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Miranda Gold's Coal Canyon Project Added to the Red Hill Exploration Funding Agreement
Jan. 5, 2011 (Filing Services Canada) -- Miranda Gold Corp.  (MAD - TSX Venture), ann...
About this update from Nulegacy Gold Corporation
[{"type":"text","content":"\nMiranda Gold's Coal Canyon Project Added to the Red Hill Exploration Funding Agreement\n\n\n Jan. 5, 2011 (Filing Services Canada) -- Miranda Gold Corp.  (MAD - TSX Venture), announces that NuLegacy Gold Corporation (\"NuLegacy\") (TSX-V: NUG) has signed an amendment to the Red Hill exploration funding agreement (the \"Agreement\"). The Agreement now incorporates Miranda's Coal Canyon project along with the Red Hill project and increases the earn-in requirement by US$1.5 million with a drill commitment on Coal Canyon. Under the terms of the Agreement, NuLegacy must spend an additional US$1,500,000 in qualifying exploration expenditures over a four year period, for a new total of US$5,500,000. NuLegacy has committed to drill three 1,500 ft (457 m) holes on the Coal Canyon project by the end of 2013. Miranda will also receive an additional 50,000 shares in NuLegacy upon signing the Agreement. For further information on the Red Hill exploration funding agreement visithttp://www.mirandagold.com/s/NewsReleases.asp?ReportID=364296&_Type=News-Releases&_Title=Miranda-Gold-Corp.-and-NuLegacy-Gold-Corporation-Sign-Agreement-to-Explore- Since signing the original Red Hill Agreement with Miranda, NuLegacy has been active in consolidating a district size exploration play around Red Hill.  On October 21, NuLegacy announced that they had completed an option on 14 sq mi (36 sq km) of mining claims contiguous to and to the east of Miranda's Red Hill property.  NuLegacy had previously optioned a large claim block from Barrick Gold Exploration Inc. that is contiguous to and west of the Red Hill such that they now control a district sized project of 45 sq mi (116 sq km). Miranda's Coal Canyon property is adjacent to the Barrick ground.  Miranda sees this district wide consolidation as a positive move as it indicates that NuLegacy is committed to fully exploring the area over a period of years.Project DetailsThe Coal Canyon sediment hosted gold project consists of 64 unpatented lode claims in the heart of the Cortez Trend. The property is 10 mi (16 km) south of Barrick's  Cortez Hills gold deposit (+13 M oz) and it adjoins the northeast side of US Gold's Tonkin Springs property. The property occupies 2 sq mi (5.2 sq km) of the Windmill lower-plate window, a feature that exposes favorable carbonate ...