Miramar Mining Corporation

Miramar Mining Corporation

September 30, 2005 15:49 ET

Miramar Completes Financing for $15 Million-Continued Funding for Resource Expansion and Other Programs at Hope Bay in 2006

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 30, 2005) - Miramar Mining Corporation (TSX:MAE)(AMEX:MNG) today announced completion of the previously announced underwritten financing. Through a syndicate of Canadian investment dealers, Miramar has completed the sale of 7,320,000 flow-through common shares at $2.05 per share to raise gross proceeds of $15 million. Miramar plans to use the proceeds of this financing to expand the existing resources on the Hope Bay belt in Nunavut with a view towards the second phase of contemplated development on the belt.

"The outstanding exploration results we've had at Hope Bay this year, particularly at Madrid have encouraged us to accelerate our exploration activities. These objectives are aimed at upgrading the category of resources at the existing deposits at Hope Bay to enable us to advance towards our phase two development concepts for Hope Bay," said Tony Walsh, Miramar's President and CEO.

In consideration for their services, the Company paid a five percent cash commission and issued broker warrants exercisable to purchase 366,000 common shares at $2.05 per common share for a period of 12 months to the Canadian investment dealers who sold the offering.

The gross proceeds of the sale of the flow-through shares will be used to incur Canadian Exploration Expenditures on the Company's projects in Nunavut by December 31, 2006.

The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold in the United States or to U.S. persons without registration unless and exemption from registration is available. This news release does not constitute an offer for sale of securities in the United States.

Additional Information

All dollar amounts referred to herein are expressed in Canadian dollars. All information previously released on the Hope Bay Project is available Miramar's website at www.miramarmining.com/.

Forward-Looking Statements

Statements relating to the proposed offering and the use of proceeds for 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 include the use of proceeds from the offering and the planned exploration programs for Hope Bay. 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: fluctuations in gold prices; changes in planned work resulting from weather, logistical, technical or other factors that any delay Canadian Exploration Expenditures on the Hope Bay project; and other risks and uncertainties, including those described in this press release and Miramar's Annual Report on Form 40-F for the year ended December 31, 2004 and Reports of 6K 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.

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