January 6, 1998 La Rastra Drill Results Symbol: MAD.V
Form 20F: 0-27760
The Company is pleased to announce that it has negotiated with Eldorado Gold Corp. for the release of the exploration and drilling results on the La Rastra project, Sinaloa State, Mexico. Eldorado Gold and its wholly-owned Mexican subsidiary, Prospectores Minerales Mexico, S.A. de C.V. had the option to earn a 51% interest in six of the nine La Rastra concessions by making certain payments to Miranda, assuming responsibility for all underlying property payments, and taking the project to positive bankable feasibility.
During their tenure as operators, Prospectores Minerales completed 1737 metres of reverse circulation drilling in twenty-one holes, and constructed six trenches on the Maria Fernanda concession for a total of 378 metres. The distance between the trenches was approximately 50 metres. Highlights of the results as reported by Eldorado are as follows:
Maria Fernanda Claim - Trenches
Trench Interval (metres) Au gr/t
Trench 1 15.5 0.492
0.85 26.99
Trench 2 28 1.265
Trench 3 3.5 2.513
4 1.105
4 1.103
Trench 4 23.65 2.513
Trench 5 11 1.517
Trench 6 32 3.44
Reverse Circulation Drilling
RC - Hole From To Interval(metres) Au gr/t
LCR-1 22 30 8 0.539
LCR-2 32 40 8 2.206
LCR-5 48 52 4 1.445
LCR-8 18 22 4 1.612
LCR-9 26 34 8 2.102
LCR-10 40 44 4 1.392
ESR-1 22 36 14 1.429
ESR-2 30 38 8 7.203
ESR-3 16 26 10 2.44
ESR-4 28 36 8 1.548
ESR-5 20 30 10 0.855
ESR-8 58 66 8 3.103
Hole numbers LCR-1 to LCR-10 were located on the La Colorada concession and holes ESR-1 to ESR-8 were drilled on the Maria Fernanda concession.
Eldorado estimates that within the El Saltito zone on the Maria Fernanda concession there is a resource of 49,700 ounces of gold with potential to be increased at depth and along strike. This zone trends off the Company's property and onto the neighbouring concessions. Potential to increase the resource also exists on the Maria Fernanda at the sub-parallel Platanitos zone and the El Papayal zones.
Miranda and Eldorado have agreed to terminate the joint venture, with the La Rastra project being released back to Miranda. Eldorado has paid $25,500 to Miranda upon termination and has completed approximately $400,000 of work on sampling, geology, drilling, trenching and environmental permitting. All dollar amounts are in United States currency.
Miranda will evaluate these results and determine its future plans for the further development of this project.
ON BEHALF OF THE BOARD
"Dennis L. Higgs"
Dennis L. Higgs, B.Comm.
President
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