Miramar Mining Corporation

Miramar Mining Corporation

March 29, 2005 09:00 ET

Miramar Announces $16m 2005 Program for Hope Bay Project




MARCH 29, 2005 - 09:00 ET

Miramar Announces $16m 2005 Program for Hope Bay

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 29, 2005) - Miramar
Mining Corporation (TSX:MAE)(AMEX:MNG) -

Goal is to Upgrade Gold Resources to Support Feasibility Study for
Extended & Expanded Production

Miramar Mining Corporation today announced plans for the 2005
exploration season at its 100% controlled Hope Bay project in Nunavut.
The Company intends to spend approximately $13 million on drill programs
designed to upgrade gold resources at the Boston, Doris and Madrid
deposits to technical levels which, if results are positive, would be
incorporated into feasibility studies in 2006. These programs will total
approximately 29,000m of drilling and utilize six to eight drill rigs.
In addition, approximately $2.0 million will be spent on permitting the
Doris North project and community relations, and a further $1.0 million
on work related to preparing the feasibility studies discussed herein.

"Now that we have established substantial gold resources on the Hope Bay
belt, we need to accelerate our efforts to incorporate these resources
into feasibility studies that will support our goal for the phased
development of the belt," said Tony Walsh, Miramar's President & CEO.
"Our objective is to deliver a plan for the integrated development of
the Hope Bay belt in the latter part of 2006. We intend to demonstrate
the opportunity for the significant sustained gold production to follow
on from the Doris North project, a small scale, high grade mining
operation currently in the permitting process."

Drilling at Doris and Madrid has already commenced, while work at Boston
and on other areas of the Hope Bay belt will follow later.

Strategic Objectives

Miramar aims to become an intermediate gold producer through the
integrated development of the Hope Bay belt. In order to achieve this
objective, while minimizing potential dilution and risk to shareholders,
Miramar has developed a phased approach to maximizing gold production
from the Hope Bay belt:

Phase 1: Short Term: Develop a small scale, high grade, low cost,
high return gold mine at Doris North with the objective
of generating significant cash flow, after capital
payback, to advance the subsequent phases while
minimizing equity dilution. Doris North is projected to
produce 155,000 oz of gold per year for two years.

Phase 2: Medium Term: To extend and expand production levels by
developing the higher grade, more accessible areas of
the Boston, Doris and Madrid deposits, with a target
production level of approximately 200,000 oz of gold
per annum, generating cash flow to complete Phase 3.

Phase 3: Longer Term: To further expand gold production by
maximizing the potential of the very large Madrid
deposit, and the remainder of the Boston and Doris
deposits, to generate sustained production in the range
of 350,000 to 400,000 oz of gold per annum.

In parallel with these activities, Miramar intends to continue the
exploration programs at Hope Bay to discover new deposits to contribute
to a sustained intermediate production profile, while conducting
grassroots exploration in cooperation with strategic partners.

2005 Madrid Program

Approximately 18,500m of drilling is planned for the Madrid area, more
than 50% of which is directed towards upgrading the upper portion of the
western Madrid resource, which lies within 250m of surface, to the
indicated category, a confidence level which would be required for
inclusion in a feasibility study for the proposed phase 2 development of
the Hope Bay belt. The remaining drilling will be focussed on continuing
to expand the Madrid resource, and evaluating opportunities to identify
potential new resource areas within the core 2km strike of the Madrid

"Over the past three years, the Madrid deposit has emerged as the
largest identified gold system on the Hope Bay belt," said Mr. Walsh.
"Given the substantial thicknesses of mineralization identified, we
believe Madrid offers excellent potential for the development of a
large-scale, sustained mining operation supplemented by higher grade
feed from other deposits on the belt. Our near-term objective is to move
a significant portion of the Madrid resources towards inclusion in
economic studies that support (1) the extension of the operating life of
the proposed facilities at Doris North, and (2) the expansion of the
overall production level during Phase 2. Ultimately, we believe that,
when blended with the higher grade resources from the rest of the belt,
the Madrid area will offer a very substantial production base from which
to reach our goal of intermediate producer status during Phase 3."

2005 Doris Central Program

Drilling prior to 2004 in the Doris Central area, located approximately
1km south of the Doris North project defined an indicated resource of
201,000oz at a grade of 14.9g/t gold and an additional inferred resource
of 59,000oz at a grade of 16.0g/t gold. Approximately 4,500m of drilling
are planned to upgrade the confidence level of the current Doris Central
resource to the indicated category and to potentially expand the overall
resource in this area. Doris Central could then be included in a
feasibility study for development of the wider Hope Bay belt providing,
along with the Boston deposit, higher grade feed to blend with the bulk
tonnage potential of the Madrid deposit.

Other 2005 Programs

Details of the 2005 Boston program have not been finalized, but are
expected to focus on continuing to upgrade the confidence in the Boston
resource as part of the on-going work to support a future feasibility
study on the wider Hope Bay resources. Approximately 6,000m of drilling
have been set aside to assist in: defining stope outlines; upgrading
inferred resources to the indicated category within mining areas; and
potential high impact resource additions. Limited belt-wide exploration
activities will focus on meeting the assessment work requirements in
order to maintain the Hope Bay property in good standing. Maximus
Explorations Inc., which has an option to earn an interest in the
Eastern Contact and Twin Peaks areas of the Hope Bay belt, is also
expected to carry out an exploration program in the areas it has under

Feasibility Studies

The purpose of the 2005 work will be to upgrade the resources at the
Doris Central, Madrid and Boston deposits to a level which could be
included in a feasibility study. Miramar will assess the results of the
2005 work to determine how to proceed with future feasibility studies in
support of the Phase 2 medium term objective.


On February 18, 2005 Miramar announced that it had filed its preliminary
project description for the Doris North project with the Nunavut Impact
Review Board. NIRB has written to the Minister of INAC requesting
direction to conduct a review of the project in accordance with Part 5
of the NLCA. Miramar is committed to working with all stakeholders to
strive for success in permitting the Doris North project.

Hope Bay Resources

As announced February 25, 2005, the updated resource estimate for the
Hope Bay belt that takes into account the 2004 drilling is summarized
below. Miramar's objective for its extended and expanded production
scenario, which is the subject of on-going studies, is to allow blending
of these various sources of potential feed through an integrated
approach to development that could result in an average grade close to
the overall average grade of the Hope Bay belt, in the range of 7-9g/t

Hope Bay Project Mineral Resource Estimates as at December 31, 2004
(Includes Mineral Reserves at Doris North)

Category/Deposit Tonnes Gold Grade Contained Gold
(000s) (g/t) (000s oz)
-------------------- ------ ---------- --------------

Measured & Indicated
Boston 1,387 15.4 687
Doris 763 23.9 586
Madrid 4,703 5.5 838
Sub-total Measured &
Indicated Resources 6,853 9.6 2,111

Additional Inferred
Boston 2,574 10.9 901
Doris 1,675 14.7 795
Madrid 14,959 5.4 2,602
Sub-total Additional
Inferred Resources(i) 19,208 7.0 4,298

(i) Inferred resources are in addition to measured and indicated

See the February 25, 2005 news release for details on these resource
estimates, and background on the assumptions used therein.

Quality Assurance

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.

Miramar Mining Corporation

Miramar is a Canadian gold mining company that controls Hope Bay which
contains one of the largest, best-grade undeveloped gold deposits 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's goal is to build an intermediate gold production profile by
maximizing the development potential of the substantial gold resources
defined on the Hope Bay belt. To this end, Miramar believes that the
cash flow generated by the proposed Phase 1 Doris North mine could be
used as a springboard to fund the phased development of a long life,
larger scale mining operation eventually producing in excess of
350-400,000oz of gold per year. Conceptually, Miramar believes the Doris
Central, upper Boston and western Madrid resources might provide
sufficient reserves to support second phase long life operation,
blending bulk tonnage Madrid production with higher grade feed from
other deposits. Subsequently, a further expansion could be warranted to
maximize the enormous potential of the remaining Madrid resources, and
thereby achieving intermediate producer status. Miramar's goal is to
have Doris North as the infrastructure centre for the entire Hope Bay
belt, thereby minimizing the overall environmental impact and the
capital requirements, and optimizing the return on future development
areas. In parallel with these development activities, Miramar plans to
increase the total gold resources on the belt through the expansion of
the known deposits and discoveries of new ones.

A decision to proceed with mining at Doris North would be subject to the
availability of permits and financing and a variety of other
contingencies. Any plans for extending and expanding the life of the
Doris North operation would be subject to the successful completion of
additional drilling, economic studies and permitting procedures.

For more information on Miramar Mining Corporation and its projects,
visit our website at www.miramarmining.com.

To view the attached maps, please click on the following link:


Forward Looking Statements

Statements relating to exploration work at the Hope Bay project and the
expected results of this work are forward-looking statements within the
meaning of the United States Private Securities Litigation Reform Act of
1995. Forward looking statements are statements that are not historical
facts and are generally, but not always, identified by the words
"expects," "plans," "anticipates," "believes," "intends," "estimates,"
"projects," "satisfies," "potential," "goal," "objective,"
"prospective," and similar expressions, or that events or conditions
"will," "would," "may," "can," "could" or "should" occur. Information
inferred from the interpretation of drilling results and information
concerning mineral resource estimates may also be deemed to be forward
looking statements, as it constitutes a prediction of what might be
found to be present when and if a project is actually developed. These
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 to fund
the planned work in a timely manner and on acceptable terms; changes in
planned work resulting from weather, logistical, technical or other
factors; the possibility that results of work will not fulfill
expectations and that the actual results of work will not identify
mineral deposits that permit satisfaction of Miramar's objectives or
goals or realize the perceived potential of the Company's properties;
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 risk of accidents, equipment
breakdowns and labour disputes or other unanticipated difficulties or
interruptions; the possibility of cost overruns or unanticipated
expenses in the work program; the risk of environmental contamination or
damage resulting from Miramar's operations and other risks and
uncertainties, including those described in the Miramar's Annual Report
on Form 40-F for the year ended December 31, 2003 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.

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

Anthony P. Walsh, President & CEO


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