Miramar Mining Corporation

Miramar Mining Corporation

August 10, 2007 19:45 ET

Miramar Completes Financing for $20 Million

Continued Funding for Resource Expansion and other Programs at Hope Bay in 2007

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 10, 2007) -


Miramar Mining Corporation (TSX:MAE)(AMEX:MNG) today announced completion of the previously announced flow through financing which was underwritten through a syndicate of Canadian investment dealers, led by Dundee Securities Corporation and including Paradigm Capital Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Salman Partners Inc., Canaccord Capital Corporation and National Bank Financial Inc. Miramar has completed the sale of 3,080,000 flow-through common shares at $6.50 per share for total gross proceeds of approximately $20 million.

Miramar plans to use the proceeds of this financing to expand and advance the existing resources on the Hope Bay belt and fund Doris North the initial construction to the extent that expenditures qualify as flow-through expenditures. 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, 2008.

"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 advancing our phase II development concepts for Hope Bay as well as looking for new discoveries on the belt," said Tony Walsh, Miramar's President and CEO.

In consideration for their services, the Company paid a four percent cash commission to the Canadian investment dealers who sold the offering.

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 an 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 on Miramar's website at http://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 may 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, 2006 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.

Tony Walsh, President & CEO

Contact Information