Miranda Gold Corp. has established a reputation as a high-quality project generator attracting a variety of mining companies to help advance the exploration on our properties. By successfully leveraging our technical expertise into joint venture partnerships we lower the risk of early stage exploration and preserve shareholder value.
Joint venture partners are responsible for funding all exploration on those projects under agreement in exchange for the opportunity to earn a majority interest in the property.
Below is a list of our current partners:
Prism Resources Inc is a Canadian precious metal explorer and developer focused on Latin America and headquartered in Vancouver, British Colombia. Prism Resources is comprised of a strong group of directors with significant experience and a well established track record in the resources sector globally.
In January, 2013, Miranda announced the acquisition through lease of the Cerro Oro project in Colombia and an agreement in principle with Prism Resources Inc. ("Prism') to earn an interest in the project. The agreement in principle with Prism takes effect and is conditional upon the execution of definitive documentation, the Cerro Oro applications being converted to a license and applicable regulatory and stock exchange approvals. Upon satisfaction of the foregoing conditions, Prism will reimburse Miranda for all underlying lease payments paid by Miranda and Prism will be obligated to fund exploration related expenditures of US$4,000,000 to earn a 51% interest and through additional funding can earn an additional 19% for a total interest of 70%.
Agnico-Eagle Mines Limited ("Agnico") is a mining company listed on the Toronto Stock Exchange.
In February 2013, Miranda and its wholly owned Colombian subsidiary announced a Strategic Alliance with Agnico, for precious metal exploration in Colombia. Under the terms of the alliance, Agnico and Miranda share 70:30, respectively, in generative exploration expenditures with exploration activities conducted by Miranda. The alliance is for a period of three years and is renewable thereafter by mutual consent. The exploration program budget will be an aggregate amount of no less than US$1,000,000 per year.
As properties are acquired a Technical Report will be produced and submitted to Agnico. Agnico will then have a 60-day period during which to choose to exercise its option to designate a formal project (each a "Designated Property"). Agnico can earn increasing levels of interest in one or more Designated Properties through a staged series of qualified exploration and feasibility study expenditures over a designated time frame to secure up to a 70% interest in one or more Designated Properties. Once Agnico has earned its final vesting, a joint venture will be formed and Miranda will be responsible for its proportionate share of joint venture expenditures.
Montezuma Mines Inc. is a subsidiary of CMQ Resources, a mineral exploration company focused principally on the exploration of its Montezuma property in Nevada, on the advancement of its earlier stage exploration property Vasquir, also in Nevada, and the Kuusamo property in Finland.
In August 2008 Montezuma Mines signed an exploration funding agreement on Miranda Gold's Red Canyon project in 2008 whereby CMQ can earn a 60% interest by funding $4,000,000 over five years. Montezuma may then elect to earn an additional 10% by completing a bankable feasibility study or by funding $10,000,000 in additional exploration.
Red Eagle Mining Corporation
Red Eagle is a gold exploration and development company (TSX-V: RD). The Chairman and CEO of Red Eagle is Ian Slater who is also a director of Miranda. Ken Cunningham, the CEO of Miranda, has recently been appointed as a director of Red Eagle. Red Eagle is focused on the exploration and development of gold and base metal projects in Latin America.
Red Eagle has a 70% interest in the Pavo Real property in Colombia and must fund US$4,000,000 in qualifying expenditures over a four year period, followed by either completing a positive feasibility study within the following eight years or by annually funding $1,000,000 in exploration and development during the next 10 years. An optional 10% interest, for a total of 80%, can then be earned if Red Eagle elects to fund all costs associated with placing the project into production. Red Eagle has a 70% interest in the Cajamarca property in Colombia and must fund US$4,000,000 in qualifying expenditures over a five year period to retain 51% and may then fund $1,000,000 in exploration and development during the next 10 years to retain the remaining 19%.