MRG Outcrop Silver & Gold Corporation

Miranda Gold Corp. ("Miranda") (TSX-V: MAD) is pleased to announce that Ramelius Resources Ltd. ("Ramelius") (ASX: RMS) our funding partner at Big Blue, has started the 2012 drill campaign. Big Blue is a sediment-hosted gold project located in Lander County, Nevada. Ramelius plans three reverse-circulation holes totaling about 4,500 ft (1,370 m) for this phase of drilling.

This third round of drilling by Ramelius will further test structural and geochemical trends on and near the West Cottonwood target (formerly called Anomaly Ridge). Surface samples from Anomaly Ridge contain up to 0.025 oz Au/ton (0.850 g Au/t) in soils and up to 1.70 oz Au/ton (58.2 g Au/t) in rocks. Additionally, in BBR11-05 drilled on the flank of Anomaly Ridge, pathfinder elements show an approximate 10-fold increase from a depth of 600 ft (183 m) to the bottom of the hole at 835 ft (254.5 m) where the concentrations are 1,360 ppm arsenic, 116 ppm antimony, and 5.4 ppm mercury. These elements generally form halos above or around gold mineralization.

The drill contractor is Boart-Longyear who will provide a truck-mounted reverse-circulation drill capable of drilling over 2,000 ft (610 m).

All holes drilled to date at Big Blue intersected anomalous to significant gold mineralization. The following table summarizes significant drilled gold intersections (defined as those gold grades of 0.01 oz Au/ton (0.343 g Au/t) or higher over intercepts of 5 ft (1.5 m) or longer) from the 2011 drilling. The anomalous intercepts are in the upper-plate of the Roberts Mountains Thrust which dominantly consists of argillite, siltstone, and chert. Better host rocks for sediment-hosted gold mineralization are the limestone formations beneath the thrust.

Hole ID   Total Depth(ft)   Interval (ft)   Length (ft)   Grade(oz Au/ton)   Interval(m)   Length(m)   Grade(g Au/t) PHASE I BBR11-01 1,120 10-40 30 0.048 3.0-12.2 9.1 1.631 Includes 15-20 5 0.178 4.6-6.1 1.5 6.110 70-80 10 0.019 21.3-24.4 3.0 0.651 BBR11-02 475 70-75 5 0.015 21.3-22.9 1.5 0.515 90-95 5 0.018 27.4-29.0 1.5 0.624 BBR11-03 275 55-80 25 0.043 16.8-24.4 7.6 1.491 90-95 5 0.033 27.4-29.0 1.5 1.135 BBR11-04 575 45-65 20 0.018 13.7-19.8 6.1 0.617 195-200 5 0.017 59.4-61.0 1.5 0.573 PHASE II BBR11-05 835 125-130 5 0.011 38.1-39.6 1.5 0.375 185-190 5 0.012 56.4-57.9 1.5 0.406 Maximum gold intercepts in BBR11-06 and -07 are 5 ft (1.5 m) of 0.104 and 0.128 g Au/t, respectively. Original data are in feet and Au ppm (g Au/t).

True thicknesses of gold intercepts cannot be determined.

Ramelius recently contracted a spectrometry survey of selected soil, rock, and drill samples. The survey identified mineral products of hydrothermal alteration, especially varieties of clays, which may have developed along fluid pathways. The purpose of the survey is to help identify structures that may have influenced the distribution of gold mineralization and which can be targeted for drill testing.

Data disclosed in this press release, including sampling, analytical and test data, has been reviewed and verified by Vice President of Exploration Joseph Hebert, C.P.G., B.Sc. Geology and Qualified Person as defined by National Instrument 43-101.

Project Details

The Big Blue Project consists of 255 unpatented lode mining claims covering 8.2 sq mi (21.2 sq km) located in the Toiyabe Range, 13 mi (21 km) north of Austin, Nevada. The project is on the south margin of the Callaghan Window, a large area exposing Cambrian- through Silurian-age lower-plate carbonate rocks in the footwall of the Roberts Mountains Thrust. The lower-plate sequence includes the Roberts Mountains and Hanson Creek Formations and the Pogonip Group, of which all are known to be favorable hosts for large, sediment-hosted gold systems in Nevada.

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 Corporation, Ramelius Resources Ltd., and Red Eagle Mining Corporation.

ON BEHALF OF THE BOARD

"Kenneth Cunningham"

Kenneth Cunningham

President 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.