MIRA Operational Update of Tom Shot Bank 1

Mira Resources Corp. (TSX VENTURE:MRP) ("Mira") and its wholly owned subsidiary
Equinox TSB Development (Nigeria) Limited announce an operational update on
re-entry and testing program for Tom Shot Bank 1 well ("TSB1"). 


Further to the preliminary results from the newly acquired cased-hole logs in
TSB1 announced on November 16, Mira has continued to refine the processing and
interpretation of the logs. The updated logs indicate that the upper interval of
the U9 has a 40 gross feet of oil bearing section with an additional 52 feet in
the lower zone indicated to be potentially oil bearing. This result correlates
with the oil that Shell originally sampled in 1980 in the U9.


The U8 interval is now interpreted to contain a possible 22 foot gas and 26 foot
oil interval. This result correlates with the oil that Shell originally sampled
in the U8 in 1980.


The U4 has been interpreted to contain 42 feet of gas and a 12 foot oil leg,
with an additional reservoir in the upper section of the U4 is now interpreted
to have a possible 12 to 14 foot oil column. 


Thomas Cavanagh, President of Mira, stated, "The processing and interpretation
of the newly acquired cased-hole logs and its integration and correlation with
the older open hole data is still ongoing. We are pleased to see that all of the
reservoirs which Shell had indicated as possibly oil bearing by the recovery of
oil samples have been confirmed by the new logs to have high saturations of oil.



"The lower reservoirs, the U9, U8 and U7 all appear to have been charged with
oil which correlates with the oil samples that Shell obtained in 1980. This is
very encouraging as it would suggest that we have significantly more resources
in Tom Shot Bank than what has been filed in Mira's 51-101 Report.


"The results of the new logs have identified that the U8 interval has a gross 90
feet oil bearing reservoir which have a definitive hydrocarbon saturation of
greater than 50% across a 46 foot interval. The U8 would have certainly been put
on test during this program but as it is located behind two sets of casing the
test will be deferred to the TSB3 well.   


"The increased presence of oil in the U4 and U5 also indicates that the entire
greater TSB Complex was charged with oil and contains multiple stacked oil
reservoirs. At this stage we are very confident that by drilling the TSB3 well
in an optimal location up-dip from TSB1 that we will be able to definitively
determine with open hole logs the fluid composition in all the reservoirs that
we will not have the chance to test in this occasion.


"We are focusing our efforts this week on commencing the drill stem test in the
lower U7, followed by the test in the upper U7. Mira anticipates announcing the
results of these combined tests towards the end of November or first week in
December. The question of gross to net reservoir and deliverability is still
outstanding and will be evaluated via these production tests. Although these
tests will answer many of the questions on these reservoirs, ultimately Open
hole logs and cores will be required to determine the best way to produce the
significantly increased oil columns we have confirmed to be present at Tom Shot
Bank Field."


TSB Field is located within Oil Prospecting License 276 ("OPL 276") which is
adjacent to the Abana Field in Oil Mining License 114 and due north of Addax
Petroleum Corp. in Oil Mining License 123 ("OML 123"). Addax Petroleum Corp. is
producing almost 50,000 BOPD from multiple fields within OML 123. TSB Field was
discovered by Shell Petroleum in 1980 and encountered 425 Gross Feet of
hydrocarbon pay, 57 net feet of gas and 83 net feet of oil proven pay with
another possible 111 net feet of oil and 29 net feet of gas pay in reservoirs
which Shell Petroleum interpreted as probable laminated reservoirs. 


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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