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Miranda Gold Corp. ("Miranda") (TSX-V: MAD) announces that NuLegacy Gold Corporation (“NuLegacy”) has terminated the earn-in agreement for Miranda’s Red Hill and Coal Canyon project. Miranda wishes to thank NuLegacy for their work on the project and for returning the property back to Miranda in a timely fashion so that a new funding partner can be sought.
Ken Cunningham, Miranda’s President and CEO reports,
“that we appreciate the work that NuLegacy has done to advance these projects but are also pleased to have them returned.Miranda believes that the potential of the Red Hill property relates to the deep mineralization (45 ft of 0.237 oz Au/t – 13.7m of 8.105 g Au/t) intercepted in drill hole BRH-13. While NuLegacy conducted numerous drill campaigns only one hole was directed at the deep potential of the property, thus leaving the property inadequately tested. Considering Barrick’s nearby multi-million ounce Goldrush discovery occurs at similar depths, we are interested in finding a new partner who shares our enthusiasm in testing the deep potential of the property”. Miranda’s Vice President of Exploration, Joe Hebert was instrumental in the discovery of the Goldrush deposit when he led Placer Dome’s generative exploration program. According to Hebert,
“the Cortez district deposits which include Pipeline, Cortez Hills and now Goldrush lie in an en echelon pattern that trends from the northwest to southeast. Miranda’s Red Hill property lies along this trend to the southeast of Goldrush”.
During the four years that NuLegacy was a partner on the Red Hill project they funded the drilling of a total of 18 reverse-circulation holes and one core hole for a combined footage of 24,425 ft (7,445 m). In addition, one reverse-circulation hole was drilled at Coal Canyon to a depth of 1,485 ft (453 m). NuLegacy partnered with Miranda on the Red Hill property in September of 2009 and the Coal Canyon project was added to the earn-in agreement in January of 2011. During the association NuLegacy spent approximately $2.3 million advancing knowledge of the Red Hill and Coal Canyon properties. The recent termination by NuLegacy brings 100% control of the properties back to Miranda.