MRG Outcrop Silver & Gold Corporation

Miranda Gold Corp. (“Miranda”) (TSX-V: MAD) is pleased to announce that its exploration funding partner at Red Canyon, Montezuma Mines Inc. ("Montezuma"), a wholly owned subsidiary of CMQ Resources Inc. (TSX-V:NV), is now drilling in the Ice target zone. Montezuma's Phase I reverse circulation drill campaign will consist of approximately 6,000 - 8,000 ft (1,830 - 2,440 m) in seven holes.

The principal target for Phase I drilling is a southeast-trending structural corridor 1,660 ft (506 m) long that has not previously been drill tested. The ends of this corridor are anchored by core hole MR09-05C in the northwest and reverse circulation hole MR10-01 in the southeast.

Drill Hole       Intercept-ft       Length-ft       oz Au/t       Length-m       g Au/t MR09-05C 0 - 130 119(11 ft no sample) 0.152 36.3 5.25 includes 56 - 95 39 0.281 11.9 9.64 MR10-01 775 - 795 20 0.050 6.1 1.714 965 - 985 20 0.086 6.1 2.949

Montezuma received approval for its Red Canyon Plan of Operations (PoO) from the Bureau of Land Management on July 25, 2011. The PoO permits up to about 125 acres (50 hectares) total disturbance and the Phase I drilling was initiated under the provisions of the PoO.

The current drill program will follow up on Montezuma's eight-hole 11,260 ft (3,433 m) reverse-circulation drill program conducted in 2010 which included vertical hole MR10-01.

Project Details

The Red Canyon project in Eureka County, Nevada, includes 254 unpatented lode mining claims (7.9 sq mi / 20.6 sq km) on the Battle Mountain-Eureka Trend and adjoins U.S. Gold's Tonkin Springs property to the west. The project covers an erosional "window" that exposes hydrothermally altered and brecciated lower-plate carbonate rocks that are age equivalent to the rocks hosting Barrick’s Cortez Hills gold deposit.

All data disclosed in this press release have been reviewed by Vice President of Exploration, Joe Hebert, a 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) Inc., Montezuma Mines Inc., Navaho Gold Ltd., NuLegacy Gold Corporation, Ramelius Resources Ltd., and Red Eagle Mining Corporation.

ON BEHALF OF THE BOARD

“Kenneth Cunningham”

Kenneth CunninghamPresident and CEO

For more information visit the Company’s web site at www.mirandagold.com or contact Joe Hebert, Vice President, Exploration at 775-738-1877.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC.

This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.