Miranda Gold Finalizes Exploration Alliance in Colombia
February 19 2013 - 7:00AM
Business Wire
Miranda Gold Corp. ("Miranda") (TSX-V: MAD) is pleased to
announce that Miranda and its wholly owned Colombian subsidiary
have signed the strategic alliance agreement that was originally
announced on July 25, 2012 for precious metal exploration in
Colombia. Miranda and our partner will share funding 30:70,
respectively, in generative exploration expenditures with Miranda
as operator. The alliance is for a period of three years and is
renewable thereafter by mutual consent. The exploration program
budget will be an aggregate amount of no less than US$1,100,000 per
year with the first year beginning immediately.
Miranda has been building predictive models for Colombian
exploration and determining where best to employ alliance funds.
The alliance will focus its initial efforts on porphyry-related
gold-systems in the middle-Cauca gold belt and intrusive related
gold systems that are analogous to Gramalote in the Antioquia
Batholith. In addition, low and high-sulfidation, epithermal
gold-silver systems will also be targeted.
The Colombian government has announced that the government
imposed moratorium for new mining applications will be lifted on
July 3, 2013. In expectation of the moratorium being lifted,
Miranda has been compiling a list of properties that it will
immediately apply for when the time comes.
Initially, properties will be acquired by Miranda and alliance
funding will be used to advance projects through exploration
methods including stream sediment, outcrop and soil sampling as
well as mapping surveys. Once the project meets certain criteria,
and Miranda feels that the property is ready to be drill tested a
report will be presented to our partner and they will have a 60-day
period during which to choose to take the property from Miranda’s
portfolio and declare it a “Designated Property”, or reject the
project, or require more work be done by the alliance to increase
the quality of the targets before considering it to be a Designated
Property. Once selected, Designated Properties will be subject to a
stand-alone earn-in agreement whereby our partner can earn
increasing levels of interest in that Designated Property by sole
funding a series of qualified exploration and feasibility study
expenditures over a designated time frame to secure up to a 70%
interest in the Designated Property at which time a joint venture
will be formed and Miranda would be responsible for its
proportionate share of joint venture expenditures.
Projects that do not meet the criteria as Designated Properties
will remain in Miranda’s control. Miranda can then choose to
advance the project at its own expense, seek another company to
partner with or drop the property.
Ken Cunningham, President and CEO of Miranda Gold states “this
is a great opportunity for the partners and leverages Miranda’s
cumulative three-years of experience in Colombia while staying true
to our project generator and joint venture business model. With the
likely lifting of the moratorium, we fully expect to deliver
several quality properties to the alliance. We are also pleased
that as projects are advanced we will have a partner ready to take
them on as Designated Properties to fund the programs to the
feasibility stage before Miranda’s proportionate funding will
begin.”
Data disclosed in this press release, have 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.
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., 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.
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.
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