MIRA Completes Testing Program at Tom Shot Bank 1

Mira Resources Corp. (TSX VENTURE:MRP) ("Mira") and its wholly owned subsidiary
Equinox TSB Development (Nigeria) Limited are pleased to announce the completion
of the Testing Program at Tom Shot Bank 1 ("TSB 1"). 


Mira has completed its testing program of Tom Shot Bank. TSB 1 flowed a 120 foot
section out of the 210 foot U7 interval in the Lower U7 for seven days under
different choke sizes; the flows ranged from 77 barrels oil per day ("bopd") to
512 bopd, averaging at a rate of 280 bopd with no formation water and a GOR in
the 850 to 950 range. Mira allowed this lower zone four days to clean up and
then conducted controlled tests at various choke sizes for three additional days
to gather the pertinent information. As previously announced the anticipated
flow rate from the U7 was modeled by our independent reservoir experts
incorporating the newly acquired data to predict a flow in excess of 1500 bopd
on a 32/64" choke. After further analysis of our production models it has been
suggested that due to near well bore reservoir damage during the original
drilling of TSB 1 in 1980 when they took a hydrocarbon kick, additional
stimulation techniques are required to increase the flow rates. Due to the
variable flow rates it was estimated it would require an additional ten days to
calculate a definitive skin and permeability, therefore the test was terminated.
The most logical completion scenario that our independent completion and testing
experts have modeled is through a comingled flow of the U4 gas reservoir and the
U7 interval these two intervals have the ability to deliver in excess of 2500
bopd. As this is a completion and requires additional equipment, we are unable
to complete the well at this time and we will start suspending the well and will
re-continue the completion as a producer in conjunction with the drilling of TSB
3 in early 2012.


Thomas Cavanagh, President of Mira, stated, "We have successfully confirmed the
presence of a light sweet 41.6 API oil in the lower 120 feet of the 210 foot
thick U7 interval with no formation water produced during the tests. This
production test confirmed the calibration and accuracy of the new well log
interpretation thereby significantly de-risking an additional Gross 19 feet of
oil in two sands in the U4, oil in the Upper 60 feet in the U7, 48 feet of oil
in the U8 (with an additional 43 feet with indications masked by the two sets of
pipe), and oil in the upper 74 feet in the U9 reservoir. The U 9.5 and lower U9,
due to the interpreted high laminations delivered encouraging results and will
be further evaluated in TSB 3 through higher resolution open hole logs and
possible cores." 


"Relative to potential resource and reserve revisions we are in the process of
updating the 3D reservoir models for the U7, U8 and U9 with the new data. The U7
reservoir in the 51-101 for the P 50 model had 48 feet of potential, the new
well logs predict 96 feet of net oil saturations in excess of 45%, the oil
saturation calculation used as the cut off in poor quality formations, using a
30% Oil saturation assuming better quality reservoir would increase the
interpreted net pay to 146 feet. We are extremely encouraged that we have found
the U9, U8 and U7 intervals all with large intervals of high oil saturations." 


"We will continue to iterate work with our contractors to update the significant
larger probable oil bearing section into the 3D reservoir models which then will
be supplied to an independent engineering firm to calculate new estimates of the
potential of this field. The resource assessment in the 51-101 is being updated
with an anticipated completion in January 2012. Additionally, we will be
continuing the planning and acquisition of new data for TSB 3 scheduled for
early 2012." 


ON BEHALF OF THE BOARD

Thomas Cavanagh, President and Director

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform Act of 1995
and Canadian securities laws. There can be no assurance that such statements
will prove to be accurate and actual results and future events could differ
materially from those anticipated in such statements. Important factors that
could cause actual events and results to differ materially from Mira's
expectations include risks related to the exploration stage of Mira's project;
market fluctuations in prices for securities of exploration stage companies; and
uncertainties about the availability of additional financing.


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