Miranda Gold Corp. (MAD.V) Signs Exploration Agreement with Agnico-Eagle Ltd. for the Ester Dome Project

By @ibtimes on

Miranda Gold Corp., a company that engages in the acquisition, exploration, and development of mineral properties in the western US and Colombia, has announced that it has signed an exploration agreement, which includes the option for a joint venture, with Agnico-Eagle, a wholly owned subsidiary of Agnico-Eagle Mines Limited (AEM). Agnico may earn up to 70% interest in the Ester Dome project, which is located in the Fairbanks mining district of Alaska.

Under the terms present in the Agreement, which will replace a Letter of Intent announced on October 14,2010, Agnico can earn up to 51% interest in Ester Dome by spending US$4,000,000 in any qualifying expenditures over a period of five years. Agnico can then elect to earn an additional 19% of interest, for a total of 70% in interest, by completing a study or by spending US$10,000,000 at a rate of no less than US$1,000,000 per year. When signing the agreement, Agnico agreed to pay Miranda Gold US$30,000 and is responsible for funding of the first year exploration budget of US$500,000.

In 2011, exploration will have a main focus of enhancing and testing drill targets with a 7,000 ft by 1,200 ft gold in soils anomaly, which was developed by Miranda Gold back in 2010. Miranda and Agnico both believe that the source of this gold anomaly could be a buried gold-bearing intrusion. Agnico has made plans to collect an addition of 350 soil samples using a mechanized auger as a first phase, in order to verify and expand the soil anomaly. Agnico plans to drill 4,500 ft of core in 6 to 8 holes. This drill program is dependent on drill rig availability. Agnico may also conduct Induced Polarization (IP) geophysical service to help better define the drill targets.

The most recent drilling activity on Ester Dome was performed by Placer Dome Exploration in 1998, where 19.7 ft of 2.7 oz Au/t from 360 to 381 feet was intersected.

The Ester Dome project consists of 181 Alaska state mining claims expanding over approximately 13.8 sq. miles and is located 5 miles from Fairbanks, Alaska. The Fairbanks District has produced more than 9.5 million ounces of alluvial gold. More than 3 million ounces of alluvial gold were mined along the flanks of Ester Dome, the property covering the majority of the upland source area for said 3 million ounces.

Miranda Gold Corp. is engaged in the acquisition, exploration, and development of mineral properties in Canada and the western United States. The company mainly explores for gold properties. The company holds its interests in many properties in Nevada, Alaska, and Colombia. Miranda Gold holds its ongoing partnerships with Agnico-Eagle Limited, Montezuma Mines Inc., Navaho Gold Ltd., NuLegacy Corporation, Piedmont Mining Company Inc, Ramelius Resources Ltd., and Red Eagle Mining Corporation. The company, which was founded in 1993, is located in Vancouver, Canada.

For more information on Miranda Gold Corp., visit their company website at: http://www.mirandagold.com

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