GOLD RUSH

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Miramar Mining Reports Earnings for Second Quarter 2006

Monday August 14, 8:00 am ET

Quarterly earnings of $1.9 million as a result of a reduction in the future income tax rate for Hope Bay

VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Aug 14, 2006 -- Miramar Mining Corporation (TSX:MAE.TO - News)(AMEX:MNG - News) today announced its financial results for the second quarter ended June 30, 2006. For the period, Miramar reported consolidated net earnings of $1.9 million or $0.01 per share compared to a net loss of $0.5 million of $0.00 per share for the same period in 2005. Included in the quarter results is the effect of the reduction in future tax rate changes which were approved on June 6, 2006, by the Canadian Federal Government. Consequently, the Company reduced the tax rate used to calculate future income taxes on its Hope Bay project from 34.1% to 31%, which resulted in a reduction of the future tax liability by $2.7 million. We anticipate this tax rate reduction will have a significant positive impact on the estimated future taxes to be paid in the long-term operating scenarios at Hope Bay and will result in higher after tax cash flows estimates. The Company is currently assessing alternatives for Phase 2 of development of the Hope Bay Project which would follow the proposed Doris North project.

Quarter Highlights

The second quarter saw accomplishments in several areas.

Miramar released its new Hope Bay resource estimates which showed an increase in resources of 40% over last year. The exploration success of 2005 was followed up by a significantly larger campaign for 2006 that set out to determine parameters for assessment for the next phase of production at Hope Bay.

A total of 31,100 metres of drilling was completed during the second quarter focussed on the Madrid deposit and in particular the Suluk zone. Drilling significantly extended the Suluk deposit to the south as well as established continuous mineralization between Suluk and Rand gaps. These and other exploration results can be found on the company's website:

http://www.miramarmining.com

Also during the quarter, the company announced two concurrent equity financings for gross proceeds of $95.1 million which consisted of a public offering of 19,200,000 common shares priced at $4.17 per share and a private placement flow through financing of 2,900,000 common shares priced at $5.20 per share. On July 12, 2006 the Company completed the initial closing of these financings. The underwriters also had a 30 day over allotment option related to the common share offering which closed on August 11, 2006 and resulted in gross proceeds of $4.6 million. The proceeds from these financings are not included in the 2nd Quarter results.

Subsequent to the quarter, on July 28, 2006 the Minister of Indian and Northern Affairs Canada (INAC) accepted the Nunavut Impact Review Board's recommendation that the Doris North Project proceed. Miramar is now in the final phase of permitting for Doris North. Dependent on receipt of all final licences and permits, Miramar hopes to be operating at Doris North in mid-2008.

Financial Results

For the quarter ended June 30, 2006, the Company had earnings of $2.2 million or $0.01 per share compared to a net loss of $0.5 million or $0.00 per share in 2005. Excluding the effect of the future tax rate recovery of $2.7 million the loss in the quarter would have been $0.5 million or $0.00 per share. On June 30, 2006 the Company had consolidated working capital of $52.2 million compared to $64.3 million at the end of 2005 which includes $60.0 million of cash and cash equivalents. This does not include the $99.7 million raised in the equity financing.

See the full Financial Statements and Management's Discussion and Analysis attached to this news release.

Forward-Looking Statements

This press release and the attached financial disclosure contain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 including, without limitation, statements relating to Miramar's strategies, goals and objectives at the Hope Bay project and the expected results of exploration work. Forward-looking statements are statements that are not historical facts and are generally but not always, identified by words such as "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "goal", "objective", "strategy", or variations thereof or similar expressions or statements that events or conditions "will", "would", "may", "could", or "should" occur.

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 in a timely manner and on acceptable terms to fund the planned work; 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, and that commercially viable deposits may not be identified; 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 work programs or mine closures; the risk of environmental contamination or damage resulting from Miramar's operations and other risks and uncertainties, including those described in this press release and the attached disclosure and 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. 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

(consolidated financial contained in link below)

http://biz.yahoo.com/iw/060814/0153631.html