Hope Bay Project: Canada?s Premier Undeveloped Greenstone Gold Belt Nunavut Territory, Canada

One of the most prospective undeveloped greenstone belts in Canada, the Hope Bay greenstone belt extends over 80km in a north-south direction and is between 7 and 20km wide. The belt lies on the arctic coast and comprises mafic meta-volcanic and meta-sedimentary rocks that are bounded by Archean granite intrusives and gneisses. The greenstone package has been deformed during multiple events and is transected by major northsouth trending shear zones that appear to exert a significant control on the localization of mineralization. The Hope Bay belt contains a number of significant gold deposits hosted in a typical Archean greenstone belt and which occur in several geologic settings, including shear-hosted, lode-style and breccia-associated. Combined, the deposits host a measured and indicated resource of 1.6 million oz of gold averaging 15.7 g/t plus an inferred resource of 2.7 million oz of gold averaging 12.3 g/t. All deposits remain open to expansion. Exploration in the period 2000-2002 by Miramar includes more than 110,000m of drilling to more fully define the nature of the known deposits, while regional exploration has focused on identifying and evaluating new targets. In carrying out its programs, Miramar uses a number of techniques to improve its chances of exploration success. Activity in 2003 includes 43,000m of drilling focused on expanding resources in the Madrid area, testing the Boston deposit at depth and continuing the hunt for more discoveries. Meanwhile Miramar is advancing one of the deposits towards a production decision, based on a low capital, high return development scenario.