Miramar gets Nunavut review board OK for Doris North

Vancouver – Miramar Mining (MAE-T, MNG-X) has finally received the blessing of the Nunavut Impact Review Board (NIRB) for planned development of its Doris North gold mine at the Hope Bay project, located about 65 km east of Bathurst Inlet.

After facing meeting and public hearing delays in mid-2004, followed by NIRB’s rejection of the initial application citing deficiencies on certain environmental and socio-economic details, Miramar’s revised environmental impact statement has now satisfied the board. NIRB will now recommend to the Minister of Indian and Northern Affairs Canada that development of Doris North should proceed.

Miramar is now able to set plans in motion to start shipping equipment to Hope Bay in the summer of 2007 and envisions production commencing in 2008. This year, the company will continue to acquire and secure all necessary remaining permits and licences. A water licence, Inuit Impact and Benefits Agreement (agreement in principle in hand), Department of Fisheries and Oceans authorization, plus other agreements still remain to be secured.

Gold mineralization at the Doris deposit is hosted in typical Archean greenstone style, occurring in quartz vein systems within folded meta-volcanics. Doris North is near-surface zone of high-grade gold bearing quartz veins, folded to create an anticlinal-hinge structure. The total Doris deposit contains a measured and indicated resource of 763,000 tonnes grading 23.9 grams gold per tonne, plus additional inferred resources of 1.7 million tonnes of 14.7 grams gold.

Doris North is scheduled to produce about 155,000 oz. of gold annually over two years, in the initial phase of Hope Bay operations. The second phase will have the Doris Central and more accessible portions of the Boston and Madrid deposits coming on-stream with anticipated annual gold output of about 200,000 oz. Third phase development foresees mining of the large Madrid deposit with annual gold production ramping up to the 400,000 oz. level.

With its 185 million shares outstanding, Miramar posts a $650-million market capitalization at its recent $3.50 per share trading level.