Miramar Reports Encouraging Results from Goose Lake Drilling, Back River Project

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Miramar Reports Encouraging Results from Goose Lake Drilling, Back River Project - Drilling of Shallow Mineralization Returns Good Grades & Widths - VANCOUVER, June 30 /PRNewswire-FirstCall/ -- Miramar Mining Corporation today announced encouraging drill results for 24 holes completed at the Back River project, where Miramar has the option to earn a 60% interest from Kinross Gold Corporation. The Back River Project includes the George and Goose Lake gold deposits in Nunavut, which are geologically similar to the nearby Lupin Mine. "Miramar views its option on the Back River project as providing the possibility for another production platform for Miramar, in addition to our Hope Bay project," said Tony Walsh, Miramar's President and CEO. "These results confirm the potential of the Goose Lake deposit to host a significant, near surface, good grade gold resource, which remains open to expansion, and illustrates the potential for significantly higher grades in the fold apex or hinge at the property." Miramar is focussing its efforts on improving the definition of the wider, higher grade hinge zone and on the larger tonnage potential in the fold core. The results highlighted below and the complete results attached illustrate the potential of these areas to host a significant, near surface, good-grade gold deposit. A significant summer drill program is currently being planned. Highlights of Goose Lake Drill Results -------------------------------------- From Core Gold Hole-ID Target (m) To (m) Length (m) Grade (g/t) 04GSE001 Fold core 195.5 207.1 11.6 7.2 04GSE008 East limb 66.8 77.0 10.2 8.0 Including 70.0 76.0 6.0 12.7 04GSE010 Fold core 115.7 123.7 8.0 10.2 04GSE013 Fold hinge 19.5 24.4 4.1 36.5 Including 20.3 22.6 2.3 74.0 04GSE018 Fold hinge 57.4 63.7 6.3 12.0 And 72.3 93.0 20.7 12.4 Including 83.0 85.1 2.1 37.2 Including 87.8 91.8 4.0 24.0 04GSE022 Fold hinge 81.5 82.2 0.7 212.8 04GSE024 Fold hinge 197.0 213.8 16.8 36.3 Including 199.8 205.2 5.4 73.5 Including 208.5 212.7 4.2 48.5 Goose Lake Program ------------------ The Goose Lake gold deposit is comprised of several banded iron formation units folded into an anticline, with the apex of the fold forming a hinge zone near surface. As a result of this folding, the gold mineralization in the fold hinge is generally enriched and thickened, which makes for a potentially attractive target with thicker, higher grade mineralization close to surface. As part of its earn-in expenditures on the Back River Project, Miramar completed 24 holes in April and May 2004 for an aggregate of approximately 6,000m of drilling. Results for all holes are available and almost all holes intercepted multiple zones of gold mineralization. The objectives of this program were to provide corroboratory drilling within the previously estimated resource, and to test the style and grade of mineralization in and around the fold structure. Drilling targeted the fold apex, and both the west and east limbs of the north plunging anticline. Drilling also tested the core of the fold, where mineralization appears to be more broadly distributed, and the southern extension of the fold. Drill results are currently being compiled and interpreted, and compared to prior drilling results. Preliminary observations by target area are set out below. The areas discussed are illustrated on the diagrams that accompany this news release. Internal Resource and Hinge Area: Drilling generally encountered similar widths and grades to those previously defined. Mineralization is strongest in the fold hinge area, as illustrated by hole 04-GSE-024 (which intersected 36.3 g/t over 16.8m), where there is increased quartz veining & thickening of the iron formation. Fold Limbs: Mineralization encountered on the west and east limbs of the fold generally consisted of sulphide replacement of magnetite in oxide iron formation with secondary quartz vein associated gold mineralization. Values returned are comparable to previous results and demonstrate the persistence of the gold mineralization in the limbs. The western limb has been tested with more holes than the eastern limb and, overall, appears to be better mineralized. Fold Core: Mineralization within the centre or core of the fold tends to occur as quartz veining in sedimentary greywacke units, peripheral to the banded iron formations that host the majority of the gold resource. Portions of this style of mineralization have returned a number of intercepts with good grade and widths, but little is included in the current resource. Hole 04-GSE-001 was drilled to test this mineralization 35m below a hole drilled in 2000 (00-GO-07, which intersected 15.1 g/t gold over 17m). Hole 04-GSE-001 returned multiple intercepts, including 7.2 g/t gold over 11.6 meters. Strategy Miramar's objective at Back River is to double the resource at Goose Lake, where the presence of the fold significantly increases the grade and thickness of the gold mineralization, which could provide the critical mass for a development decision. The nearby George Lake deposit might provide satellite mill feed if a process facility is developed on the Goose Lake deposit. Miramar hoping to sequentially develop the Hope Bay belt from an initial high grade operation at Doris North, which is currently in the permitting process, which would serve as the processing and infrastructure centre for the belt. Miramar is currently conducting programs to determine the potential of the Boston deposit to extend the operating life and the potential of the Madrid deposit to expand production. "We see the Back River project as providing the possibility for another production platform for Miramar," said Mr. Walsh. "Development of a mine at Back River in addition to the options being evaluated for Hope Bay could propel us into the ranks of intermediate gold producers." All of these options for extending and expanding the mine life would be subject to completion of additional drilling, economic studies and permitting processes. Both the Back River and Miramar's Hope Bay projects benefit from relative proximity to tidewater, allowing seasonal ocean access for the movement of heavy equipment and bulk supplies. This provides a significant financial advantage to the development of any mining operations at these locations versus long winter road or air supported operations. Back River Project ------------------ Miramar is currently earning a 60% interest in the advanced Back River Project, which is comprised of six property packages, the most important of which are the George and Goose Lake areas. Previous estimates of mineral resources prepared for prior owners total 2.0 million ounces of gold, comprised of an indicated resource of 1.4 million ounces of gold at a grade of 9.8 g/t and an inferred resource of 0.6 million ounces of gold at a grade of 9.9 g/t gold. Miramar is working to validate and expand the previously estimated resource through a combination of drilling, geologic modelling and data re-compilation. Miramar Mining Corporation -------------------------- Miramar is a well financed Canadian gold miner that controls two of the largest undeveloped gold deposits in Canada. The Hope Bay project in Nunavut is owned by Miramar, extends over 1,000 sq. km. and encompasses one of the most prospective undeveloped greenstone belts in Canada. Miramar also has an option to earn a 60% interest in the prospective Back River Project in Nunavut, containing the George and Goose Lake gold deposits. Miramar's objective is to build an intermediate gold production profile through the sequential development of its Arctic gold assets. The planned goals in the implementation of this strategy include: 1. Development of a mine at Doris North to commence production during 2006, generating cash flow to pay for the mining infrastructure and to fund the continued exploration and development of the Hope Bay belt. 2. Demonstrate the potential of the upper portions of the Boston deposit to support an extended operating life within two years, with an interim report within one year; 3. Show an expanded production scenario through the development of a large scale open pit/underground mining operation in the Naartok-Perrin area at Madrid within two years; 4. Advance the Back River project to identify further production opportunities within two years; 5. Continue the exploration programs at Hope Bay to expand the known deposits, such as Boston to depth and Madrid, and to discover new deposits to support a sustained intermediate production profile, while conducting grassroots exploration in cooperation with strategic partners. Miramar's concept is to have Doris North as the infrastructure centre for the entire Hope Bay belt, minimizing the capital requirements and optimizing the return on future development areas. Quality Assurance The information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by John Wakeford, P. Geo. Vice-President, Exploration for Miramar Mining Corporation. Additional Information Diagrams and tables detailing some of the matters described herein are attached to this news release. If you are missing these, please download this news release from Miramar's website at http://www.miramarmining.com/, to which they are attached, or contact us at the numbers listed below. All other information previously released on the Hope Bay Project is also available on this website. Forward Looking Statements Statements relating to exploration work at the Hope Bay, Goose Lake and George Lake project and the expected results of this work are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," 'projects," "potential," "goal" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in gold prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital and operating costs may be higher than currently estimated and may preclude commercial development or render operations uneconomic; the possibility that the estimated recovery rates may not be achieved; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from Miramar's operations and other risks and uncertainties, including those described in the Miramar's Annual Report on Form 40-F for the year ended December 31, 2003 and Reports on Form 6-K filed with the Securities and Exchange Commission. Forward-looking statements are based on the beliefs, estimates and opinions of Miramar's management on the date the statements are made. Miramar undertakes no obligation to update these forward-looking statements management's beliefs, estimates or opinions, or other factors, should change. All resource estimates reported in this disclosure are calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the United States Securities and Exchange Commission, and resource information reported in this disclosure may not be comparable to similar information reported by United States companies. The term "Resource(s)" does not equate to "reserves" and normally may not be included in documents filed with the Securities and Exchange Commission. This news release has been authorized by the undersigned on behalf of Miramar Mining Corporation. For further information contact: Anthony P. Walsh President & CEO Miramar Mining Corporation Tel: (604) 985-2572 Fax: (604) 980-0731 Toll Free: 1-800-663-8780 Email: MIRAMAR MINING CORPORATION'S BACK RIVER PROJECT Table of Assay Results to Accompany News Release Dated June 30, 2004 ------------------------------------------------------------------ Core Gold Grade Hole-ID From (m) To (m) Length (m) (g/t) ------------------------------------------------------------------ 04GSE001 177.6 190.8 13.2 4.6 ------------------------------------------------------------------ Including 181.4 187.3 5.9 7.2 ------------------------------------------------------------------ Including 190.0 190.8 0.8 14.0 ------------------------------------------------------------------ And 195.5 207.1 11.6 7.2 ------------------------------------------------------------------ Including 197.0 200.4 3.4 17.5 ------------------------------------------------------------------ Including 205.0 207.1 2.1 6.4 ------------------------------------------------------------------ Including 211.5 212.5 1.0 5.4 ------------------------------------------------------------------ And 245.0 247.0 2.0 6.0 ------------------------------------------------------------------ ------------------------------------------------------------------ 04GSE002 86.4 87.7 1.3 8.6 ------------------------------------------------------------------ Including 87.1 87.7 0.6 14.5 ------------------------------------------------------------------ And 90.8 92.5 1.7 3.9 ------------------------------------------------------------------ ------------------------------------------------------------------ 04GSE003 208.0 208.6 0.6 9.8 ------------------------------------------------------------------ And 225.0 225.3 0.3 12.3 ------------------------------------------------------------------ And 233.6 234.2 0.6 23.2 ------------------------------------------------------------------ And 250.2 252.4 2.2 12.6 ------------------------------------------------------------------ Including 250.2 252.0 1.8 15.4 ------------------------------------------------------------------ And 264.0 268.1 4.1 4.8 ------------------------------------------------------------------ Including 264.0 267.2 3.2 5.8 ------------------------------------------------------------------ And 273.4 276.3 2.9 3.6 ------------------------------------------------------------------ Including 275.4 276.2 0.8 9.1 ------------------------------------------------------------------ And 322.6 332.8 9.9 3.1 ------------------------------------------------------------------ Including 322.6 323.2 0.6 13.0 ------------------------------------------------------------------ Including 329.5 332.8 3.3 5.7 ------------------------------------------------------------------ And 336.6 340.4 3.8 3.7 ------------------------------------------------------------------ Including 336.6 338.0 1.4 8.1 ------------------------------------------------------------------ And 343.5 344.5 1.0 13.6 ------------------------------------------------------------------ ------------------------------------------------------------------ 04GSE004 64.0 75.0 11.0 4.2 ------------------------------------------------------------------ Including 64.0 65.0 1.0 10.9 ------------------------------------------------------------------ Including 68.0 69.0 1.0 5.7 ------------------------------------------------------------------ Including 73.7 74.4 0.7 20.9 ------------------------------------------------------------------ And 89.2 90.6 1.4 5.8 ------------------------------------------------------------------ ------------------------------------------------------------------ 04GSE005 12.0 21.3 9.3 4.5 ------------------------------------------------------------------ Including 13.8 14.7 0.9 15.2 ------------------------------------------------------------------ Including 17.3 20.2 2.9 5.5 ------------------------------------------------------------------ ------------------------------------------------------------------ 04GSE006 279.2 286.0 6.8 3.4 ------------------------------------------------------------------ And 340.1 341.8 1.7 24.9 ------------------------------------------------------------------ And 420.7 424.1 3.4 5.7 ------------------------------------------------------------------ Including 421.3 424.1 2.8 6.6 ------------------------------------------------------------------ ------------------------------------------------------------------ 04GSE007 33.8 51.0 17.2 3.8 ------------------------------------------------------------------ Including 35.0 44.0 9.0 6.1 ------------------------------------------------------------------ ------------------------------------------------------------------ 04GSE008 23.5 30.0 6.5 4.9 ------------------------------------------------------------------ Including 26.5 30.0 3.5 7.0 ------------------------------------------------------------------ And 66.8 77.0 10.2 8.0 ------------------------------------------------------------------ Including 70.0 76.0 6.0 12.7 ------------------------------------------------------------------ And 81.5 82.4 0.9 7.0 ------------------------------------------------------------------ ------------------------------------------------------------------ 04GSE009 63.5 66.2 2.7 3.8 ------------------------------------------------------------------ Including 65.8 66.2 0.4 18.8 ------------------------------------------------------------------ And 74.0 78.2 4.2 6.5 ------------------------------------------------------------------ Including 75.0 77.0 2.0 11.2 ------------------------------------------------------------------ And 84.0 85.5 1.5 8.8 ------------------------------------------------------------------ ------------------------------------------------------------------ 04GSE010 55.6 59.6 4.0 3.0 ------------------------------------------------------------------ Including 57.8 58.8 1.0 7.8 ------------------------------------------------------------------ And 92.0 94.5 2.5 16.8 ------------------------------------------------------------------ Including 92.8 93.9 1.1 36.0 ------------------------------------------------------------------ And 97.6 101.2 3.6 9.5 ------------------------------------------------------------------ Including 97.6 99.3 1.7 19.2 ------------------------------------------------------------------ And 115.7 123.7 8.0 10.2 ------------------------------------------------------------------ Including 115.7 117.9 2.2 28.2 ------------------------------------------------------------------ Including 120.2 121.0 0.8 7.3 ------------------------------------------------------------------ And 133.0 138.4 5.4 4.7 ------------------------------------------------------------------ Including 133.0 135.7 2.7 8.3 ------------------------------------------------------------------ And 169.4 172.4 3.0 3.8 ------------------------------------------------------------------ Including 170.4 171.4 1.0 6.9 ------------------------------------------------------------------ ------------------------------------------------------------------ 04GSE011 11.0 16.0 5.0 4.0 ------------------------------------------------------------------ Including 12.5 13.6 1.1 10.3 ------------------------------------------------------------------ And 26.0 28.4 2.4 5.8 ------------------------------------------------------------------ Including 27.4 28.4 1.0 10.7 ------------------------------------------------------------------ And 31.0 31.6 0.6 9.7 ------------------------------------------------------------------ And 38.1 41.0 2.9 4.3 ------------------------------------------------------------------ Including 38.1 38.7 0.6 13.2 ------------------------------------------------------------------ And 43.9 49.1 5.2 8.4 ------------------------------------------------------------------ Including 45.0 49.1 4.1 9.6 ------------------------------------------------------------------ And 51.6 54.5 2.9 8.6 ------------------------------------------------------------------ Including 51.6 53.0 1.4 15.6 ------------------------------------------------------------------ ------------------------------------------------------------------ 04GSE012 9.5 10.6 1.1 15.0 ------------------------------------------------------------------ Including 10.3 10.6 0.3 47.5 ------------------------------------------------------------------ And 13.7 18.1 4.4 3.4 ------------------------------------------------------------------ Including 13.7 14.5 0.8 11.1 ------------------------------------------------------------------ ------------------------------------------------------------------ 04GSE013 7.1 10.2 3.1 7.6 ------------------------------------------------------------------ Including 7.1 9.2 2.1 9.6 ------------------------------------------------------------------ And 19.5 24.4 4.1 36.5 ------------------------------------------------------------------ Including 20.3 22.6 2.3 74.0 ------------------------------------------------------------------ And 29.6 40.0 10.4 5.9 ------------------------------------------------------------------ Including 34.1 39.0 4.9 10.9 ------------------------------------------------------------------ ------------------------------------------------------------------ 04GSE014 5.0 10.7 5.7 4.3 ------------------------------------------------------------------ Including 9.0 10.7 1.7 9.1 ------------------------------------------------------------------ And 17.0 17.3 0.3 10.9 ------------------------------------------------------------------ And 22.4 27.1 4.7 12.8 ------------------------------------------------------------------ Including 23.2 27.1 3.9 14.9 ------------------------------------------------------------------ ------------------------------------------------------------------ 04GSE015 451.4 454.6 3.2 5.1 ------------------------------------------------------------------ Including 451.4 452.3 0.9 15.5 ------------------------------------------------------------------ And 477.9 478.5 0.6 11.1 ------------------------------------------------------------------ ------------------------------------------------------------------ 04GSE016 No significant intercepts ------------------------------------------------------------------ ------------------------------------------------------------------ 04GSE017 159.1 160.9 1.8 4.9 ------------------------------------------------------------------ Including 159.1 160.1 1.0 7.7 ------------------------------------------------------------------ And 166.2 172.0 5.8 3.5 ------------------------------------------------------------------ Including 166.3 167.3 1.0 7.3 ------------------------------------------------------------------ And 228.2 230.2 2.0 6.5 ------------------------------------------------------------------ Including 234.8 235.6 0.8 10.5 ------------------------------------------------------------------ ------------------------------------------------------------------ 04GSE018 30.8 31.6 0.8 6.2 ------------------------------------------------------------------ And 57.4 63.7 6.3 12.0 ------------------------------------------------------------------ Including 59.3 60.7 1.4 47.5 ------------------------------------------------------------------ And 72.3 93.0 20.7 12.4 ------------------------------------------------------------------ Including 73.1 78.0 4.9 12.3 ------------------------------------------------------------------ Including 83.0 85.1 2.1 37.2 ------------------------------------------------------------------ Including 87.8 91.8 4.0 24.0 ------------------------------------------------------------------ ------------------------------------------------------------------ 04GSE019 110.0 126.8 16.8 4.0 ------------------------------------------------------------------ Including 115.5 116.5 1.0 17.0 ------------------------------------------------------------------ Including 121.6 123.3 1.7 13.6 ------------------------------------------------------------------ Including 143.6 144.8 1.2 6.0 ------------------------------------------------------------------ And 155.6 157.5 1.9 8.4 ------------------------------------------------------------------ Including 155.6 156.6 1.0 14.5 ------------------------------------------------------------------ And 167.0 173.2 6.2 10.6 ------------------------------------------------------------------ Including 167.0 169.9 2.9 19.9 ------------------------------------------------------------------ ------------------------------------------------------------------ 04GSE020 67.7 69.0 1.3 5.0 ------------------------------------------------------------------ And 130.9 131.8 0.9 6.7 ------------------------------------------------------------------ ------------------------------------------------------------------ 04GSE021 117.0 131.8 14.8 4.6 ------------------------------------------------------------------ Including 117.0 118.4 1.4 9.3 ------------------------------------------------------------------ Including 120.9 123.0 2.1 6.1 ------------------------------------------------------------------ Including 128.3 131.8 3.5 9.1 ------------------------------------------------------------------ And 137.4 152.3 14.9 3.3 ------------------------------------------------------------------ Including 144.3 147.0 2.7 8.2 ------------------------------------------------------------------ Including 150.1 151.5 1.4 8.0 ------------------------------------------------------------------ And 155.3 166.9 11.6 3.4 ------------------------------------------------------------------ Including 155.3 157.0 1.7 7.8 ------------------------------------------------------------------ Including 159.1 159.9 0.8 7.6 ------------------------------------------------------------------ Including 162.6 163.4 0.8 6.5 ------------------------------------------------------------------ And 169.8 174.2 4.4 11.3 ------------------------------------------------------------------ Including 169.8 171.7 1.9 23.9 ------------------------------------------------------------------ And 176.4 177.3 0.9 10.7 ------------------------------------------------------------------ And 181.6 189.6 8.0 8.0 ------------------------------------------------------------------ Including 181.6 184.7 3.1 12.0 ------------------------------------------------------------------ Including 187.9 188.5 0.6 33.0 ------------------------------------------------------------------ ------------------------------------------------------------------ 04GSE022 80.2 82.2 2.0 74.4 ------------------------------------------------------------------ Including 81.5 82.2 0.7 212.8 ------------------------------------------------------------------ And 140.6 144.5 3.9 9.4 ------------------------------------------------------------------ Including 140.6 141.8 1.2 24.5 ------------------------------------------------------------------ And 165.9 171.8 5.9 7.9 ------------------------------------------------------------------ Including 169.3 171.8 2.5 17.0 ------------------------------------------------------------------ And 178.7 181.0 2.3 6.7 ------------------------------------------------------------------ Including 178.7 179.5 0.8 15.8 ------------------------------------------------------------------ ------------------------------------------------------------------ 04GSE023 No significant intercepts ------------------------------------------------------------------ ------------------------------------------------------------------ 04GSE024 152.6 155.2 2.6 17.3 ------------------------------------------------------------------ And 158.0 163.1 5.1 4.7 ------------------------------------------------------------------ Including 158.7 161.4 2.7 6.4 ------------------------------------------------------------------ And 165.1 169.2 4.1 4.9 ------------------------------------------------------------------ Including 165.1 165.8 0.7 15.7 ------------------------------------------------------------------ Including 175.3 176.4 1.1 5.3 ------------------------------------------------------------------ And 178.7 180.1 1.4 12.7 ------------------------------------------------------------------ And 197.0 213.8 16.8 36.3 ------------------------------------------------------------------ Including 199.8 205.2 5.4 73.5 ------------------------------------------------------------------ Including 208.5 212.7 4.2 48.5 ------------------------------------------------------------------ And 218.1 222.2 4.1 3.6 ------------------------------------------------------------------ Including 218.1 219.6 1.5 8.1 ------------------------------------------------------------------ Intercepts reported at 1 g/t cut-off with a maximum inclusion of 2m. Higher grade sections reported at a 5 g/t gold cut-off. DATASOURCE: Miramar Mining Corporation CONTACT: Anthony P. Walsh, President & CEO, Miramar Mining Corporation, Tel: (604) 985-2572, Fax: (604) 980-0731, Toll Free: 1-800-663-8780, Email:

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