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27.01.2012
Miranda Gold: To Our Shareholders
Miranda Gold: To Our Shareholders
Another year is coming to a close and the first thought I wish to convey in this letter is to thank each and every one of you for your support. During the last few months I traveled to eight different cities and met with many of you. I will use this opportunity to convey to the remainder of you the same message that I passed on in person: Miranda had a good year and expects to have an even better year in 2012.
Now you are asking, how I can make this statement when our share price is at a low, the markets in general are struggling and the economies of the world are in disarray. My answer is this:
• In 2011, Miranda saw the most spending ever by our partners
• Partner spending ($6.4 M) combined with Miranda's budget of $2.7 M gave shareholders leverage 2.4:1 and a total combined exploration budget of $9.1 M
• Nine of our sixteen properties are being explored by partners
• Approximately 17,000 meters or 56,000 feet of drilling took place on 8 properties
• Over 60 holes were or will have been drilled in calendar 2011
• Our treasury remains strong at approximately $6.9M Cdn.
• Our Pavo Real drill program is ongoing with results expected in 2012
• Red Eagle is projecting a 18,000 meter or 60,000 feet drill program at Pavo Real in 2012
• We expect most if not all of our 2011 partners to return in 2012, and
• Most importantly, our management and exploration team in Elko, Nevada and in Medellin, Colombia are dedicated to making a discovery for our shareholders and ourselves.
We are very realistic and we know that a discovery is what is needed to reward our shareholders. While we have not yet made an economic discovery we have demonstrated that gold systems are present on most of our properties. We have secured partners that are coming back for a second, third and in some cases a fourth round of drill testing. This is the kind of commitment that is needed to determine if these gold systems are small or if they represent the tip of a big discovery. Success in mineral exploration is always underlain by continuous, deliberate and committed exploration.
We have acquired properties in world-class gold districts, including the Cortez trend, where a discovery could contain millions of ounces. We have conserved our treasury and given our shareholders nine projects that are being explored by our partners or, nine lottery tickets as my friend and supporter, Rick Rule, is fond of saying. In other words, we are doing what we promised shareholders we would do and we are executing the prospect generator model as conceived and promised. We believe we will ultimately succeed and are committed to doing so.
The following table summarizes our 2011 drill activities:
To view the entire press release please follow the link:
http://www.irw-press.com/dokumente/Miranda_270112_English.pdf
While I won't spend time in this letter describing all our projects I do want to pass along several insights into our Red Hill project. Many of you know that several months ago Barrick announced a major new discovery in the Cortez trend. Barrick announced 3.5 M ounces at its Red Hill property (same name but 7 miles north of our Red Hill project). Barrick also announced ore-grade intercepts to the southeast in an area called Goldrush and ET North. What they did not announce is the fact that Joe Hebert, Miranda's VP Exploration drilled the first mineralized holes near Goldrush and ET North when he worked for Placer Dome in 2002. He was drawn to this area by using what he calls "predictive geology". Essentially when studying the structures that controlled gold mineralization at the Pipeline Mine he was able to "predict" that another set of similar faults should host mineralization approximately 15 miles southeast of Pipeline. The Cortez deposits occur along southeast trending en-echelon shears or tears in the subsurface as depicted in the figure below. Many of the analysts who have visited Barick's new discovery feel that a deposit of at least 10 million ounces will be found when the area between the Red Hill discovery and the Goldrush zone is drilled. Some even believe this new area could contain a deposit larger than the Pipeline deposit (20 M ounces).
Miranda's Red Hill property contains a gold system as evidenced by the 45 feet of 0.24 oz Au/t that was intersected in drill hole BRH-13. Our project lies southeast of the Barrick discovery and hopefully is the "next pearl on the string" in the Cortez trend. Gold trends do not go on forever but Miranda feels that with a major discovery just across the valley and strong mineralization in hole BRH-13 we have a good shot for a discovery on our Red Hill property. We are also pleased to be able to tell you that our partner at Red Hill has commited to drilling several holes near BRH-13 in 2012.
To view the entire press release please follow the link:
http://www.irw-press.com/dokumente/Miranda_270112_English.pdf
In addition to the 2012 drill program at Red Hill we are sure that Agnico-Eagle will continue as a partner at the Ester Dome project in Alaska and we expect to see both Ramelius and Navaho Gold returning to their respective projects in Nevada. Red Eagle has proposed a $4 million, 180,000 meter drill program, at Pavo Real in Colombia for 2012 and if this is approved we would expect to see a minimum of $8 million in partner spending in 2012 and of course we are always working on new partnerships and alliances.
I wish to thank you for your patience and remind you that exploration and discovery is a process that takes time, vision, commitment and luck. We are grateful to have partners that are returning to fully test targets. For those of you that are running out of patience, I can assure you that, by nature, geologists are impatient. We want a discovery as badly as you do and take no solace in hearing that our peer companies are also struggling in the market. We commit to working hard for you again in 2012.
I wish you all a healthy and properous 2012 and a cheerful holiday season
ON BEHALF OF THE BOARD
Ken Cunningham
President and CEO
For more information visit the Company’s web site at www.mirandagold.com or contact Joe Hebert, Vice President, Exploration at 775-738-1877.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA6046731031">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA6046731031</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.
Another year is coming to a close and the first thought I wish to convey in this letter is to thank each and every one of you for your support. During the last few months I traveled to eight different cities and met with many of you. I will use this opportunity to convey to the remainder of you the same message that I passed on in person: Miranda had a good year and expects to have an even better year in 2012.
Now you are asking, how I can make this statement when our share price is at a low, the markets in general are struggling and the economies of the world are in disarray. My answer is this:
• In 2011, Miranda saw the most spending ever by our partners
• Partner spending ($6.4 M) combined with Miranda's budget of $2.7 M gave shareholders leverage 2.4:1 and a total combined exploration budget of $9.1 M
• Nine of our sixteen properties are being explored by partners
• Approximately 17,000 meters or 56,000 feet of drilling took place on 8 properties
• Over 60 holes were or will have been drilled in calendar 2011
• Our treasury remains strong at approximately $6.9M Cdn.
• Our Pavo Real drill program is ongoing with results expected in 2012
• Red Eagle is projecting a 18,000 meter or 60,000 feet drill program at Pavo Real in 2012
• We expect most if not all of our 2011 partners to return in 2012, and
• Most importantly, our management and exploration team in Elko, Nevada and in Medellin, Colombia are dedicated to making a discovery for our shareholders and ourselves.
We are very realistic and we know that a discovery is what is needed to reward our shareholders. While we have not yet made an economic discovery we have demonstrated that gold systems are present on most of our properties. We have secured partners that are coming back for a second, third and in some cases a fourth round of drill testing. This is the kind of commitment that is needed to determine if these gold systems are small or if they represent the tip of a big discovery. Success in mineral exploration is always underlain by continuous, deliberate and committed exploration.
We have acquired properties in world-class gold districts, including the Cortez trend, where a discovery could contain millions of ounces. We have conserved our treasury and given our shareholders nine projects that are being explored by our partners or, nine lottery tickets as my friend and supporter, Rick Rule, is fond of saying. In other words, we are doing what we promised shareholders we would do and we are executing the prospect generator model as conceived and promised. We believe we will ultimately succeed and are committed to doing so.
The following table summarizes our 2011 drill activities:
To view the entire press release please follow the link:
http://www.irw-press.com/dokumente/Miranda_270112_English.pdf
While I won't spend time in this letter describing all our projects I do want to pass along several insights into our Red Hill project. Many of you know that several months ago Barrick announced a major new discovery in the Cortez trend. Barrick announced 3.5 M ounces at its Red Hill property (same name but 7 miles north of our Red Hill project). Barrick also announced ore-grade intercepts to the southeast in an area called Goldrush and ET North. What they did not announce is the fact that Joe Hebert, Miranda's VP Exploration drilled the first mineralized holes near Goldrush and ET North when he worked for Placer Dome in 2002. He was drawn to this area by using what he calls "predictive geology". Essentially when studying the structures that controlled gold mineralization at the Pipeline Mine he was able to "predict" that another set of similar faults should host mineralization approximately 15 miles southeast of Pipeline. The Cortez deposits occur along southeast trending en-echelon shears or tears in the subsurface as depicted in the figure below. Many of the analysts who have visited Barick's new discovery feel that a deposit of at least 10 million ounces will be found when the area between the Red Hill discovery and the Goldrush zone is drilled. Some even believe this new area could contain a deposit larger than the Pipeline deposit (20 M ounces).
Miranda's Red Hill property contains a gold system as evidenced by the 45 feet of 0.24 oz Au/t that was intersected in drill hole BRH-13. Our project lies southeast of the Barrick discovery and hopefully is the "next pearl on the string" in the Cortez trend. Gold trends do not go on forever but Miranda feels that with a major discovery just across the valley and strong mineralization in hole BRH-13 we have a good shot for a discovery on our Red Hill property. We are also pleased to be able to tell you that our partner at Red Hill has commited to drilling several holes near BRH-13 in 2012.
To view the entire press release please follow the link:
http://www.irw-press.com/dokumente/Miranda_270112_English.pdf
In addition to the 2012 drill program at Red Hill we are sure that Agnico-Eagle will continue as a partner at the Ester Dome project in Alaska and we expect to see both Ramelius and Navaho Gold returning to their respective projects in Nevada. Red Eagle has proposed a $4 million, 180,000 meter drill program, at Pavo Real in Colombia for 2012 and if this is approved we would expect to see a minimum of $8 million in partner spending in 2012 and of course we are always working on new partnerships and alliances.
I wish to thank you for your patience and remind you that exploration and discovery is a process that takes time, vision, commitment and luck. We are grateful to have partners that are returning to fully test targets. For those of you that are running out of patience, I can assure you that, by nature, geologists are impatient. We want a discovery as badly as you do and take no solace in hearing that our peer companies are also struggling in the market. We commit to working hard for you again in 2012.
I wish you all a healthy and properous 2012 and a cheerful holiday season
ON BEHALF OF THE BOARD
Ken Cunningham
President and CEO
For more information visit the Company’s web site at www.mirandagold.com or contact Joe Hebert, Vice President, Exploration at 775-738-1877.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA6046731031">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA6046731031</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.