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Miranda Gold Signs Letter of Intent with Sin Holdings on Redlich Project
Miranda Gold Signs Letter of Intent with Sin Holdings on Redlich Project
About this update from Barrick Mining Corporation
[{"type":"text","content":"\nMiranda Gold Signs Letter of Intent with Sin Holdings on Redlich Project\n\n\n May 20, 2010 (Filing Services Canada) -- Miranda Gold Corp.  (MAD - TSX Venture), announces the signing of a Letter of Intent with SIN Holdings Inc. (\"SIN\") (OTCBB: SNHI) whereby SIN may earn a joint venture interest in Miranda's Redlich project in Esmeralda County, Nevada.Under the terms of the Letter of Intent, which is to be replaced by a definitive option agreement, SIN can earn a 75% interest in Redlich by funding US$3,000,000 in qualifying expenditures over a four year period, followed by either completing a positive feasibility study within the following four years or by annually funding $1,000,000 in exploration and development during the next 10 years. An optional 10% interest, for a total of 85%, can then be earned if SIN elects to fund all costs associated with placing the project into production. The first year's commitment of $500,000 is an obligation. Upon signing the definitive option agreement, SIN shall issue Miranda 200,000 common shares in the capital of SIN.SIN Holdings is a public company comprised of a group of successful financiers and geologists and whose focus is on advanced exploration in the Americas. Miranda's Redlich project is located within the Walker Lane structural corridor, 55 miles (88 km) west of Tonopah, Nevada. The project consists of 113 unpatented lode claims and covers 3.7 square miles (9.5 sq. km.).  Previous drilling focused on a northwest-trending fault corridor hosting high-grade gold in low-sulfidation quartz veins and thick, continuous zones of disseminated / quartz stockwork-hosted gold surrounding the high-grade veins. Multiple drill intercepts of finely-banded quartz veins contained gold grades exceeding 0.250 oz Au/t over 2 to 15 ft (8.6 g Au/t over 0.6 to 4.6 m).In 2008, Mine Development Associates of Reno completed an analysis of drill and assay data on the project, including an examination in three-dimensional views. This review showed that a majority of higher grade intercepts on the project aligned along a best-fit plane trending east-west and dipping south. Higher grade gold values were also shown to occur preferentially within a discrete vertical interval along the plane. This predictability of higher grade gold in horizontal and vertical dimensions will guide the design...