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GOLD EXPLORATION – Miramar commits $31M for Hope Bay

NUNAVUT - MIRAMAR MINING of Vancouver has promised $31 million for a 72,000-m drill program at its Hope Bay gold pr...


NUNAVUT – MIRAMAR MINING of Vancouver has promised $31 million for a 72,000-m drill program at its Hope Bay gold project. The program will focus on getting the required information to make a production decision on the Doris North deposit. The feasibility study is to be completed in Q2 2007.

The company says $14.2 million is earmarked for Doris North. The work includes initial earthworks construction, camp buildings, the mill building, purchase of underground mining equipment, and purchase of consumables sufficient to last until the 2008 sealift.

Planned budget covers several other objectives: the expansion of resources at the Madrid and Boston B2 deposits, the identification of additional grassroots targets, and regional exploration.

Miramar released resource estimates after its 2006 drilling program. The estimate, for both the Madrid and Doris North deposits, includes 36.0 million t at 4.51 g/t Au in the indicated category and 46.6 million t at 3.64 g/t Au in the inferred category. Contained gold probably tops the 10.0-million-oz mark.

We believe that Hope Bay has the potential to enable Miramar to become a significant gold producer with the ounces we have discovered to date, but we also seek to demonstrate the opportunities for organic growth and resource replenishment on the belt in future years,” Miramar president and CEO Tony Walsh said.

The company website is at www.MiramarMining.com.


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