Goose Lake delivers golden results

Vancouver — Drilling by Miramar Mining (MAE-T) on the Goose Lake deposit at the Back River project in Nunavut has returned significant gold mineralization over good widths.

Miramar is earning a 60% interest in the project from Kinross Gold (K-T).

The recent 24-hole, 6,000-metre program tested the iron formation for confirmation of the calculated resource and helped determine the style and grade of mineralization in the fold structures. Gold at Goose Lake is hosted in folded, banded iron formations. The fold structure forms a hinge, or nose, near the surface, where the unit thickens and is generally enriched with gold, similar to the nearby Lupin mine.

Drilling targeted these enriched, fold hinges and the limbs of the iron formation. Miramar’s program intersected significant gold over substantial widths, including:

— hole 1, which cut 11.6 metres (from 195.5 metres), within the fold core, grading 7.2 grams gold per tonne;

— hole 13, which targeted the fold hinge and cut 4.1 metres (from 19.5 metres) averaging 36.5 grams gold, including a higher-grade, 2.3-metre intercept of 74 grams;

— hole 18, which cut 6.3 metres (from 57.4 metres) grading 12 grams gold and 20.7 metres (from 72.3 metres) of 12.4 grams; and

— hole 24, which returned 16.8 metres (from 197 metres) grading 36.3 grams gold, including a 5.4-metre section of 73.5 grams gold.

Miramar hopes to double the Goose Lake resource by delineating the mineralized fold structures. The indicated resource now stands at 1.75 million tonnes grading 9.6 grams gold per tonne, or 540,000 oz. gold, whereas the inferred figure is 595,000 tonnes at 9.5 grams, or 182,000 oz. gold. Increasing the resource will be key to any development decision at Goose Lake, which could include the George Lake deposit, to the north, as a satellite operation.

Miramar is earning a 60% interest in the Back River project from Kinross in return for spending $10 million by Aug. 31, 2005, and a cumulative $25 million in the subsequent 12 months.

Miramar has 152 million shares outstanding.

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