Mira Announces the Completion of the Independent Discovered Resource Assessment for the Tom Shot Bank Field With a 259% Growt...

Mira Resources Corp. (TSX VENTURE:MRP) ("Mira") and its fully owned subsidiary
Equinox TSB Development (Nigeria) Limited are very pleased to announce the
completion of the RPS Energy Independent Resource Assessment for the Tom Shot
Bank Field. The Discovered Contingent Resources have grown 259% from the P 50
(2C) estimate in the previous 2010 NSAI Certified Contingent Resources (8.67
MMstb) completed prior to the reentry of TSB 1 to 22.44 MMstb after the re-entry
and testing of TSB 1 in 2011. 


RPS Energy Reports the following Gross (100%) Contingent Resources for five of
the key reservoirs:




------------------------------------------------------------
Reservoir                   1C             2C             3C
------------------------------------------------------------
Reservoir U 3.0     0.97 MMstb     1.74 MMstb     2.84 MMstb
------------------------------------------------------------
Reservoir U 4.0     0.08 MMstb     0.46 MMstb     1.19 MMstb
------------------------------------------------------------
Reservoir U 7.0     3.90 MMstb    14.64 MMstb    41.00 MMstb
------------------------------------------------------------
Reservoir U 8.0     0.75 MMstb     3.02 MMstb     7.96 MMstb
------------------------------------------------------------
Reservoir U 9.0     1.02 MMstb     2.56 MMstb     4.66 MMstb
------------------------------------------------------------
TOTAL               6.72 MMstb    22.44 MMstb    57.65 MMstb
------------------------------------------------------------



and with additional Prospective Resources in the U 9.0 of:



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Reservoir                   1C             2C             3C           GPoS
---------------------------------------------------------------------------
Reservoir U 9.0     2.09 MMstb     6.53 MMstb    14.37 MMstb           76 %
---------------------------------------------------------------------------



Mohammed Asibelua, Chairman of Mira states, "We are pleased to announce the
completion of the work independently completed by RPS Energy documenting the
significant growth in Discovered Contingent and Prospective Resources at Tom
Shot Bank Field. We are continuing with the undiscovered Prospective Resource
Assessment in Nigeria where we will have more input on the work status and
timing. We would like to thank RPS Energy for their excellent work and advice
throughout the project."


Mira's Board of Directors, in response to several expressions of interests, has
established a special committee with a mandate, in consultation with First
Energy Capital, to solicit, review and consider strategic alternatives and to
make recommendations to the Board as to whether any proposed transactions are in
the best interests of the Corporation and its shareholders. We are now very
excited to commence this process with First Energy Capital. We anticipate that
our data room will be opened within the next ten days. Additionally, we are
advancing our discussions with several Nigerian Banks and other project
financing avenues through debt for the development of this project for eventual
production in Mid 2013. All permitting necessary to drill TSB 3 is underway; we
anticipate having all necessary permits and technical work completed in the
early portions of the 4th Quarter.


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. 


DEFINITIONS: Contingent Resources are those quantities of petroleum estimated,
as of a given date, to be potentially recoverable from known accumulations using
established technology or technology under development, but which are not
currently considered to be commercially recoverable due to one or more
contingencies. Contingencies may include factors such as economic, legal,
environmental, political, and regulatory matters, or a lack of markets. It is
also appropriate to classify as contingent resources the estimated discovered
recoverable quantities associated with a project in the early evaluation stage.
Contingent Resources are further classified in accordance with the level of
certainty associated with the estimates and may be sub-classified based on
project maturity and/or characterized by their economic status. The key
remaining issues with converting these to Reserves are an approved field
development plan, finalization of the export agreements and proof of sufficient
funding. 


Prospective Resources are those quantities of petroleum estimated, as of a given
date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective resources have both an
associated chance of discovery and a chance of development. Prospective
Resources are further subdivided in accordance with the level of certainty
associated with recoverable estimates assuming their discovery and development
and may be sub-classified based on project maturity.


RISKS AND CAUTIONARY STATEMENTS:

Significant Positive and Negative Factors Relevant to the Resources Estimates:
This news release contains forward looking information including, but not
limited to, estimated resources. The forward looking information is based on
current expectations and is subject to a number of risks and uncertainties which
could cause actual results to differ materially from those anticipated. These
risks include, but are not limited to the following:


Risks associated with ever making a discovery: The estimation of prospective
resource volumes for high-risk and poorly calibrated basins can be subject to
large variation from the introduction of new information. The estimates
presented herein are based on all of the information available; however, new
data or information may have a material effect on the resource assessment
values. There is no certainty that any portion of the resources will be
discovered. If discovered, there is no certainty that the discovery will be
commercially viable to produce any portion of the resources. Given that most of
the resources in the portfolio are in leads that require additional data to
fully define their potential it is likely that significant changes to the
resource estimates will occur with the incorporation of additional data and
information.


Risk Associated with the Estimates: In the event of a discovery, basic reservoir
parameters, such as porosity, net hydrocarbon pay thickness, fluid composition
and water saturation, may vary from those assumed by RPS affecting the volume of
hydrocarbon estimated to be present. Other factors such as the reservoir
pressure, density and viscosity of the oil and solution gas/oil ratio will
affect the volume of oil that can be recovered. Additional reservoir parameters
such as permeability, the presence or absence of water drive and the specific
mineralogy of the reservoir rock may affect the efficiency of the recovery
process. Recovery of the resources may also be affected by well performance,
reliability of production and process facilities, the availability and quality
of source water for enhanced recovery processes and availability of fuel gas.
There is no certainty that certain mineral interests are not affected by
ownership considerations that have not yet come to light. 


Substantial Capital Requirements: Mira expects to make substantial capital
expenditures for exploration, development and production of oil and gas reserves
in the future. The Company's ability to access the equity or debt markets in the
future may be affected by any prolonged market instability. The inability to
access the equity or debt markets for sufficient capital, at acceptable terms
and within required time frames, could have a material adverse effect on the
Company's financial condition, results of operations and prospects.


Ability to Execute Exploration and Development Program: It may not always be
possible for Mira to execute its exploration and development strategies in the
manner in which the Company considers optimal. Execution of exploration and
development strategies is dependent upon the political and security climate in
the host countries where the Company operates. The Company's exploration and
development programs in Nigeria may involve the need to obtain approvals from
relevant authorities who may require conditions to be satisfied or the exercise
of discretion by the relevant authorities. It may not be possible for such
conditions to be satisfied.


Absence of a Formal Development Plan including Required Funding: There is no
certainty the Company will prepare and approve a development plan for any
portion of the contingent resources or that the Company will be successful in
funding any development should such a plan be prepared. General market
conditions, the sufficiency of such a development plan and the outlook regarding
oil and gas prices are some factors that will influence the availability of
funding.


Additional Risks: Additional risks associated with the estimate of the
prospective and contingent resources include risks associated with the oil and
gas industry generally (i.e. financing; operational risks in exploration,
development and production; delays or changes in plans with respect to
exploration or development projects or capital expenditures; the uncertainty of
estimates and projections related to production; costs and expenses; health,
safety, security and environmental risks; and the uncertainty of resource
estimates), drilling equipment availability and efficiency, the ability to
attract and retain key personnel, the risk of commodity price and foreign
exchange rate fluctuations, the uncertainty associated with dealing with
governments and obtaining regulatory approvals, and the risk associated with
international activities.


ON BEHALF OF THE BOARD

Johnathan More, CEO 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.


Issued and Outstanding: 156,965,926