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Miranda Gold Options Five Properties in Colombia
Jan. 20, 2011 (Filing Services Canada) -- Miranda Gold Corp.  (MAD - TSX Venture), an...
About this update from Nulegacy Gold Corporation
[{"type":"text","content":"\nMiranda Gold Options Five Properties in Colombia\n\n\n Jan. 20, 2011 (Filing Services Canada) -- Miranda Gold Corp.  (MAD - TSX Venture), announces the acquisition of five new properties through its Colombian subsidiary, Miranda Gold Colombia II Ltd. (\"Miranda Gold Colombia\").  The Cajamarca, Ibague, Fresno, Santander and Anori projects are optioned from ExpoGold Colombia S.A. (\"ExpoGold\") and are subject to the Association Agreement between Miranda and ExpoGold.Miranda has the right to acquire 100% of each of the five concessions by issuing 10,000 shares of Miranda common stock and making initial payments of US$10,000 to ExpoGold per property. In total Miranda will grant, subject to the rules and approval of the TSX Venture Exchange, 50,000 common shares of Miranda and make payments of $50,000 to ExpoGold.  To maintain the options, payments and issuance of shares increase incrementally each subsequent anniversary year of each individual option agreement.  Miranda Gold Colombia will seek exploration funding partners for all five properties. Cajamarca, Ibague and Fresno will be offered as a single project due to their proximity to one another, while Santander and Anori will be optioned as two separate projects.  The selection of these five properties concludes Miranda's First Right of Refusal to option projects from the ExpoGold portfolio, as contained in the Association Agreement.  Project DetailsCajamarca, Ibague and FresnoThe Cajamarca, Ibague and Fresno projects together cover a total of 45.1 sq. mi. (116.9 sq. km.) and lie within the department of Tolima and Quindio.The Cajamarca project is comprised of two applications and one license totaling 30.5 sq. mi (78.9 sq. km). The geologic setting at Cajamarca consists of meta-sediments that have been intruded by Tertiary and Cretaceous-age stocks.  Locally, the igneous stocks are both hydrothermally and tectonically altered. AngloGold Ashanti's La Colosa gold porphyry discovery (13 million ounces) lies 6.2 mi (10 km) to the southeast of the main project area.  Southwest-trending structures thought to be important to the mineralization at La Colosa are projected through the southern Cajamarca concession.  Regional-scale public-domain geochemical data indicates several gold, lead, mercur...