Zeev's Turnips Patch-No Politics (ZEEV)

[basserdan]

*** Gold related post (MNG) ***

G'morning D,
This PR is from one of those juniors on the list and, imo, one that absolutely belongs in the 'can't miss' catgory.


Miramar Amends Terms of George & Goose Lake Option, Plans Exploration Program

Thursday February 26, 5:46 pm ET

Option & Joint Venture Agreement Signed, Initial Earn-in Period Extended to 18 Months

VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 26, 2004--Miramar Mining Corporation today (AMEX: MNG - News; TSX: MAE - News) announced execution of the final option and joint Venture agreement with Kinross Gold Corporation on the George and Goose Lake Projects in Nunavut, which has been amended to extend the initial option period from 12 to 18 months, requiring that Miramar spend a minimum of C$10 million by August 31, 2005 to maintain the option.

"The extended earn in period allows us to shift some of the expenditure obligations into 2005 and will enable us to mobilize bulk supplies by barge this summer, allowing for a more productive and cost efficient work program," said Tony Walsh, Miramar's President and CEO. "Meanwhile, a significant 2004 work program on the George & Goose Lake properties should get underway in April, targeting resource expansions with the objective of providing the critical mass necessary to consider development options."

Amendments to Option Agreement

Under terms of the letter agreement with Kinross announced on November 17, 2003, Miramar could earn up to 60% in the George and Goose Lake properties, which contain an estimated combined resource of 2 million ounces of gold as detailed below. The amended terms of the final option and joint venture agreement signed February 25, 2004 call for C$10 million in expenditures by August 31, 2005 and a cumulative C$25 million in expenditures within the subsequent 12 months, after which expenditures are shared pro rata. Provided Miramar has spent a cumulative C$15 million by August 31, 2006, Miramar can extend the earn-in period to 36 months by increasing the total earn in requirement to C$28 million. The other provisions of the option agreement remain the same.

2004 Work Program

Final planning is underway for a program of exploration and drilling which is expected to commence in April 2004 which will focus on confirming and expanding the resources at Goose and George Lakes, as well as evaluating the numerous showings and untested sections of banded iron formation on the properties that offer potential for new discoveries.

Initial plans call for expenditures of approximately C$6.5 to 7.0 million during 2004, which allows for an initial 13,000m of core drilling and mobilization of supplies sufficient to complete up to an additional 12,000m during the year, dependent on results. The principal target in 2004 will be testing for extensions to the Goose Lake deposit, where there are a number of gold bearing zones within banded iron formation ("BIF") units which are stacked and folded into an anticline. The BIF units appear to be thickened and enriched in the vicinity of the fold nose, which lies just below surface. The most obvious potential for increasing the resources in the Goose Lake deposit lies in tracing the extensions of the fold nose and zones of mineralization associated with both the east and west limbs of the fold to the north and south. For example, drilling in the fall of 2002 tested the iron formation at depth and intercepted 18.9m of 7.3 g/t gold (including 8.6m of 12.4 g/t) and 13.3m grading 23.6 g/t gold. In addition, there is an area south of the current resource where shallow drilling intercepted significant gold values over considerable widths (including 14.0m of 17.7 g/t, 15.6m of 9.5 g/t, 18.2 of 9.1 g/t), which lie outside the current resource but could provide additional near surface resources as drilling progresses.

A secondary target for 2004 will be drill testing the George Lake deposit, which currently contains the largest resource on the properties and where the gold deposits comprise two parallel gold bearing BIF units in close proximity to each other. The objective of the 2004 drilling will be evaluate potential geologic controls on the localization of gold mineralization at George Lake, to determine whether there is potential to extend the resources along strike versus extensions to depth.

Quality Assurance

The Goose Lake resources for 2002 were estimated by Watts Griffis and McOuat Limited (WGM). The indicated resource measures 4.37 million tonnes grading 9.8 g/t gold, with an inferred resource of 1.88 million tonnes grading 9.9g/t gold. WGM states that the estimate complies with National Instrument 43-101. At the George Lake project, AMEC (formerly MRDI) completed a resource estimate in 1998 which was reviewed for National Instrument 43-101 compliance in 2001. A detailed audit of the MRDI 1998 resource estimate for Locale 2 and a brief review of the Locale 1 resource was undertaken by WGM in 2002.

Additional Information

All other information previously released on the George & Goose Lake Projects is also available on Miramar's website at http://www.miramarmining.com/.

http://biz.yahoo.com/bw/040226/265839_1.html