Miranda Gold Corp.
OTC Bulletin Board : MRDDF

Miranda Gold Corp.

November 30, 2006 12:00 ET

Miranda Gold Corp. and White Bear Sign Letter of Intent on Iron Point

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 30, 2006) - Miranda Gold Corp. ("Miranda") (TSX VENTURE:MAD)(FWB:MRG)(BERLIN:MRG)(OTCBB:MRDDF) is pleased to announce that it has signed a binding Letter of Intent with White Bear Resources, Inc. ("White Bear") whereby White Bear may earn a joint venture interest in the Iron Point property, located at the intersection of the Battle Mountain-Eureka and Getchell gold trends.

Under the terms of the Letter of Intent, that is to be replaced by a definitive option agreement, White Bear can earn a 60% interest by spending US$2,500,000 in qualifying expenditures over five years. White Bear may then elect to earn an additional 10% interest (for a total of 70%) by funding a Bankable Feasibility Study or by spending an additional US$10,000,000. A work expenditure of US$100,000 in the first year and US$200,000 in the second year are obligations. The following year Work Expenditures are optional but necessary to earn an equity position in the property and escalate in each of the following three years. A US$20,000 payment has been made to Miranda and upon receipt of regulatory approval and the parties' execution of the definitive Exploration and Option to Enter a Joint Venture Agreement, White Bear shall issue to Miranda 100,000 common shares in the capital of White Bear. A second issue of 100,000 shares is due upon the first anniversary date of the agreement.

The Iron Point Project area covers 5.8 square miles (14.9 square kilometers) consisting of 178 unpatented lode mining claims. Miranda holds title to 150 of the claims and has a leasehold interest on an additional 28 claims. The project is favorably located at the intersection of the Battle Mountain-Eureka trend with the Getchell Trend. Major producing mines within a 25-mile radius of the project represent over 30 million ounces of mined and remaining gold reserves. Airborne magnetic surveys conducted by the US Geological Survey suggest multiple strands of the ore-controlling Getchell fault system cut through the project area.

The local geologic setting at Iron Point includes a repeated pattern of west-northwest and north-northwest intersecting dikes and faults parallel to folding and locally associated with gold mineralization. Two periods of mineralization have been noted at Iron Point. One is an older (possibly Cretaceous) intrusive-associated base metal phase and the other a later gold-arsenic dominated phase. This locus of younger (38MA) gold deposition near an older intrusive-hornfels margin is a repeated pattern in major deposits of both the Cortez and Carlin Trends and is deemed an important feature at Iron Point.

Miranda is especially interested in generating drill targets near Cambrian to Ordovician and Ordovician to Penn-Permian age formation contacts. The larger gold deposits in the surrounding area (Lone Tree, Marigold, Getchell/Turquoise Ridge and Pinson) are preferentially located near these major geologic terrain boundaries. This important conceptual target has not been consistently explored by historic work in the Iron Point district. Drilling by previous operators has indicated multiple anomalously mineralized fault zones that justify further drill-testing after resolving exploration targets.

White Bear's President and CEO Byron Coulthard stated that they chose Miranda as a partner on Iron Point because of there expertise in the mineral exploration and development of the state of Nevada. Miranda will act as a contractor to White Bear and will immediately begin a program of soil sampling and detailed mapping funded by White Bear. This program will be followed by geophysical surveys and drilling.

Company Profile

Miranda Gold Corp. is a gold exploration company active in Nevada and whose emphasis is on generating gold exploration projects within the Battle Mountain-Eureka and Cortez Trends. Miranda performs its own grass roots exploration and then employs a joint venture business model on its projects in order to maximize exposure to discovery while minimizing exploration risk. Miranda has ongoing partnerships with Newcrest Resources Inc., Barrick Gold Exploration Inc., Agnico-Eagle (USA) Ltd., the Cortez Joint Venture (a partnership between Barrick Gold and Kennecott Explorations Ltd.), the Buckhorn Joint Venture (a partnership between Barrick Gold and Teck Cominco), Golden Aria Corp, Romarco Minerals Inc., and now White Bear Resources.


Kenneth Cunningham, President and CEO

This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

The TSX Venture Exchange neither agrees nor disagrees with the information contained herein.

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