Miramar Mining Corporation
TSX : MAE
AMEX : MNG

Miramar Mining Corporation

August 27, 2007 08:30 ET

All Suluk Results Received-Miramar Reports Continuing Exploration Success

-Suluk Hole 07PMD569 intersects 5.1 g/t gold over 58.2 meters- -Suluk Hole 07PMD557 intersects 8.2 g/t gold over 18.5 meters-

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 27, 2007) - Miramar Mining Corporation (TSX:MAE)(AMEX:MNG) today announced results for an additional 54 diamond drill holes from the 2007 Exploration Program at the Hope Bay Project in Nunavut. Four drills are currently testing the Naartok and Rand Deposits in the Madrid system and the Connector zone between the Boston Main Resource and BN Zone. Regional exploration drilling on the belt continues with one drill testing priority targets along the 21 km long Madrid trend and one drill testing the Boston trend.

Drilling and assaying for the Suluk portion of the Madrid deposit is now complete and efforts are now focused on key areas of infill drilling on the Naartok East and West Zones with emphasis on areas with the potential to impact the resource models and improve ongoing development studies. On the Rand deposit, drilling is continuing to test recently discovered higher grade mineralization encountered in hole 07PMD542 (reported previously, June 21, 2007) which returned 10.9 g/t over 33.5 meters. Recent assays received from Rand drilling include hole 07PMD532 grading 4.6 g/t over 30.3 meters.

"The results released to date along with the continued excellent results presented in this news release demonstrate the continuity and robust mineralization of the deposits within the Madrid System," said Tony Walsh, Miramar's President & CEO. In addition to significant intercepts within the main zones, results in areas of low drill density including holes such as 07PMD582 reporting 10.1 g/t over 13.2 meters drilled to test the northeastern most limits of the Suluk deposit are returning excellent grades and widths indicating further potential to add resources and impact Phase II development studies.

Update on Phase II Studies

The delineation of the deposits at Madrid and Boston evolves with each new set of drilling results and management believes that these results could have a significant impact on potential open pit concepts being considered for Phase II. As noted above, the results generated at Suluk and Rand have expanded and extended the mineralization at Madrid to the extent that management believes the results will have a positive impact on Phase II studies and concepts. Also, at Boston, the discovery of the widely mineralized BN zone, the additional sampling of historical core at the main resource at Boston and the drilling being done in the Boston connector between the two deposits has raised the opportunity to consider open pit development at Boston. Lowering the cut-off grades at Boston in an open pit scenario offers the potential for a larger more economic operation at Boston. It was anticipated that a preliminary assessment on Phase II would be completed at this time however management does not see the merits of continuing with a study that does not incorporate the significant results generated during this year's program. Instead, the Company has decided to delay the studies and wait to incorporate this years results and their impact on the resources. Unanticipated delays in receiving assay results are also contributing to the delay. The studies are expected to be announced before the end of 2007. It is anticipated that once these results have been incorporated and announced, the Phase II project will move directly to feasibility, allowing for the filing of a Preliminary Project Description with the Nunavut Impact Review Board which puts the Phase II into the permitting process. It is expected that preparation of a feasibility study on Phase II will be able to commence the first half of 2008.

2007 Hope Bay Program

Miramar embarked on the 2007 Hope Bay exploration campaign with the objectives of: i) advancing the deposits towards completion of a feasibility study for Phase II primarily through infill drilling and supporting technical and metallurgical studies, ii) conducting exploration drilling proximal to the existing deposits, and iii) testing of priority exploration targets for new discoveries in settings similar to the existing resource areas.

The 2007 Exploration Program was initiated March 17 with 5 drills testing resource targets in the Suluk and Rand Deposits. Boston exploration started the following month, April 18th. A shift to land based drilling in May/June included exploration target prioritization with drills testing within resource targets and regional targets. Over 42,000m of core drilling in 135 holes has been completed to date with results now available for an additional 54 holes. Results to date are presented below.

2007 Madrid Program: Suluk and Rand Targets

The project of infilling the upper 300m of the Suluk Deposit is completed with all assays now available and a new resource is being calculated. Most holes have returned results equivalent to or better than data from the surrounding drill holes. A similar program targeting the upper 200m of the Rand Deposit has also returned better than expected results with drilling currently on-going. Suluk highlights are summarized below with complete results presented in the appended table.



Suluk Deposit Highlights
------------------------------------------------------------------
HOLE ID Area FROM TO LENGTH Au g/t
------------------------------------------------------------------
07PMD532 Rand 42.5 72.8 30.3 4.6
------------------------------------------------------------------
07PMD557 Suluk 154.0 172.5 18.5 8.2
------------------------------------------------------------------
07PMD559 Suluk 299.0 319.0 20.0 6.1
------------------------------------------------------------------
And 381.0 386.0 5.0 12.6
------------------------------------------------------------------
07PMD566 Suluk 28.5 60.5 32.0 3.2
------------------------------------------------------------------
07PMD568 Suluk 139.0 197.0 58.0 4.6
------------------------------------------------------------------
includes 170.0 178.1 8.1 12.3
------------------------------------------------------------------
07PMD569 Suluk 264.8 323.0 58.2 5.1
------------------------------------------------------------------
includes 310.0 314.0 4.0 33.4
------------------------------------------------------------------
07PMD570 Suluk 183.5 224.0 40.5 3.6
------------------------------------------------------------------
07PMD582 Suluk 83.9 97.0 13.2 10.1
------------------------------------------------------------------
07PMD574 Suluk 105.0 109.3 4.3 17.6
------------------------------------------------------------------


2007 Boston Program: BN/Connector Zone Targets

Currently two drills are active in the Boston area completing the BN/Connector zone testing. Of the total holes completed in the Hope Bay belt, 17 drill holes have targeted the expansion of the BN Zone and connecting the BN zone to the Main Boston Resource. Results for 5 additional drill holes are presented in the appended table.

About Miramar Mining Corporation

Miramar is a Canadian gold company that controls the Hope Bay project, the largest undeveloped gold project in Canada. The Hope Bay project extends over 1,000 sq. km. and encompasses one of the most prospective undeveloped greenstone belts in Canada.

Miramar aims to become a significant gold producer through the integrated development of the Hope Bay belt. In order to achieve this goal, while minimizing potential dilution and risk to shareholders, Miramar has developed a phased approach to maximizing potential gold production from the Hope Bay belt starting with the proposed small scale, high grade Doris North Project. Miramar then hopes to extend and expand production levels by sequentially developing the rest of Doris, Boston and Madrid. All contemplated production at the Hope Bay project is subject to positive feasibility studies, the availability of financing and permitting and regulatory approval.

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by John Wakeford, P. Geo. Vice President, Exploration for Miramar Mining Corporation, and the Qualified Person for the Company as set out in NI 43-101. The analytical method for the gold analyses is gravimetric assay done by TSL in Saskatoon with metallic screen assays for all samples assaying over 20 g/t gold. Check assays are completed by Acme Laboratories in Vancouver.

Assay intervals reported are drill core lengths. Geologic interpretation of drill results is underway. However, it is estimated that true widths would generally be at least 70-80% of reported core lengths.

Additional Information

Diagrams and tables detailing some of the matters described herein are attached to this news release. If you are missing these, please download this news release from Miramar's website at http://www.miramarmining.com/, to which they are attached, or contact us at the numbers listed below. All other information previously released on the Hope Bay Project is also available on this website.

Forward Looking Statements

This press release and the attached financial disclosure contain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and securities legislation of certain Provinces in Canada including, without limitation, statements relating to Miramar's strategies, goals and objectives at the Hope Bay project and the expected results of exploration work. Forward looking statements are statements that are not historical facts and are generally but not always, identified by words such as "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "goal", "objective", "strategy", or variations thereof or similar expressions or statements that events or conditions "will", "would", "may", "could", or "should" occur.

Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation, risks related to fluctuations in gold prices; uncertainties related to raising sufficient financing in a timely manner and on acceptable terms to fund the planned work; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties, and that commercially viable deposits may not be identified; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital and operating costs may be higher than currently estimated and may preclude commercial development or render operations uneconomic; the possibility that the estimated recovery rates may not be achieved; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in work programs or mine closures; the risk of environmental contamination or damage resulting from Miramar's operations and other risks and uncertainties, including those described in this press release and the attached disclosure and in the Miramar's Annual Report on Form 40-F for the year ended December 31, 2006 and Reports on Form 6-K filed with the Securities and Exchange Commission.

Forward-looking statements are based on the beliefs, estimates and opinions of Miramar's management on the date the statements are made. Miramar undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.

All resource estimates are calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the United States Securities and Exchange Commission, which permits U.S. mining companies in their SEC filings to disclose only those mineral deposits that qualify as proven or probable "reserves" because a determination has been made based on an appropriate feasibility study that the deposits could be economically and legally extracted or produced. Accordingly, resource information reported in this disclosure may not be comparable to similar information reported by United States companies. The term "resource(s)" does not equate to "reserves" and normally may not be included in documents filed with the Securities and Exchange Commission, and investors are cautioned not to assume that "resources" will be converted into "reserves" in the future.

This disclosure uses the term "inferred resources". While this term is recognized by Canadian regulations concerning disclosures by mining companies, the U.S. Securities and Exchange Commission does not recognize it. "Inferred resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of the "inferred resources" will ever be upgraded to a high category. Under Canadian rules, estimates of "inferred resources" may not form the basis of feasibility or pre-feasibility studies except in rare cases. Investors are cautioned not to assume that part or all of an "inferred resource" exist or are economically or legally feasible.

This news release has been authorized by the undersigned on behalf of Miramar Mining Corporation.

To view the Figures 1, 2 & 3 please click on the following link: http://www.ccnmatthews.com/docs/MAE0827.pdf



Table 1: Hope Bay additional drill results, significant assays only.
---------------------------------------------------------------------------
FROM TO LENGTH Au
HOLE ID Area m m m g/t Notes
---------------------------------------------------------------------------
07PMD529 SULUK 58.0 71.5 13.5 1.2
---------------------------------------------------------------------------
And 98.5 133.5 35.0 7.5
---------------------------------------------------------------------------
includes 110.5 117.0 6.5 32.6
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD532 RAND 42.5 72.8 30.3 4.6
---------------------------------------------------------------------------
includes 55.5 60.1 4.6 14.4
---------------------------------------------------------------------------
includes 67.5 72.8 5.3 4.0
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD543 SULUK 9.6 25.9 16.3 1.1 At bedrock
surface
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD544 SULUK 77.0 78.5 1.5 7.6
---------------------------------------------------------------------------
And 92.0 107.5 15.5 1.7
---------------------------------------------------------------------------
And 125.5 127.0 1.5 7.6
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD546 SULUK 121.0 142.0 21.0 3.3
---------------------------------------------------------------------------
And 229.0 235.0 6.0 2.3
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD548 RAND 42.3 43.7 1.4 5.8
---------------------------------------------------------------------------
And 97.0 100.0 3.0 2.6
---------------------------------------------------------------------------
And 110.2 117.5 7.3 2.1
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD551 SULUK 150.3 168.8 18.5 1.8
---------------------------------------------------------------------------
And 181.0 196.2 15.2 4.2
---------------------------------------------------------------------------
includes 191.5 194.6 3.1 11.9
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD553 SULUK n.s.v. No significant
values
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD554 SULUK 58.7 61.2 2.5 7.9
---------------------------------------------------------------------------
And 106.5 129.5 23.0 2.9
---------------------------------------------------------------------------
includes 114.0 116.0 2.0 10.8
---------------------------------------------------------------------------
And 148.0 149.5 1.5 10.6
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD555 SULUK 44.0 53.0 9.0 2.1
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD556 RAND 160.0 161.5 1.5 5.4
---------------------------------------------------------------------------
186.5 197.0 10.5 1.9
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD557 SULUK 154.0 172.5 18.5 8.2
---------------------------------------------------------------------------
includes 163.0 166.0 3.0 30.4
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD558 RAND 115.5 152.0 36.5 1.3
---------------------------------------------------------------------------
And 201.2 209.8 8.6 3.8
---------------------------------------------------------------------------
And 249.0 264.0 15.0 1.2
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD559 SULUK 275.7 287.0 11.3 2.4
---------------------------------------------------------------------------
And 299.0 319.0 20.0 6.1
---------------------------------------------------------------------------
includes 306.4 317.6 11.1 7.0
---------------------------------------------------------------------------
And 381.0 386.0 5.0 12.6
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD560 RAND 75.0 77.4 2.4 5.1
---------------------------------------------------------------------------
And 122.8 124.2 1.5 5.4
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD561 SULUK n.s.v. No significant
values
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD562 SULUK 125.6 135.0 9.4 1.4
---------------------------------------------------------------------------
includes 133.8 134.1 0.3 11.2
---------------------------------------------------------------------------
And 176.0 182.5 6.5 6.7
---------------------------------------------------------------------------
And 203.0 212.0 9.0 3.6
---------------------------------------------------------------------------
includes 209.0 210.7 1.7 10.2
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD563 RAND n.s.v. No significant
values
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD564 SULUK 187.2 197.0 9.8 1.9
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD566 SULUK 28.5 60.5 32.0 3.2
---------------------------------------------------------------------------
includes 38.8 46.5 7.7 7.3
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD567 SULUK 16.0 60.8 44.8 1.2 At bedrock
surface
---------------------------------------------------------------------------
includes 19.0 23.5 4.5 2.8
---------------------------------------------------------------------------
And 94.0 97.5 3.5 3.4
---------------------------------------------------------------------------
And 176.5 178.0 1.5 12.0
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD568 SULUK 139.0 197.0 58.0 4.6
---------------------------------------------------------------------------
includes 139.0 144.5 5.5 7.9
---------------------------------------------------------------------------
includes 170.0 178.1 8.1 12.3
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD569 SULUK 194.0 214.0 20.0 4.6
---------------------------------------------------------------------------
includes 205.0 208.1 3.1 8.4
---------------------------------------------------------------------------
includes 211.0 212.5 1.5 22.7
---------------------------------------------------------------------------
And 264.8 323.0 58.2 5.1
---------------------------------------------------------------------------
includes 283.1 287.0 3.9 7.6
---------------------------------------------------------------------------
includes 300.6 301.0 0.5 44.9
---------------------------------------------------------------------------
includes 310.0 314.0 4.0 33.4
---------------------------------------------------------------------------
And 395.2 399.1 3.9 5.8
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD570 SULUK 183.5 224.0 40.5 3.6
---------------------------------------------------------------------------
includes 183.5 186.5 3.0 7.5
---------------------------------------------------------------------------
And 205.5 212.0 6.5 4.4
---------------------------------------------------------------------------
And 222.5 224.0 1.5 18.0
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD571 SULUK 307.0 313.0 6.0 3.8
---------------------------------------------------------------------------
And 326.0 335.0 9.0 2.8
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD572 SULUK 81.0 86.6 5.6 4.3
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD573 SULUK 42.5 47.1 4.6 2.2
---------------------------------------------------------------------------
And 72.3 81.4 9.1 2.0
---------------------------------------------------------------------------
And 96.7 105.2 8.5 3.0
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD574 SULUK 92.0 99.5 7.5 11.8
---------------------------------------------------------------------------
includes 93.0 94.0 1.0 36.2
---------------------------------------------------------------------------
And 105.0 109.3 4.3 17.6
---------------------------------------------------------------------------
includes 105.0 106.3 1.3 49.4
---------------------------------------------------------------------------
And 284.5 290.3 5.8 3.0
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD575 SULUK n.s.v. No significant
values
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD576A SULUK 139.3 148.8 9.5 2.0
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD577 SULUK n.s.v. No significant
values
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD578 SULUK n.s.v. No significant
values
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD579 SULUK 131.7 138.8 7.0 1.2
---------------------------------------------------------------------------
And 169.1 198.3 29.2 2.9
---------------------------------------------------------------------------
includes 186.0 187.0 1.0 24.9
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD580 SULUK n.s.v. No significant
values
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD581 SULUK n.s.v. No significant
values
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD582 SULUK 83.9 97.0 13.2 10.1
---------------------------------------------------------------------------
includes 83.9 85.0 1.2 49.1
---------------------------------------------------------------------------
includes 94.5 97.0 2.5 17.0
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD583 SULUK 156.7 158.0 1.3 41.0
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD584 SULUK 22.0 35.3 13.3 1.9
---------------------------------------------------------------------------
And 74.0 79.5 5.5 2.2
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD585 SULUK n.s.v. Abandoned hole
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD586 RAND 61.9 66.8 4.9 3.5 Additional assays
are pending
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD587 NAARTOK 116.2 128.2 11.9 1.0 Additional assays
EAST are pending
---------------------------------------------------------------------------
And 160.6 213.1 52.5 2.8
---------------------------------------------------------------------------
includes 162.0 181.2 19.2 3.7
---------------------------------------------------------------------------
includes 204.0 207.0 3.0 6.6
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07PMD588 NAARTOK 9.1 22.0 12.9 2.5 At bedrock
EAST surface
---------------------------------------------------------------------------
includes 14.0 20.0 6.0 4.1
---------------------------------------------------------------------------
And 206.6 227.3 20.7 1.8
---------------------------------------------------------------------------
includes 215.8 218.1 2.3 7.2
---------------------------------------------------------------------------
includes 224.8 227.3 2.5 2.0 Additional assays
are pending
---------------------------------------------------------------------------
07PSD135 SULUK n.s.v. No significant
values
---------------------------------------------------------------------------
BOSTON
---------------------------------------------------------------------------
07SBD356A BN/ 332.2 345.0 12.8 2.7
Connector
---------------------------------------------------------------------------
And 350.0 361.0 11.0 3.0
---------------------------------------------------------------------------
And 376.5 383.0 6.5 1.6
---------------------------------------------------------------------------
And 403.0 419.0 16.0 1.3
---------------------------------------------------------------------------
includes 415.6 419.0 3.4 3.1
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07SBD364 BN/ 25.0 33.0 8.0 1.2
Connector
---------------------------------------------------------------------------
And 85.0 101.0 16.0 1.0
---------------------------------------------------------------------------
And 151.0 155.0 4.0 4.2
---------------------------------------------------------------------------
And 208.0 220.3 12.3 1.7
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07SBD365 BN/ 92.0 107.0 15.0 1.1
Connector
---------------------------------------------------------------------------
And 264.3 264.6 0.3 10.1
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07SBD366 BN/ 165.0 170.0 5.0 2.0
Connector
---------------------------------------------------------------------------
And 187.5 192.5 5.0 3.5
---------------------------------------------------------------------------

---------------------------------------------------------------------------
07SBD367A BN/ 208.0 212.0 4.0 2.6 Additional assays
Connector are pending
---------------------------------------------------------------------------

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