Miramar Mining Corporation
TSX : MAE
AMEX : MNG

Miramar Mining Corporation

November 15, 2006 08:01 ET

Miramar Continues to Define the Significant New BN Zone at Boston

Discovery 400m north of Boston resources Offers Potential for Opportunities to Supplement Phase Two

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 15, 2006) - Miramar Mining Corporation (TSX:MAE)(AMEX:MNG) today announced additional results from the 2006 drilling program at its Hope Bay Project in Nunavut. Drilling at Boston continued to focus on the recently identified BN zone, located 400m north of the current resource base. To date 13 holes have been completed on the BN target with 9 holes reported (3 holes previously reported). Assays for the four remaining holes completed prior to winter shutdown are pending.

The recent drilling was completed to evaluate the potential of the BN area to enhance the ongoing development studies for a second phase of production at Hope Bay after the proposed Doris North Mine. The work at the BN zone has focussed on potentially identifying either a supplementary underground development area or a larger production center which may amenable to open pit exploitation at Boston. The current resource at Boston as calculated and released earlier this year is 2,312,000 tonnes of 10.7 g/t Au indicated and 2,431,000 tonnes of 9.5 g/t Au inferred. This resource does not include any drilling undertaken in 2006.

Potential geological models at BN include;

- A deposit similar in nature to the Dome and Pamour mines in the Timmins area where mineralized systems in volcanic rocks project into surrounding sediments becoming larger lower grade deposits; or

- The folded continuation of the Boston B2 stratigraphic horizon in an area where the potential exists to encounter more intense alteration and mineralization including expanded widths and higher grades

This style of mineralization at BN has not been previously recognized at the Boston deposit. Historical drilling on the BN area done by BHP was focused on testing quartz veining similar to the B2, B3 and B4 zones but the BN resource is hosted in a larger volume of altered volcanic rocks. Currently, this historical drilling is being compiled and considerable re-logging and infill sampling has been completed for which assays are pending. Initial geological modeling will evaluate for the potential of the existence of a lower grade halo around both around the BN zone and the existing resources areas such as B2 and B3. The most recent flow through financing will be used to fund expanded work at the BN zone in 2007.

The expanded drilling at Boston is part of an aggressive 2006 campaign at Hope Bay which will help define a second phase of production following the proposed Doris North Project, currently in the permitting process. The bulk of the drilling throughout the campaign was directed at the Madrid area where modelling of the Madrid area (which includes the Naartok, Rand and Suluk deposits) indicated the potential for much larger scale operations than contemplated earlier. Drilling focused on determining the continuity in the gaps between these deposits as well as local infill drilling and expansion drilling of the previously identified mineralization. At this time the drilling program is completed, assays are pending and work is progressing on updated resource models and technical economic studies. Previous news releases have outlined Miramar's success to date and can be accessed on the companies newly redesigned website at www.miramarmining.com. Results for the new holes are presented below.

"Our work at Hope Bay this year will help us to determine the optimal scenario for the next phase of production at Hope Bay," said Tony Walsh, Miramar's President and CEO. "Drilling continues to be successful in outlining large scale production at Madrid. A new style of mineralization identified at Boston, continues to demonstrate the prospectivity of the Hope Bay belt and the benefits of one company owning an entire district. Hope Bay offers many opportunities for synergy in having one possible central processing infrastructure and multiple ore bodies for feed."

2006 Boston Program

BN Zone

The 2006 Boston drill program was expanded based on promising results from initial exploration drilling in the hinge area and recognition of a style of mineralization not previously evaluated in the Boston area. An additional 2,800 meters of drilling for a total 3,785 meters in 13 holes, was directed at testing this new zone of potentially significant mineralization located 400m from the existing Boston resources. This area is in the fold closure of the Boston anticline. This newly identified zone consists of broad zones of altered and mineralized volcanic and sedimentary rocks with gold mineralization associated with disseminated sulphides. This style of mineralization is generally lower grade, compared to intersections normally associated with the Boston deposit, but this style of mineralization has been intersected over significant widths. This style of mineralization has not previously been recognized at Boston and as such reflects potential for further new discoveries of similar mineralization in the Boston area of the Hope Bay belt. Previous drilling in the area is being compiled and additional samples have been collected.

A total of 13 holes were drilled in the BN area; three have been previously reported and an additional ten have recently been completed; results are available for the first six follow-up drill holes. Earlier drilling in the season had all holes returning broad zones of lower grade mineralization including Hole 06SBD340 which returned a broad intercept of 2.9g/t over 53.0m. Follow up drilling focused on defining the geometry and dimensions of the new mineralized zone; to do this a set of fences, two step outs and a fan targeting the hinge at various levels were drilled.

All holes to date have returned broad zones of alteration and mineralization including follow-up hole 06SBD345, located 50m south of the earlier drilling, returned 3.4/t Au over 49.2m, and hole 06SBD344 located 100m north of the earlier drilling returning 2.2 over 44.2m and a second interval grading 2.51 over 30.1m. All holes in this area have broad intercepts in the 2 g/t range with narrower higher grade intervals, including hole 06SBD349 which had a higher grade intercept of 6.2g/t over 16.5m near surface. Complete assays are outlined on the attached Table 1.



BN Highlights

Hole ID Area From (m) To (m) Length (m) Au (g/t)
--------- ---- ------- ----- --------- -------

06SBD343 BN 166.6 206.5 39.8 2.3
including 170.3 177.0 7.8 6.3

06SBD344 BN 18.4 164.7 146.3 1.5
including 26.9 57.6 44.2 2.2
and 114.3 144.5 30.2 2.5

06SBD345 BN 202.2 251.4 49.2 3.4
including 202.2 222.1 19.9 5.9
including 202.2 205.3 3.1 8.7
including 212.5 222.1 9.6 6.9
And 347.0 349.2 2.2 11.0

06SBD346 BN 255.3 266.3 11.0 2.2
291.4 300.7 9.3 1.7
317.9 336.0 18.1 1.4

06SBD349 BN 33.5 50.0 16.5 6.2
Includes 41.1 47.6 6.5 11.4

06SBD350 BN 41.7 75.0 33.4 3.0
includes 41.7 55.9 14.3 4.7


2006 Regional Assessment Program

Regional drilling was undertaken on a variety of geological, geochemical and geophysical targets derived from assessment work programs. A total of 14 drill holes, 2,385 meters, were used to test seven targets on 6 separate claims.

Assessment Drilling

Selected targets were drill tested based on geology and local geophysics as part of the regional assessment requirements to maintain the entire Hope Bay belt in good standing. Only weakly anomalous values were received from four areas tested. with values ranging from 0.3 g/t Au over 5.0m to 4.1 g/t Au over 1.2m; Some additional results are pending and assays received to date are outlined in the attached Table 2.

Miramar Mining Corporation

Miramar is a Canadian gold company that controls the Hope Bay project, a large 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 an intermediate gold producer through the integrated development of the Hope Bay belt.

Information regarding the possibility of future production at Hope Bay is based on several material factors and assumptions. These include the assumption that further exploration will be successful in increasing the mineral resource estimates at Hope Bay, that Miramar will receive positive feasibility studies, that Miramar will obtain permitting and regulatory approval, the availability of financing and other contingencies.

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 ALS Chemex Laboratories in North Vancouver with metallic screen assays for all samples assaying over 20 g/t gold. Check assays are completed by TSL in Saskatoon.

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

Statements relating to exploration work at the Hope Bay project and the expected costs and results of this work and statements regarding the planned program for 2006, proposed feasibility studies and possible production strategies are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation including the Securities Act (Ontario). 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", "aims", "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. Information regarding the possibility of future production at Hope Bay is based on several material factors and assumptions. These include the assumption that further exploration will be successful in increasing the mineral resource estimates at Hope Bay, that Miramar will receive positive feasibility studies, that Miramar will obtain permitting and regulatory approval, the availability of financing and other contingencies.
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 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 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 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, 2005 and Reports on Form 6-K filed with the Securities and Exchange Commission.

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.

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.

To view Figure 1 and 2, please click on the following link: http://www.ccnmatthews.com/docs/MAE_Fig_1_2.pdf



Table 1 Boston Results
-------------------------------------------------------
FROM TO LENGTH Au
HOLE_ID Zone (m) (m) (m) (g/t)
-------------------------------------------------------

-------------------------------------------------------
06SBD343 BN 146.1 147.5 1.4 1.5
-------------------------------------------------------
And 166.6 206.5 39.8 2.3
-------------------------------------------------------
Includes 167.5 178.0 10.5 5.0
-------------------------------------------------------
And 245.5 252.0 6.5 1.2
-------------------------------------------------------

-------------------------------------------------------
06SBD344 BN 18.4 164.7 146.3 1.5
-------------------------------------------------------
includes 24.6 39.0 14.4 4.2
-------------------------------------------------------
Includes 26.9 29.0 2.1 6.7
-------------------------------------------------------
And includes 36.4 39.0 2.6 10.8
-------------------------------------------------------
And 45.0 66.1 21.2 1.6
-------------------------------------------------------
And 83.0 103.4 20.4 1.0
-------------------------------------------------------
And 114.3 146.4 32.1 2.4
-------------------------------------------------------
Includes 116.9 119.4 2.5 6.6
-------------------------------------------------------
Includes 141.5 144.5 3.0 5.3
-------------------------------------------------------
And 151.3 175.0 23.7 1.1
-------------------------------------------------------

-------------------------------------------------------
06SBD345 BN 201.0 251.4 50.4 3.3
-------------------------------------------------------
Includes 202.2 222.1 19.9 5.9
-------------------------------------------------------
And includes 202.2 205.3 3.1 8.7
-------------------------------------------------------
And includes 212.5 222.1 9.6 6.9
-------------------------------------------------------
And includes 233.0 235.0 2.0 8.0
-------------------------------------------------------
And 305.3 317.0 11.7 2.9
-------------------------------------------------------
Includes 311.0 311.8 0.8 18.8
-------------------------------------------------------
And 345.5 352.2 6.7 4.2
-------------------------------------------------------
Includes 347.8 349.2 1.4 15.6
-------------------------------------------------------

-------------------------------------------------------
06SBD346 BN 255.3 266.3 11 2.2
-------------------------------------------------------
And 291.4 300.7 9.3 1.7
-------------------------------------------------------
And 317.9 336 18.1 1.4
-------------------------------------------------------

-------------------------------------------------------
06SBD349 BN 33.5 50.0 16.5 6.2
-------------------------------------------------------
including 39.6 50.0 10.4 8.2
-------------------------------------------------------
including 41.1 47.6 6.5 11.4
-------------------------------------------------------
And 120.0 135.7 15.7 1.5
-------------------------------------------------------
And 277.3 278.4 1.1 6.2
-------------------------------------------------------

-------------------------------------------------------
06SBD350 BN 41.7 75 33.4 3
-------------------------------------------------------
including 41.7 55.9 14.3 4.7
-------------------------------------------------------


Table 2 Regional assays
---------------------------------------------------------
From To Length Au
Hole id Target Area (m) (m) (m) g/t
---------------------------------------------------------
06Aim1002 Aimaoakatok pending
---------------------------------------------------------
06Aim1003 Aimaoakatok NSV
---------------------------------------------------------
06Ak1005 tonalite 120.6 122.8 2.2 0.9
---------------------------------------------------------
06Ak1006 tonalite NSV
---------------------------------------------------------
06Ak1007 QSP NSV
---------------------------------------------------------
06Ak2002 tonalite 144.0 149.0 5.0 0.3
---------------------------------------------------------
06Ak2003 tonalite not
drilled
---------------------------------------------------------
06Ak2004 fence pending
---------------------------------------------------------
06Ak2005 fence NSV
---------------------------------------------------------
06Ak3004 EM 12.0 13.0 0.9 1.4
---------------------------------------------------------
06Ak3005 EM 39.0 40.2 1.2 4.1
---------------------------------------------------------
84.0 85.3 1.3 0.7
---------------------------------------------------------
06Tk2001 Diawa NSV
---------------------------------------------------------
06Tk2002 Diawa 65.0 66.1 1.1 1.1
---------------------------------------------------------
82.4 82.8 0.4 2.1
---------------------------------------------------------
NSV No Significant Values



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