Miranda and Prism Receive Exploration Contract at Cerro Oro, Colombia

(firmenpresse) -
Miranda and Prism Receive Exploration Contract at Cerro Oro, Colombia


Vancouver, BC, Canada April 2, 2014 - Miranda Gold
Corp. ("Miranda") (TSX-V:
MAD)
and Prism Resources Inc. (Prism) (NEX:PRS.H) are
pleased to announce that on

April 1, 2014, a contract for the Cerro Oro project,
Colombia
was issued by Agencia Nacional de Minera (ANM).and
signed

by Miranda.

Miranda controls approximately 1,100 hectares at Cerro Or
o of which 711 hectares are
now
controlled through an exploration contract with the
remainder
being
held through an application which was announced on July
11, 2013. Issuance of the

contract now allows Prism to begin exploration on the
license area. According to Prisms CEO, Robert Baxter
Prism will commence a work program totaling at least
$100,000 that will consist of a combination of mapping,
rock chip and soil sampling, trenching and
possibl
y an IP (induced polarization) geophysical survey.
Miranda will act as operator during the initial work
program. Prism will additionally fund a 43-101 report
that will be written by an independent Qualified
Person. The 43-101 report will recommend a drill
program based on targets generated

by Miranda during the exploration program.

Miranda is pleased that ANM issued and signed the
exploration contract

as this will enable Prism and Miranda to begin work at
Cerro Oro. The

agreement between Miranda and Prism was, among other
things,
conditional on obtaining an exploration contract and
will now be
finalized
at which time Prism will reimburse Miranda for costs
associated with the acquisition of the Cerro Oro
property
.

Cerro Oro covers approximately 1,100 hectares and lies
within
the resource-rich Middle Cauca Belt in the Caldas

department approximately 120 km south of Medellin.
Cerro
Oro
appears to be one of a cluster of large northeast
trending

epithermal gold systems that includes Marmato which lies
14
km
to the northeast. This trend of epithermal deposits is
located
between
Solvistas Caramanta deposit to the north and Seafield
and
Batero
s Quinchia deposits to the south. Cerro Oro as an
epithermal

low-sulfidation gold system provides the potential for
higher grades than the typical low-grade porphyries
seen in the Cauca
Belt.
Miranda is excited to explore this area with Prism.

Project Details

At Cerro Oro gold and silver mineralization is hosted in
sericitic and

argillically altered 2-3MA volcanic tuffs and flows of
the Combia
Formation
. The mineralization is associated within narrow veins
and widespread

hematitic fractures zones. Gold has a geochemical
association with arsenic, mercury and antimony and
generally low

or background base metal values. The porous tuffs at
surface

commonly host fracture-controlled and disseminated gold m
ineraliza
tion.

Recently informal miners have developed workings on narro
w high-grade

veins of quartz-adularia-pyrite and also excavated local
bladed
quartz
-after-calcite textures. Adularia and bladed textures
are

common features of bonanza veins within the productive
parts of low sulfidation gold
systems
.

Cerro Oro may be an analog to Marmato but at a higher
level of exposure, thus providing both
bulk
-minable targets and high-grade bonanza veins at depth.

Outcrop exposure, which is limited to creek beds, suggest
s
alteration and mineralization occurs over two square
kilometers.

Alteration seems to occur within the damage zone of a nor
thwest-trending structural zone up to 600 m wide.

Notably it is common to recover fine free gold by
panning crushed outcrop samples and artisanal miners
are locally recovering free gold from
in
situ sap-rock by small-scale hydraulic mining. Informal
miners are also recovering a significant portion of
contained gold

in veins and fractures from a simple gravity circuit
without

using chemicals.

Limited reconnaissance mapping and prospecting suggests
alteration is zoned from argillic to siliceous with
depth and that the alteration cell at

Cerro Oro may have a spatial and structural relationship
to

potassic alteration and porphyry-style mineralization
several kilometers away.

Twenty surface rock samples returned assay values between
0.120 and

3.3 g Au/t and up to 28 g Ag/t in stockwork-disseminated
mineralization.


Early exploration work will include prospecting and
mapping to define the limits of the mineralized system
and identify structural controls. Soil
grid
sampling will be initiated from areas of artisanal
mining to be followed up by
trenching
all done in order to advance drill targets.

Agreement Details

The agreement with Prism is now only conditional until re
ceipt of

applicable regulatory and stock exchange approvals. Upon
satisfaction of
the
se foregoing conditions, Prism will issue Miranda
200,000 common shares,

Prism will reimburse Miranda for the US$90,000 underlying
lease payments paid by
Miranda
, and Prism will be obligated to fund exploration
related expenditures of US$4,000,000 to earn a 51%
interest and through additional funding can earn an
additional 19% for a total interest of 70%.

The underlying lease agreement on Cerro Oro required
payment of a US$10,000 on signing and a subsequent
payment of US$80,000 upon conversion of the application
to
a
n exploration contract. To maintain the lease, annual
escalating payments that total $525,000 over five years
will be required and thereafter annual payments of
$135,000. The project is also subject to a 1.2 %
production royalty and a
per
-ounce gold bonus for Measured and Indicated NI43-101-com
pliant

Resource.

Data disclosed in this press release, have been reviewed
and verified by

Mirandas Executive Vice President Joseph Hebert,
C.P.G., B.Sc. Geology and Qualified Person as defined
by National Instrument
43-101.


About Miranda

Miranda Gold Corp. is a gold exploration company active
in Nevada

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
o
ngoing relationships with Agnico Eagle Mines Ltd.,
Montezuma Mines Inc., and Red Eagle Mining
Corporation.


About Prism

Prism Resources Inc. is a junior exploration corporation
listed on the NEX board of the TSX Venture
Exch
ange. Its focus is on earning its interest in the Cerro
Oro Project with

a view to reactivate to the TSX Venture Exchange.

ON BEHALF OF THE BOARDS OF DIRECTORS OF BOTH MIRANDA AND
PRISM



For more information related to Miranda: Joe Hebert,
Executive Vice
President

775-738-1877
www.mirandagold.com

For more information related to Prism contact:
Robert (Bob) Baxter
Prism Resources Inc.
+1-778-928-1864
Email: bbaxter(at)prismresourcesinc.com

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.

Unternehmensinformation / Kurzprofil:
Leseranfragen:
Bereitgestellt von Benutzer: irw
Datum: 02.04.2014 - 13:12 Uhr
Sprache: Deutsch
News-ID 329548
Anzahl Zeichen: 11354

contact information:
Town:

Wien

Kategorie:

Business News

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"Miranda and Prism Receive Exploration Contract at Cerro Oro, Colombia
"
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