Miranda Gold Corp. Acquires and Stakes Claims in Pequop Mountains
April 17 2008 - 7:00AM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: MAD)(OTCBB:
MRDDF)(FRANKFURT: MRG) has acquired 136 claims in the Pequop
Mountains, in Elko County, Nevada. The PQ Property comprises 36
leased claims covering one square mile. In addition, the Company
has staked an additional 100 claims totaling 2.75 square miles
surrounding the leased claims.
The PQ Property is located approximately 18 miles east of Wells,
Nevada and approximately 8 miles north of the AuEx Ventures Inc.
("AuEx") and Agnico Eagle (USA) Ltd. ("Agnico-Eagle") West Pequop
Project. Agnico-Eagle has recently staked claims that adjoin
Miranda's Property on the southeast. Many companies are continuing
aggressive claim staking in this area of the Pequop Mountains under
the premise that the AuEx Long Canyon and West Pequop discoveries
may represent a new gold trend in Nevada.
The geology on the property is a sedimentary rock sequence
including limestone, shale and conglomerates. These rocks are cut
by predominately north- and west-northwest-trending faults.
Locally, the fault zones control jasperoid and gossan occurrences
and are marked by weak silicification and bleaching. Limited rock
chip sampling shows weakly anomalous gold and arsenic
mineralization, and significantly anomalous mercury, antimony and
zinc. Zinc is reportedly anomalous at both West Pequop and Long
Valley.
Miranda has signed a 20 year lease on the 36 claims and has paid
a $20,000 advanced royalty signing bonus. Advance royalty payments
due on the first and second anniversaries are $30,000 and $40,000.
Third and subsequent anniversaries require an advance royalty
payment of $50,000. The leased claims are subject to a net smelter
return ("NSR") royalty of 3% and the surrounding claims, while
staked by Miranda, fall within the lease's Area of Interest and are
subject to an NSR of 2%. Both royalties are subject to a "buy-down"
provision.
Once field conditions improve, Miranda will implement an
evaluation of the property that will include mapping, sampling and
possibly a gravity survey. In line with Miranda's business model, a
joint venture partner will be sought to further explore the PQ
project.
Corporate Profile
Miranda Gold Corp. is a gold exploration company active in
Nevada and whose emphasis is on generating gold exploration
projects within the Battle Mountain-Eureka and Cortez Trends.
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 Barrick Gold Exploration Inc., the
Cortez Joint Venture, the Buckhorn Joint Venture, Piedmont Mining
Company Inc., White Bear Resources Inc. and Queensgate Resources
Corporation.
ON BEHALF OF THE BOARD
Kenneth Cunningham, President and CEO
This news release may contain information about adjacent
properties on which we have no right to explore or mine. We advise
U.S. investors that the SEC's mining guidelines strictly prohibit
information of this type in documents filed with the SEC. U.S.
investors are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on our
properties. This news release may contain forward-looking
statements including but not limited to comments regarding the
timing and content of upcoming work programs, geological
interpretations, receipt of property titles, potential mineral
recovery processes, etc. Forward-looking statements address future
events and conditions and therefore involve inherent risks and
uncertainties. Actual results may differ materially from those
currently anticipated in such statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Miranda Gold Corp. Fiona Grant Manager, Investor
Relations (604) 689-4580 or 1-877-689-4580 Website:
www.mirandagold.com
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