GOLD TORRENT, INC. PROVIDES COMPANY UPDATE

BOISE, ID--(Marketwired - Nov 15, 2017) - Gold Torrent, Inc. (OTCQB: GTOR) ("Gold Torrent" or the "Company") announces an update on its ongoing development program at the high-grade, underground mine and surface mill Lucky Shot Project (located about 90 miles north of Anchorage, Alaska), through its 70% ownership of Alaska Gold Torrent, LLC ("AGT").

AGT Project Development - September/October, 2017

The Company has completed the erection and enclosure of the mill building, which sits on the Company's private ground. The building has been completed in time for winter weather, so that work could continue on the interior. Additional work completed on the mill site includes foundation work for a storage building for receiving and storage of equipment, installation of a sewage septic system, drilling and completion of a water well and excavation of power line access. At the mine site, the Company has also continued to refurbish the portal area and widen the existing Enserch adit with 720 feet completed.

The Company completed a revised schedule and estimate of the total cost to complete development of the Lucky Shot project and has advised its partner that the project will experience a 40% capital cost increase, while the planned gold production for 2019 is projected to increase by 100% from 10,000 ounces to 20,000 ounces, and by 56% from 16,000 ounces to 25,000 ounces for 2020 compared to the June 2016 Preliminary Feasibility Study ("PFS"). The total capital costs estimated to achieve commercial production from the project, based on the PFS, were $18.5 million and the revised estimate is now $26.2 million, including working capital and contingencies. The current plans call for ore production to begin in the Coleman vein segment with a new haulage ramp being excavated from the Enserch adit to the Coleman segment to allow a higher rate of initial gold production.

The estimated cost increases resulted from recent engineering completed for the gold recovery plant and the underground mine that provided more detail for the required construction and development. The new detailed engineering estimates have identified areas where the PFS under-estimated the actual costs including detailed plant engineering, mine labor and equipment and management and staff.

On November 11, 2017, the Company entered a LOI with Miranda U.S.A., Inc. in which the Company agrees to purchase Miranda's 30% ownership of and interest in AGT, the 100% owner of the Lucky Shot project. The purchase price to be paid at closing ("Closing") to Miranda for 100% of Miranda's interests in AGT shall be:

  • Miranda's project capital contribution of approximately $5M to the AGT construction account.
  • $1M payable in cash to Miranda by Company as follows:
    • $250,000 paid at Closing
    • $250,000 on the first annual anniversary date of Closing, and
    • $500,000 on the second annual anniversary date of Closing
  • 500,000 Gold Torrent share units (one common share and 1/2 warrant), issued at Closing.
  • $4.00 per ounce of gold production paid in cash to Miranda by Company for each ounce produced by the project in excess of 120,000 ounces up to a maximum of 400,000 ounces. The per ounce payment will apply to the 120,001st ounce of gold produced and sold by the Lucky Shot project up to the 400,000th ounce of gold produced and sold by the Lucky Shot project.
  • Release Miranda from any and all future claims or cash calls from AGT.
  • The Closing shall be held when Company completes its listing on the Toronto Stock Exchange Venture ("TSX-V"), expected in Q1 2018, or such other date as is mutually agreed upon the parties.

The Company is discussing financing to provide $10 million in capital to complete the acquisition of the minority interest, fund the balance of the capital required to complete project construction and development, and conduct development exploration during 2018.

Ryan Hart, President of Gold Torrent, said, "We have taken the steps necessary to ensure that the full amount of capital required to develop the project is available by re-evaluating the capital cost estimates and acquiring a minority interest. Being able to acquire Miranda's 30% of AGT and owning the Lucky Shot project outright is a great event for the Company, which adds a lot of value to Gold Torrent and its shareholders. We are very excited about our plans to achieve a higher gold production rate for 2019 and 2020 to create shareholder value with cash flow and exploration of the extensive Lucky Shot vein sheer.

"Our team's progress constructing the gold recovery plant and initiating the underground mine work has been exceptional. The project team met their intermediate goal of constructing an insulated mill building that will allow work to continue inside during cold winter conditions. The mine development has been de-risked with the hiring of an experienced underground contract miner who provides experienced miners and equipment to help us gain access to the Coleman ore deposit," Hart added.

About Gold Torrent, Inc.

Gold Torrent is an exploration and development company with a key project located in Alaska, USA. Gold Torrent's priority is to develop and advance the Lucky Shot Gold Project, ultimately resulting in gold production, and an increase in value for shareholders. Gold Torrent continues to pursue high-grade gold opportunities in safe mining jurisdictions. www.goldtorrentinc.com.

This press release is neither an offer to sell, nor a solicitation of offers to purchase, securities.

Forward Looking Statements: This news release contains forward-looking statements regarding future events and Gold Torrent's future results that are subject to the safe harbors created under the U.S. Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and applicable Canadian securities laws. Forward-looking statements include, among others, estimates of resources. These statements are based on current expectations, estimates, forecasts, and projections about Gold Torrent's exploration projects, the industry in which Gold Torrent operates and the beliefs and assumptions of Gold Torrent's management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, including such factors as the results of exploration activities and whether the results continue to support continued exploration activities, unexpected variations in ore grade, types and metallurgy, volatility and level of commodity prices, the availability of sufficient future financing, potential changes to royalties and taxes imposed by the Alaska government and other matters discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended March 31, 2017, and our other periodic and current reports filed with the SEC and available on www.sec.gov. Readers are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those expressed or implied in the forward-looking statements. Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. The Company undertakes no obligation to update or revise such forward-looking statements to reflect new information, events or circumstances occurring after the date of this press release.

GOLD TORRENT ANNOUNCES MINE PROJECT AND EQUITY FINANCING

BOISE, ID--(Marketwire - Feb 15, 2017) - Gold Torrent, Inc. (OTCQB: GTOR) ("Gold Torrent" or the "Company"), a junior mining company focused on the development of high grade gold properties in North America, announced today that it has entered into a convertible preferred note and investment agreement (the "Agreement") with CRH Mezzanine Pte. Ltd., a Singapore private limited company (the "Preferred Note Investor") and CRH Funding II Pte. Ltd., a Singapore private limited company (the "Stream Investor") for a $2,000,000 convertible preferred note and a $11,250,000 gold and silver prepayment arrangement for the Company's Lucky Shot Gold Project (the "Project") near Anchorage, Alaska.

On February 14, 2017 the Company received $1,900,000 in proceeds from the note, net of legal expenses, to be used as part of the Company's initial investment in the Project.

Concurrent with the closing and funding of the convertible preferred note, the Company and Miranda U.S.A., Inc., a wholly-owned subsidiary of Miranda Gold Corp of Canada ("Miranda"), executed a joint venture operating agreement and formed Alaska Gold Torrent, LLC, an Alaska limited liability company ("Alaska Gold") under which the Company owns a seventy percent (70%) undivided interest in the Project.

Under the terms of the Agreement, the Company borrowed $2,000,000 from the Preferred Note Investor evidenced by convertible preferred notes which will convert into 15% of the shares of common stock of the Company on a post-money basis on the earlier of: (i) a Canadian Going Public Transaction or (ii) funding of the Gold and Silver Prepayment Agreement (the "Streaming Arrangement") and following an equity raise by the Company of $5,000,000 or more (of which $2,000,000 will be the conversion of the preferred notes). The obligations under the preferred notes are secured by a first priority security interest in all of the assets of the Company pursuant to the terms of a security and pledge agreement.

The Company also entered into the Streaming Arrangement among the Stream Investor, the Company, Miranda and Alaska Gold, under which the Stream Investor will invest up to US$11,250,000, which will be credited to the Company's investment in Alaska Gold, as follows:

(i) US$6,500,000 upon satisfaction of certain Tranche 1 conditions; and,

(ii) US$4,750,000 upon satisfaction of certain Tranche 2 conditions including receipt of all necessary permits.

The obligations of Alaska Gold under the Streaming Agreement are secured by a deed of trust, and guaranteed by the Company.

In consideration of the $11,250,000 investment by the Stream Investor, Alaska Gold's Project will deliver 18% of its annual production of refined gold and silver to the Stream Investor until it has received 20,000 ounces of gold equivalent ("Ounces"); 10% of the annual production until an additional 5,000 Ounces have been delivered; and 5% of the annual production thereafter coming from the patented mining claims of Alaska Gold and 2.5% of the production coming from the unpatented mining claims. The delivery of Ounces and the repayments under the Gold and Silver Prepayment Agreement shall be borne entirely from the Company's interest from its Alaska Gold allocations and cash distributions. Miranda shall be entitled to receive it allocations and the resulting cash distributions using calculations that determine the after-tax cash flow distributions that would have occurred on an "all equity" basis showing cash distributions and allocations assuming the financing had not occurred. The Company is entitled to 90% of the Alaska Gold cash flow until $10,000,000 is returned, 80% until the remainder of its investment in Alaska Gold in excess of $10,000,000 is returned and 70% thereafter.

Alaska Gold is subject to certain events of default under the Gold and Silver Prepayment Agreement including if, from the date of the Tranche 1 drawdown, Alaska Gold fails to produce at least 5,000 and deliver to the Stream Investor at least 1,000 Ounces by the 18th month; produce at least 10,000 and deliver to the Stream Investor at least 2,000 Ounces by the 24th month; produce 20,000 and deliver to the Stream Investor at least 4,000 Ounces by the 36th month; deliver to the Stream Investor at least 10,000 Ounces by the 48th month; deliver to the Stream Investor at least 19,400 Ounces by the 60th month; and deliver to the Stream Investor at least 23,900 Ounces by the 72nd month.

In consideration for the commitments under the Agreement, the Company issued the Preferred Note Investor common stock purchase warrants to purchase two million shares of common stock of the Company at an exercise price of US$0.50 per share for a period of three (3) years from the date of issuance. In conjunction with the transaction, the Company and the Preferred Note Investor also entered into an Investor Rights Agreement, and an Indemnity Agreement. The convertible preferred note and warrants were issued in reliance upon the exemption from registration afforded by Section 4(a)(2) of the Securities Act and/or Rule 506 of Regulation D as promulgated by the SEC under the Securities Act.

As part of the Agreement, CRH nominated Mr. Pat Okita, PhD to join the Gold Torrent board of directors and the board has unanimously approved his appointment. Mr Okita joins the board effective today. Mr. Okita earned a PhD in Geology from the University of Cincinnati and has extensive experience in mining research, asset acquisition, joint ventures, fiscal management, project management and geoscience.

Daniel Kunz, Chairman and CEO of Gold Torrent, Inc. stated, "We are very pleased to enter into this transaction with CRH and welcome Pat Okita to our board of directors. The CRH investments allow Gold Torrent to complete its 70% interest in Alaska Gold, capitalize Alaska Gold with funds required to construct a gold recovery plant and re-enter the Lucky Shot Mine, and provide the project with working capital to hire key management and employees to initiate permitting and finalize engineering and planning to initiate construction."

Peter Yu, Director of CRH stated, "We are fortunate to have the opportunity to partner with Daniel Kunz and his team to bring the high-grade Lucky Shot gold mine back into production. For CRH, this investment adds another high-quality project to our portfolio. We believe that Alaska Gold Torrent has significant scope to expand its resource and production beyond the current mine plan."

About the Lucky Shot Gold Project
In March 2016, an updated Canadian NI43-101 standard mineral resource estimate was completed on the Project by Hard Rock Consulting, LLC ("HRC") resulting in 121,500 ounces of gold contained in 206,500 tonnes grading an average of 18.3 grams per tonne ("g/t") gold classified as measured and indicated mineral resources. An additional 35,150 ounces of gold contained in 59,000 tonnes grading an average of 18.5 g/t gold are classified as inferred mineral resources, all based on a 5.0 g/t cutoff.

In July 2016, a NI 43-101 preliminary feasibility study (the "PFS") was completed by HRC resulting in 93,274 ounces of gold contained in 207,000 tonnes grading an average of 14.0 g/t, classified as proven and probable mineral reserves. The PFS includes a mine plan and cost estimate with annual gold production of approximately 25,000 ounces of gold per year (after pre-production and build-up) at a underground mining rate of 200 tonnes per day. The mine plan includes a total of 87,612 ounces gold contained in 174,500 tonnes and a grade of 15.6g/t at an all-in sustaining cash cost of $675.00 per ounce of gold produced. The PFS's gold recovery plant utilizes gravity-only gold recovery methods, without chemical treatment, and produces no toxic tails. The plant is expected to capture coarse visible gold contained in the mesothermal quartz vein material by crushing and screening the material into multiple size fractions and then separating the gold using jigs, spirals and tables.

Past historical on-site gold production occurred prior to World War II and records show that gravity methods achieved some 89% recovery. Independent test work completed on the quartz material as part of the PFS confirmed gravity-only gold recovery. Historical production records indicate that between 1918 and 1942 some 667,000 ounces of gold were produced from the project area at an average grade of 1.2 oz/ton (37.5 g/t). Historical records, geologic evidence and recent drilling also indicate that the gold is deposited in deep-seated mesothermal quartz veins that plunge at about 30 degrees to depth with continuation of mineralization to at least the mines' deepest points. The Project has had no down-dip exploration.

The existing Project infrastructure includes approximately 500 meters of underground access via the Enserch adit; lessor-owned man-camp, facilities and used equipment to support mining; and road access. The Project also has a 30-acre mill site on private land adjacent to line electrical power and we plan to transport the high-grade ore from the mine to the plant via a 26-mile road using 20-ton highway haul trucks.

The development plan is to initiate gold production based on the PFS and not based on a full feasibility study of the mineral reserves demonstrating that level of economic and technical viability. Readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such production decisions.

The scientific and technical disclosure in this press release has been reviewed and approved by Mr. G. Peter Parsley, Professional Geologist, a consultant to the Company, who is a qualified person within the meaning of National Instrument 43-101.

About CRH
CRH Mezzanine and CRH Funding are wholly-owned subsidiaries of Cartesian Royalty Holdings Pte. Ltd. ("CRH"). CRH offers innovative financing structures with the goal of creating long-term growth and value in world-class gold projects around the globe. CRH is an affiliate of Cartesian Capital Group, LLC, a global private equity firm with proven expertise in assisting closely-held companies develop into global market leaders. Cartesian Capital Group manages more than US$2.4 billion in capital and has offices in New York, Sao Paulo, Shanghai, Warsaw, and Bermuda. www.cartesianroyalty.com.

About Gold Torrent, Inc. 
Gold Torrent is an exploration and development company with a key project located in Alaska, USA. Gold Torrent's priority is to develop and advance the Lucky Shot Gold Project, ultimately resulting in gold production, and an increase in value for shareholders. Gold Torrent continues to pursue high-grade gold opportunities in safe mining jurisdictions. www.goldtorrentinc.com.

This press release is neither an offer to sell, nor a solicitation of offers to purchase, securities.

Forward Looking Statements: This news release contains forward-looking statements regarding future events and Gold Torrent's future results that are subject to the safe harbors created under the U.S. Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and applicable Canadian securities laws. Forward-looking statements include, among others, estimates of resources. These statements are based on current expectations, estimates, forecasts, and projections about Gold Torrent's exploration projects, the industry in which Gold Torrent operates and the beliefs and assumptions of Gold Torrent's management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, including such factors as the results of exploration activities and whether the results continue to support continued exploration activities, unexpected variations in ore grade, types and metallurgy, volatility and level of commodity prices, the availability of sufficient future financing, potential changes to royalties and taxes imposed by the Alaska government and other matters discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended March 31, 2016, and our other periodic and current reports filed with the SEC and available on www.sec.gov. Readers are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those expressed or implied in the forward-looking statements. Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. The Company undertakes no obligation to update or revise such forward-looking statements to reflect new information, events or circumstances occurring after the date of this press release.

FOR MORE INFORMATION CONTACT:
Daniel Kunz
dan.kunz@goldtorrentinc.com 
960 Broadway Ave., Suite 530
Boise, Idaho 83706
Office: 1-208-343-1413

Copyright © 2017 Marketwired. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

MIRANDA GOLD FILES UPDATED TECHNICAL REPORT FOR THE WILLOW CREEK PROJECT, ALASKA

Vancouver, BC, Canada –April 14, 2016 – Miranda Gold Corp. (“Miranda”) (TSX-V: MAD) has
filed an updated NI 43 -101 technical report supporting the independently estimated resource for the Company’s Willow Creek Project, Alaska, as announced on March 7, 2016.
The report is titled “National Instrument 43-101 Technical Report: Mineral Resource Estimate
for the Willow Creek Project, Matanuska-Susitna Borough, Alaska, USA” prepared by Hard
Rock Consulting (“HRC”), Lakewood, Colorado, with and effective date of February 1, 2016.
Highlights of the Report are:

  • The updated Measured and Indicated resource is 206,600 tonnes at an average grade of 18.3g Au/t containing 121,500 troy ounces gold and an additional 59,000 tonnes Inferred at an average grade of 18.5 g Au/t containing 35,100 troy ounces. A cutoff of 5.0 g Au/t is used for all categories.

The mineral resource is summarized in the table below:

  • The resource estimate is derived from a three dimensional block model within portions of eight sub-parallel veins in the Coleman area and two sub-parallel veins in the Lucky Shot area. The Coleman and Lucky Shot mines provided the bulk of historic production on the Willow Creek Project. The block model incorporates assays from 132 core holes drilled from surface between 2005 and 2009. The veins have and average thickness of 0.83 meters.
  • The resource occurs both up and down-dip of the historic Coleman workings and down-dip of the adjacent historic Lucky Shot workings.
  • There is excellent potential for extending mineralization down-dip and along strike from historic workings. The Murphy area, drilled in 2006 and 2007 extends the strike of the mineralized vein system to 1,800 meters, or 600 meters beyond historic workings. Two of five holes drilled in the Murphy show high-grade mineralization (up to 0.98 meters at 54.6g Au/t) 300 meters below the surface. The Murphy area mineralization is not delineated and supports significant upside potential near historic workings.
  • In 2014, Miranda completed a 234-station soil grid on Bullion Mountain centered approximately two kilometers from the Coleman and Lucky Shot mines. The highlight of this work was the discovery of three quartz vein sub-crops that assayed 50.74 g Au/t, 17.05 g Au/t and 18.5 g Au/t. These anomalies strongly suggest that the Willow Project veins extend as faulted segments from the Coleman and Lucky Shot mines 4 kilometers to Bullion Mountain. The Bullion Mine produced 77,000 ounces at an average grade of 48 g Au/t.
  • The resource occurs on private surface patented claims. Permits will be issued by the State of Alaska.

Project Details

The Willow Creek Project is being advanced through a joint venture partnership between Gold
Torrent, Inc (“Gold Torrent”) and Miranda. Gold Torrent is currently earning into a 70% equity
interest through funding US$10M in expenditures, most of which is directed toward a fast-track
development plan. Gold Torrent intends to complete a preliminary feasibility study (“PFS”) by
mid-2016.

Willow is located 166 km by road north from Anchorage, Alaska. The project area is east of the
town of Willow and can be accessed by a well-maintained gravel road. The project covers the
majority of the historic Willow Creek mining district and contains 43 patented lode mining
claims and 62 State of Alaska lode mining claims for a total of approximately 4,290 hectares.
Numerous historical mines occur on the property including the Coleman, Lucky Shot, War Baby, and Gold Bullion Mines. These mines likely exploit faulted segments of the same vein system extending over four kilometers. Historic production from land now controlled by Miranda is estimated at greater than 500,000 ounces at 41.14 g Au/t (1).

At Willow, gold is found in shallow dipping mesothermal quartz veins. Gold is predominantly
free and associated with telluride. Very little gold is occluded in sulfide, and historic milling
recovered more than 85% of contained gold through gravity separation, demonstrating very
favorable metallurgy, and possibly non-chemical processing. Qualified Person

This updated mineral resource estimate was completed by Zachary J. Black, SME-RM, of HRC.
Mr. Black has reviewed pertinent geological information in sufficient detail to support the data
incorporated in the mineral resource estimate. Mr. Black is an Independent Qualified Person as
defined by NI 43-101, and is responsible for the mineral resource estimate presented in this
release. Mr. Black has reviewed the content of this news release, and consents to the information provided in the form and context in which it appears.  Data disclosed in this press release have been reviewed and verified by Miranda’s Chief Executive Officer, Mr. Joseph Hebert, C.P.G., B.Sc. Geology, and Qualified Person as defined by National Instrument 43-101.

About Miranda
Miranda is a gold Prospect Generator active in Alaska and Colombia, whose emphasis is on
acquiring gold exploration projects with world-class discovery potential. Miranda performs its
own grass roots exploration and then employs a joint venture business model on its projects to
maximize exposure to discovery and minimize exploration risk.  Miranda has ongoing relationships with Gold Torrent, Inc., Prism Resources, and Montezuma Mines Inc.  For more information related to Miranda contact Joseph Hebert, Chief Executive Officer at
1-775-340-0450 or joseph.hebert75@gmail.com.
www.mirandagold.com

---
(1) Stoll, W. M., 1997, Hunting for Gold in Alaska’s Talkeetna Mountains 1897-1951, Henry Publishing  Co, Greensburg, PA
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.  This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking  statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest",  "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Notice to US investors:
U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC.  This press release uses the terms “measured resources”, "indicated resources" and "inferred resources", which are estimated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. We advise investors that while those terms are recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them.  U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. In
addition, "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under
Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in certain exceptional cases. U.S. investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally

NI-43101 Technical Report: Mineral Resource Estimate for the Willow Creek Project Matanuska-Susitna Borough, Alaska, USA

 

Miranda Gold and Gold Torrent Announce an Updated Mineral Resource for the Willow Creek Project in Alaska

Vancouver, BC, Canada - March 7, 2016 - Miranda Gold Corp. ("Miranda") (TSX-V: MAD) and Gold Torrent, Inc., ("Gold Torrent") (OTC-QB:GTOR) announce an updated mineral resource for Willow Creek, Alaska. The Willow Creek Project is located approximately 121 km north of Anchorage, Alaska, in the Willow Creek mining district. The contiguous project claim block includes 43 patented and 62 State of Alaska lode mining claims covering a total area of approximately 4,290 hectares. 

The Willow Creek Project is being developed through a joint venture partnership between Miranda and Gold Torrent, with Gold Torrent currently earning a 70% equity interest through the funding of the first US$10 million in development costs.

Completion of the updated mineral resource estimate for the Willow Creek Project allows Gold Torrent to move forward with their planned Preliminary Feasibility Study, anticipated to be released during the first half of 2016.

A National Instrument 43-101 ("NI 43-101) technical report on mineral resources will be published on SEDAR within 45 days. 

HIGHLIGHTS

  • The updated mineral resource estimate for the Willow Creek Project completed by Hard Rock Consulting, LLC ("HRC") comprises 121,500 ounces of gold contained in 206.5 thousand tonnes grading an average of 18.3 grams per tonne ("g/t") gold classified as Measured and Indicated mineral resources. An additional 35,150 ounces of gold contained in 59.0 thousand tonnes grading an average of 18.5 g/t gold are classified as Inferred mineral resources. All of the estimated mineral resources are based on a 5.0 g/t cutoff.
  • An improved understanding of the geologic controls on mineralization resulted in a significant increase in the mineral resource estimate for the Willow Creek Project.
  • An updated model has been expanded to include a portion of Lucky Shot area. In total, mineral resources at the Willow Creek Project include 8 veins in the Coleman area and 2 veins in the Lucky Shot area. The mineral resource estimate is based on information from 174 drillholes.
  • Potential exists to increase the mineral resources at the Willow Creek Project through drilling down-dip extensions of the Coleman and Lucky Shot area, and the exploration targets in the War Baby and Murphy areas along strike to the east.

2016 Updated Mineral Resource Estimate

Table 1 - Mineral Resource Statement for the Willow Creek Project, Matanuska-Susitna Borough, Alaska, Hard Rock Consulting, LLC, Effective Date of February 1, 2016


The mineral resources are reported in accordance with Canadian Securities Administrators NI 43-101 and have been estimated in conformity with generally accepted Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") "Estimation of Mineral Resource and Mineral Reserves Best Practices" guidelines. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves.

The mineral resources are reported at a cut-off grade to reflect reasonable prospects for economic extraction. HRC considers that significant portions of the Willow Creek Project are amenable to underground extraction methods. The "reasonable prospects for economic extraction" requirement referred to in NI 43-101 was tested by applying cutoff of 5 g/t Au. After review of several scenarios considering different metal prices, HRC applied a long-term gold price of US$1,265/oz. Metallurgical recoveries for gold were assumed to be 80%. HRC assumed mining, processing, and G&A costs of US$150.00 per tonne mined. These parameters were selected by HRC to demonstrate that the mineral resources reported meet the test of reasonable prospect for economic extraction.

This updated mineral resource estimate is based on a 3D geologic model constructed using geologic and assay data from approximately 174 historic drill holes (11 Enserch and 163 drilled by Full Metal Mining). Gold values where capped by vein to prevent high grade outlier data from potentially adversely impacting the grade estimation. The capped assay data were then composited into true thickness vein intercepts for grade estimation. Block grades were estimated using a true thickness weighted, inverse distance interpolation method.

Qualified Person

This updated mineral resource estimate was completed by Zachary J. Black, SME-RM, of HRC. Mr. Black has reviewed pertinent geological information in sufficient detail to support the data incorporated in the mineral resource estimate. Mr. Black is an Independent Qualified Person as defined by NI 43-101, and is responsible for the mineral resource estimate presented in this release. Mr. Black has reviewed the content of this news release, and consents to the information provided in the form and context in which it appears.

Data disclosed in this press release have been reviewed and verified by Miranda's President and CEO, Joseph Hebert, C.P.G., B.Sc. Geology, and Qualified Person as defined by National Instrument 43-101.