MIRANDA agrees to joint venture terms to develop its Willow Creek project, Alaska

(firmenpresse) - MIRANDA AGREES TO JOINT VENTURE TERMS TO DEVELOP ITS WILLOW CREEK PROJECT, ALASKA

Vancouver, BC, Canada AUGUST 6, 2014 - Miranda Gold
Corp. ("Miranda") (TSX-V:
MAD)
is pleased to announce that it has signed a Letter of In
tent (LOI) with Gold Torrent, Inc. (Gold
Torrent)
(GTOR:QBB) on its Willow Creek project in Alaska.
The Letter of Intent

The principal terms of the LOI provide that within 15
days of Gold Torrent completing a 60 day due diligence
period from the date of signing the LOI, the parties
will enter into a joint venture (the JV) for the
development of the Willow Creek project. The JV
agreement
will be based on the Rocky Mountain Mineral Law
Foundation form of Limited Liability Company agreement
known as the Modest Form 5
LLC.


- Miranda will assign the underlying lease and other
data, reports and information

on the Willow Creek project to the JV;

- Gold Torrent will sole fund the first US$10 million of
expenditures

on the JV to earn a 70% interest in the JV at which time
Miranda will have a 30% interest in the
JV
;

- Gold Torrent will be entitled to 90% of the cash flow
from production at the Willow Creek project until it
recovers its

US$10 million initial capital investment and thereafter
it will be entitled to
70%
, with Miranda being entitled to first 10%, and then 30%
of the Willow Creek cash flow;
and


- Gold Torrent will be manager of the JV and the
management committee shall comprise two Gold Torrent
nominees and one Miranda
nominee.


Gold Torrent plans to develop a small scale-underground
mine operation

and to bring the currently known mineralization into
production
, funded by the US$10 million contribution. After

adequate access has been developed underground,
e
xpansion and exploration drilling will be conducted both
during construction and during commercial
production
. This drilling is expected to expand the known
mineralization well beyond the current levels.


Recorded gold production from the Willow Creek District w
as

667,000 ounces at 1.2 oz Au/t (41.1 g Au/t). Miranda and
Gold Torrent believe that potential exists to define
additional mineralization similar to historic
discoveries
with systematic mine and district exploration.


About Gold Torrent

Gold Torrent is an OTC Bulletin Board listed company,
established in 2013, led by individuals with extensive
experience in public company management, mining and
financial
sectors:


- Daniel Kunz is a senior mining executive with more
than
35
years in mine development and operations including 17
years with Morrison Knudsen Mining and as President and
COO Ivanhoe

Mines Ltd. with his career emphasis on mine development.

- Ryan Hart is an experienced financial professional and
former financial manager for Credit Suisse and UBS,
with

his career emphasis on venture capital.

- Alexander Kunz is a lawyer with management experience
and a technical background in
science.


Gold Torrent is further supported by a technical and
advisory team with over 150 years of

combined mining and exploration experience including work
in

Alaska and the Yukon. The team includes Pete Parsley, a
senior geologist experienced in Alaska
and
in high-grade gold deposits, and Bruce Thorndycraft, a
senior metallurgist with extensive experience in mill
design, construction and
operation
.

Willow Creek Project

As reported on November 21, 2013, Miranda signed a
twenty year lease on the Willow Creek project. The
project is
located
75 mi (121 km) miles north of Anchorage, Alaska and is
accessible by

well-maintained roads that can be used year round. The
Willow Creek Project covers the majority of the Willow
Creek mining district and contains 75 patented lode
mining claims and 62 State of Alaska lode mining claims
for a total of approximately 8,700 acres (3,520
hectares).


The Willow Creek mining district is notable as the
second largest historic lode gold producer in Alaska.
Before 1950, the Willow Creek district alone had
produced 5% of Alaskas lode gold. Recorded gold
production between 1911 and 1942 (when L-208

of the War Measures Act closed non-essential mining due
to WWII) was 667,000 ounces at a grade of 1.2 oz Au/ton
(41.1 g Au/t). Willow Creek gold is reported to be free
milling with greater than 80% recovery by
gravi
ty alone and recoveries up to 97% reported from gravity
and flotation processing.



At Willow Creek, gold is found in low-sulfide
mesothermal quartz veins, hosted in a tonalite
intrusi
on associated with an east-west, shallow to moderate
north
-dipping, shear zone. Both vein and shear-zone material
can have significant mineralization. Alteration
includes clay selvages and more widely dispersed
carbonate alteration. The average thickness of the
veins is 5ft (1.52m) but stope widths to 24 ft (7.3 m)
are reported. Gold is commonly coarse and often visible
in high-grade vein material, associated with banded
tellurides and sulfide. Very little gold is tied up in
sulfides. The central vein can be traced for over 1.2
mi (2 km) and there are approximately 1.2 mi (2 km) of
additional veins reported on the
project.


Extensive drilling was done by a previous operator at
the historical Coleman Mine, one of the deposits in the
Willow Creek project, and Miranda has commissioned
a
n independent initial mineral resource estimate for this
mineralized
area
, that will be compliant with NI 43-101 and is expected
to be completed in September 2014. In
2009
, this same operator permitted a test mining and bulk-sam
ple milling program on the

Coleman deposit and, according to Mirandas discussion
with local agencies, the scope of permitting has not
substantially changed.

Since the project is on both private and Alaska state
lands exploration and exploitation could proceed
rapidly.


About Miranda

Miranda is a gold exploration company active in Nevada,
Alaska
and Colombia, 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., Prism
Resources,

Montezuma Mines Inc., and Red Eagle Mining Corporation.

Qualified Person

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.


For more information related to Miranda:
Joe Hebert
Executive Vice President
775-738-1877
www.mirandagold.com

Miranda Gold Corp.
Unit 1, 15782 Marine Drive
White Rock, BC. V4B 1E6
Tel: (604)536-2711

OTCBB: MRDDF
TSX-V: MAD
FSE: MRG


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:
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Bereitgestellt von Benutzer: irw
Datum: 06.08.2014 - 13:33 Uhr
Sprache: Deutsch
News-ID 334827
Anzahl Zeichen: 11096

contact information:
Town:

Wien

Kategorie:

Business News

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