Wide Hope Bay gold intercept for Miramar

Vancouver – This summer’s drill program on Miramar Mining’s (MAE-T) Naartok zone within the Madrid deposit, part of the Hope Bay gold project near Bathurst Inlet in Nunavut, continues to expand known mineralized zones.

A series of infill drill holes on Naartok East, previously called Perrin, have been confirming recently discovered mineralized zones and will lead to their incorporation into a new resource calculation. The thick, higher-grade zones encountered earlier in 2004 are showing continuity and extent to depth. In fact, the company is planning a couple of deep holes, up to 200 metres deeper than previous drilling, to probe the extent of the mineralization.

Recent drilling results include:

• Hole 04PMD270 Multiple zones of mineralization were intersected, a 2.5 metre section (from 326 metres) of core averaged 12.7 grams gold per tonne, further downhole intercepts of 9.4 metres (from 368 metres) of 4.7 grams gold and 19.5 metres (from 388 metres) of 5.2 grams, including 5.4 metres of 9.3 grams, were encountered;
• Hole 04PMD274 This infill hole hit a wide intercept of 62 metres (from 359 metres) averaging 9.8 grams gold; The intercept was actually comprised of 14.4 metres grading 17.3 grams gold followed by 13.7 metres of lower grade material (less than 1 gram), then 33.9 metres of 10.4 grams; additionally, a 2 metre intercept assaying at 123.6 grams was cut above this wide zone.

Miramar reports ten holes completed on Naartok over the summer with an addition four underway. The infill drilling, conducted on 50-metres centres, will be utilized in a planned revision of the resource estimate of the Naartok zone. The present indicated Naartok resource stands at about 1.7 million tonnes grading 5.4 grams gold, an additional inferred resource of 3 million tonnes at 4.1 grams gold exists.

The company’s stated objective is, within two years, to determine the potential of a large open pit-underground operation at Naartok to contribute to planned production in the Hope Bay project.