Miramar Mining Corporation

Miramar Mining Corporation

July 13, 2007 08:10 ET

Miramar Announces CDN$15 Million Flow-Through Private Placement

Allows Continued Funding for Phase II feasibility requirements

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 13, 2007) -


Miramar Mining Corporation (TSX:MAE)(AMEX:MNG) is pleased to announce that it has entered into a letter of engagement with a syndicate of Canadian underwriters, led by Dundee Securities Corporation, under which the underwriters have agreed to purchase on a bought deal private placement basis and sell to qualified Canadian resident investors 2,310,000 common shares of Miramar to be issued as "flow-through shares" (each, a "Flow-Through Share") at a price of Cdn$6.50 per Flow-Through Share for total gross proceeds to Miramar of Cdn$15,015,000. Under the agreement, the underwriters have an option to sell an additional 770,000 common shares or Cdn$5 million in gross proceeds.

The 2007 exploration program has exceeded expectations to date and the company plans to use the gross proceeds from the Private Placement to fund the expanding exploration initiatives for the Phase II feasibility requirements while preserving its current capital for development and construction requirements for the Doris North Mine.

In consideration for its services, the underwriters will receive a cash commission equal to 4% of the gross proceeds raised under the offering. Closing of the offering is scheduled to occur on or about August 7, 2007. All securities issued will be subject to a four month hold period. The offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals.

These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the U.S. Securities Act).

About Miramar Mining Corporation

Miramar is a Canadian gold company that controls the Hope Bay project in Nunavut, Canada. Further information on the company can be found on the company's website at www.miramarmining.com.

Forward Looking Statements

Statements relating to the completion of the contemplated financing and the operation of Miramar after completion of the transaction are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. 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, the underwriters not completing the sale the securities, the failure to obtain any necessary regulatory or stock exchange approval or failure to satisfy conditions to the closing, and other risks and uncertainties, including those described 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.

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

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