VANCOUVER - MIRAMAR MINING CORP. has announced the sale of 18.5 million units to NEWMONT MINING CORP. Each unit consists of one common share and a warrant to purchase an additional common share at $2.75 over a period of 48 months. Miramar expects to realize $43.5 million on the deal. The closing is subject to completion of formal documentation and all necessary regulatory and stock exchange approvals.
Miramar wants to become a mid-tier gold producer by developing its Hope Bay deposit on the Arctic coast of Nunavut. The property hosts three deposits (Boson, Doris and Madrid) which have total estimated measured and indicated resources of 6.85 million tonnes grading 9.6 g/t Au and another inferred resource of 19.21 million tonnes grading 7.0 g/t Au. The company is actively drilling the property, and results of the summer 2005 program are expected shortly.
Details of the transaction with Newmont are available in the News Releases posted at www.MiramarMining.com.