,000 ft by 1,200 ft (2,134 m by 366 m) gold in soils anomaly that was developed by Miranda in 2010. Miranda and Agnico both believe the source of this gold anomaly could be a buried gold-bearing intrusion. Agnico plans on collecting an additional 350 soil samples using a mechanized auger as a first phase to verify and expand the soil anomaly. Agnico anticipates drilling 4,500 ft (1,372 m) of core in 6 to 8 holes. This drill program is dependent on drill rig availability. Agnico may also conduct Induced Polarization ("IP") geophysical surveys to better define drill targets.
The most recent drilling on Ester Dome was conducted by Placer Dome Exploration in 1998 where 19.7 ft of 2.7 oz Au/t (6 m of 91.2 g Au/t) from 360 to 381 ft (110 to 116 m) was intersected.
Project Details
The Ester Dome project consists of 181 Alaska state mining claims covering approximately 13.8 sq. mi (35.7 sq. km) and is located 5 mi (8 km) from Fairbanks, Alaska. The Fairbanks District has produced over 9.5 million ounces of alluvial gold. Over 3 million ounces of alluvial gold were mined on the flanks of Ester Dome and the property covers the majority of the upland source area for these 3 million ounces.
The geology of Ester Dome comprises a suite of metamorphic rocks, primarily schist separated by thrust faults and cut by igneous sills and small stocks. The mineralization on the Ester Dome project is prospective for both high-grade vein and shear-hosted gold deposits and larger-tonnage bulk-minable intrusion-related-gold-deposits. Fairbanks area gold deposits, such as Fort Knox (+6 million ounces) that is hosted in an intrusive stock and characterized by sheeted quartz veins and shears, as well as True North (1.3 million ounces) that is hosted in complex imbricate shears with quartz veins in metasediments, provide target analogues for exploration at Ester Dome.
The data disclosed in this press release have been reviewed and verified by President & CEO Ken Cunningham, P.G., MSc. Geology and Qualified Person as defined by National Instrument 43-101.
Corporate Profile
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) Limited, Montezuma Mines Inc., Navaho Gold Ltd., NuLegacy Corporation, Piedmont Mining Company Inc., Ramelius Resources Ltd., and Red Eagle Mining Corporation.
ON BEHALF OF THE BOARD
"Kenneth Cunningham"
Kenneth Cunningham
President and CEO
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