NWT Mineral Exploration

[Ed Monton]

Miramar Completes Financing for $15 Million

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 18, 2004) -

Continued Funding for Exploration Programs at Hope Bay and Back River in
2004 and 2005

Miramar Mining Corporation today announced that it has completed the
sale, by way of private placement, of 7,500,000 flow-through common
shares at $2.00 per share to raise gross proceeds of $15,000,000. Net
proceeds will be used to continue the exploration of the Hope Bay belt
including a November campaign at Madrid and to provide funding for
expenditures under the option to earn up to 60% of the Back River
properties.

"This financing allows us to continue with exploration programs at both
the Hope Bay project and the Back River projects while maintaining
financial strength to advance the Doris North project at Hope Bay
towards a production decision." said Anthony Walsh, Miramar's President
& CEO.

The Company paid a 5% cash commission and issued broker warrants
exercisable to purchase 375,000 common shares at $2.00 per common share
for a period of 12 months to the Canadian investment dealers who sold
the offering.

In addition to the brokered private placement, Miramar is selling
100,000 flow-through shares on a non-brokered basis for gross proceeds
of $200,000.

The proceeds of the sale of the flow-through shares will be used to
incur Canadian Exploration Expenditures on the Company's projects in
Nunavut.

The securities have not been and will not be registered under the United
States Securities Act of 1933, as amended, or the securities laws of any
state, and may not be offered or sold in the United States or to U.S.
persons without registration unless and exemption from registration is
available. This news release does not constitute an offer for sale of
securities in the United States.

Additional Information

All dollar amounts referred to herein are expressed in Canadian dollars.
All information previously released on the Hope Bay Project is available
Miramar's website at http://www.miramarmining.com/.

Forward Looking Statements

Statements relating to the proposed offering and the use of proceeds for
the Hope Bay project and the Back River projects and the expected
results of this work are forward-looking statements within the meaning
of the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements are statements that are not historical facts
and include the use of proceeds from the offering and the planned
exploration programs for Hope Bay and Back River. 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: fluctuations in gold prices; changes in planned work
resulting from weather, logistical, technical or other factors that any
delay Canadian Exploration Expenditures on the Hope Bay or Back River
projects; and other risks and uncertainties, including those described
in this press release and Miramar's Annual Report on Form 40-F for the
year ended December 31, 2003 and Reports of 6K 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.


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FOR FURTHER INFORMATION PLEASE CONTACT:
Miramar Mining Corporation
Tony Walsh
President & CEO
[phone] or Toll Free: 1-800-663-8780
[phone] (FAX)
[e-mail]
www.miramarmining.com