Miranda Announces Partnership with Newmont to Explore the Lyra Project Adjacent to the Buriticá District IN Colombia
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MIRANDA ANNOUNCES PARTNERSHIP WITH NEWMONT
TO EXPLORE THE LYRA PROJECT ADJACENT
TO THE BURITICÁ DISTRICT IN COLOMBIA
Vancouver, BC, Canada – August 29, 2018 - Miranda Gold Corp. ("Miranda") (TSX -V: MAD) is
very pleased to announce that it has signed an option a greement (the “Agreement”) that allows
Newmont Mining Corporation (NYSE: NEM) to earn an interest in Miranda’s Lyra Project in
Colombia.
Project Details
Lyra is in the Department of
Antioquia, 120km northwest of
Medellín, and a two hour drive from
the city . T he Lyra project comprises
in 14 concession contract
applications totaling 54,895 hectares
covering more than 25km of the
Tonusco Fault that extends south
from the Buriticá vein system.
Data available from Ingeominas
(Instituto Colombiano de Geología y
Minería) shows 50 of 61 of their
samples on Lyra are non -detectable
to 0.3 g Au/ t, 11 samples are greater
than 0.3 g Au/t, and 6 of those 11
samples greater than 1 g Au/t.
Miranda infers that the Tonusco Fault
is a feeder to the Buriticá vein system
and that Lyra may offer an extension
to the Buriticá district and additional
similar vein systems may occur along
the Tonusco Fault on Lyra.
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Agreement Details
Miranda will operate a prospecting program funded by Newmont on Lyra totaling US$600,000 over
18 months or less - this is an obligation - unless the applications are converted to concession
contracts before the end of 18 months. Conversion of all applications to concession contracts will
trigger a decision by Newmont as to whether they want to earn into the project - although Newmont
may elect to terminate the Agreement at any time.
Upon successful co nversion of the Lyra applications to concession contracts , and an election to
earn into the project, Newmont shall incur a minimum of US$3,000,000 in qualifying expenditures
over the course of the subsequent four years to earn-in and vest into 51% of the Lyra project (the
“Initial Earn-In”).
Upon successful completion of the Initial Earn -In, Newmont and Miranda shall form a joint venture
mining company whereby Newmont shall have an initial 51% interest and Miranda shall have a 49%
interest. Newmont shall t han have the right to earn an additional 19% interest, for an aggregate
70% interest in the joint venture, by funding an additional US$7,000,000 in qualifying expenditures
over the course of the subsequent four years (the “Second Earn-In”).
Comments by Miranda CEO:
Joseph Hebert, Miranda’s Chief Executive Officer , comments that, “Miranda is pleased to part ner
with Newmont in conducting prospecting, and once concession contracts are granted, exploration,
on the Lyra Project. Newmont is focused on leading in social and environmental responsibility, and
brings their proprietary technologies to explore the Lyra project. Miranda believes Lyra covers an
extension of the Buriticá District, and a substantial trend for Miranda and Newmont to explore . Lyra
is one three strategic and aggressive Miranda acquisitions, including Kuntur and Oribella in the
Middle Cauca Belt between the world -class Buriticá and Nuevo Chaquiro gold and gold -copper
deposits.”
Qualified Person
Data disclosed in this press release have been reviewed and verified by Miranda’s Chief Executive
Officer, Mr. Joseph Hebert, C.P.G., B.Sc. Geology, and Qualified Person as defined by National
Instrument 43-101.
Corporate Profile
Miranda is a gold exploration company active in Colombia. Miranda employ s a prospect generator
and joint venture business model. Miranda focuses on generating projects with world -class
discovery potential, and then joint ventures multiple projects to maximize the chance of discovery,
while reducing economic risk and shareh older dilution. Miranda has ongoing partnerships with
IAMGold Corporation, and now with Newmont.
For more information related to Miranda contact Joseph Hebert, Chief Executive Officer at 1 -775-
340-0450 or [email protected] - www.mirandagold.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.
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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", "antic ipate", "estimate",
"suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such for ward-looking
statements involve known and unknown risks, uncertainties and other factors that could cause actua l 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 econo mic evaluations; changes in project parameters as plans to
continue to be refined; possible variations in ore grade or recovery rates; accidents, labor 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 require d 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.
Notice to US investors:
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 press release uses (or may use) the terms “measured resources”, "indicated resources" an d "inferred resources", which are
estimated in accordance with the Canadian National Instrument 43 -101 and the Canadian Institute of Mining and Metallurgy
Classification system. We advise investors that while those terms are recognized and required by Can adian regulations, the U.S.
Securities and Exchange Commission does not recognize them. U.S. investors are cautioned not to assume that any part or all o f mineral
deposits in these categories will ever be converted into reserves. In addition, "Inferred re sources" have a great amount of uncertainty as
to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any p art of an Inferred
Mineral Resource will ever be upgraded to a higher category. Und er Canadian rules, estimates of Inferred Mineral Resources may not
form the basis of feasibility or pre-feasibility studies, except in certain exceptional cases. U.S. investors are cautioned not to assume that
part or all of an inferred resource exists, or is economically or legally minable.