Miranda Gold Corp. (MAD - TSX Venture)("Miranda") has assigned 70 of the 100 issued shares of its wholly owned subsidiary Miranda Gold Colombia IV Ltd. ("MAD IV") to Red Eagle Mining Corporation ("Red Eagle").
The Colombian branch of MAD IV is the holder of option to purchase agreements for a group of properties in Colombia collectively called the Cajamarca project.
The Colombian branch of MAD IV is the holder of option to purchase agreements for a group of properties in Colombia collectively called the Cajamarca project.
Red Eagle and Miranda have a similar arrangement in place for Miranda's Pavo Real project in Colombia.
To maintain the option agreements, payments and issuance of Miranda shares increase incrementally each December 30 anniversary year of each individual option agreement with ExpoGold Colombia S.A. Red Eagle will be responsible for paying the cash component of the ExpoGold option agreements and for each share of Miranda issued or to be issued to ExpoGold pursuant to these option agreements Red Eagle will issue one share of Red Eagle to Miranda.
Miranda and Red Eagle executed a shareholder agreement ("SA") to govern the funding and activities of MAD IV.
The 70 shares of MAD IV transferred to Red Eagle are subject to forfeiture or transfer provisions back to Miranda should Red Eagle fail to spend US$4,000,000 over the first five years of the SA.
Upon Red Eagle's sole funding to an aggregate US$4,000,000 then 51 of the 70 shares will not be subject to forfeiture or transfer provisions back to Miranda.
These funds will be used to fund exploration programs at the Cajamarca project. Within 180 days of earning a 51% vested interest, Red Eagle can elect to further sole fund MAD IV at a minimum of US$1,000,000 per year and either complete a bankable feasibility study on any of the MAD IV projects within eight years or contribute a minimum of US$10,000,000 within 10 years.
Upon completion of the funding the remaining 19 of the 70 shares will not be subject to forfeiture or transfer provisions back to Miranda.
Red Eagle is required to reimburse Miranda the costs incurred by MAD IV related to any of the Red Eagle Property Group project's concession fees and exploration work authorized by Red Eagle prior to the effective date of the SPA and SA agreements.
Ian Slater is a director of Miranda and Ken Cunningham is a director of Red Eagle.
This non-arms length transaction is subject to TSX Venture Exchange acceptance.
Cajamarca
The Cajamarca project covers a total of 45.1 sq. mi. (116.9 sq. km.) and lies within the department of Tolima and Quindio.
The geologic setting at Cajamarca consists of meta-sediments that have been intruded by Tertiary and Cretaceous-age stocks. Locally, the igneous stocks are both hydrothermally and tectonically altered.
AngloGold Ashanti's La Colosa gold porphyry discovery (13 million ounces) lies 6.2 mi (10 km) to the southeast of the main project area.
Southwest-trending structures thought to be important to the mineralization at La Colosa are projected to pass through portions of the Cajamarca project.
Exploration work has consisted of a regional stream sediment program, a detailed geophysical airborne magnetic survey and a rock chip sampling program.
Public domain data shows historic gold workings in and around the application areas.
The high-resolution airborne magnetic survey was flown on 50 m line spacing with 500 m tie lines and is currently under review and interpretation.
Preliminary results show a distinct north-east structure pattern with several interpreted buried intrusions following the same northeast trend.
Rock chip samples average 0.006 oz Au/t (0.2 g Au/t) and range from less than detectable to 0.0141 oz Au/t (0.44 g Au/t).
Preliminary mapping has revealed an unmapped multiphase intrusive breccia with very fine-grained disseminated pyrite.
Anomalous gold values have been returned from both stream sediment and stream pan concentrate sampling on numerous drainages within the Cajamarca project areas.
Detailed follow-up sampling is being conducted.
All technical data disclosed in this press release have been reviewed by Vice President of Exploration, Joe Hebert, a Qualified Person as defined by National Instrument 43-101.
Corporate Profile
Miranda Gold Corp. is a gold exploration company active in Nevada, Alaska and Colombia and whose emphasis is on generating gold exploration projects with world-class discovery potential.
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 Agnico-Eagle (USA) Inc., Montezuma Mines Inc., Navaho Gold Ltd., NuLegacy Gold Corporation, Ramelius Resources Ltd., and Red Eagle Mining Corporation.
To maintain the option agreements, payments and issuance of Miranda shares increase incrementally each December 30 anniversary year of each individual option agreement with ExpoGold Colombia S.A. Red Eagle will be responsible for paying the cash component of the ExpoGold option agreements and for each share of Miranda issued or to be issued to ExpoGold pursuant to these option agreements Red Eagle will issue one share of Red Eagle to Miranda.
Miranda and Red Eagle executed a shareholder agreement ("SA") to govern the funding and activities of MAD IV.
The 70 shares of MAD IV transferred to Red Eagle are subject to forfeiture or transfer provisions back to Miranda should Red Eagle fail to spend US$4,000,000 over the first five years of the SA.
Upon Red Eagle's sole funding to an aggregate US$4,000,000 then 51 of the 70 shares will not be subject to forfeiture or transfer provisions back to Miranda.
These funds will be used to fund exploration programs at the Cajamarca project. Within 180 days of earning a 51% vested interest, Red Eagle can elect to further sole fund MAD IV at a minimum of US$1,000,000 per year and either complete a bankable feasibility study on any of the MAD IV projects within eight years or contribute a minimum of US$10,000,000 within 10 years.
Upon completion of the funding the remaining 19 of the 70 shares will not be subject to forfeiture or transfer provisions back to Miranda.
Red Eagle is required to reimburse Miranda the costs incurred by MAD IV related to any of the Red Eagle Property Group project's concession fees and exploration work authorized by Red Eagle prior to the effective date of the SPA and SA agreements.
Ian Slater is a director of Miranda and Ken Cunningham is a director of Red Eagle.
This non-arms length transaction is subject to TSX Venture Exchange acceptance.
Cajamarca
The Cajamarca project covers a total of 45.1 sq. mi. (116.9 sq. km.) and lies within the department of Tolima and Quindio.
The geologic setting at Cajamarca consists of meta-sediments that have been intruded by Tertiary and Cretaceous-age stocks. Locally, the igneous stocks are both hydrothermally and tectonically altered.
AngloGold Ashanti's La Colosa gold porphyry discovery (13 million ounces) lies 6.2 mi (10 km) to the southeast of the main project area.
Southwest-trending structures thought to be important to the mineralization at La Colosa are projected to pass through portions of the Cajamarca project.
Exploration work has consisted of a regional stream sediment program, a detailed geophysical airborne magnetic survey and a rock chip sampling program.
Public domain data shows historic gold workings in and around the application areas.
The high-resolution airborne magnetic survey was flown on 50 m line spacing with 500 m tie lines and is currently under review and interpretation.
Preliminary results show a distinct north-east structure pattern with several interpreted buried intrusions following the same northeast trend.
Rock chip samples average 0.006 oz Au/t (0.2 g Au/t) and range from less than detectable to 0.0141 oz Au/t (0.44 g Au/t).
Preliminary mapping has revealed an unmapped multiphase intrusive breccia with very fine-grained disseminated pyrite.
Anomalous gold values have been returned from both stream sediment and stream pan concentrate sampling on numerous drainages within the Cajamarca project areas.
Detailed follow-up sampling is being conducted.
All technical data disclosed in this press release have been reviewed by Vice President of Exploration, Joe Hebert, a Qualified Person as defined by National Instrument 43-101.
Corporate Profile
Miranda Gold Corp. is a gold exploration company active in Nevada, Alaska and Colombia and whose emphasis is on generating gold exploration projects with world-class discovery potential.
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 Agnico-Eagle (USA) Inc., Montezuma Mines Inc., Navaho Gold Ltd., NuLegacy Gold Corporation, Ramelius Resources Ltd., and Red Eagle Mining Corporation.
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