Miramar's Yellowknife Operations On Target in First Quarter 2001

Gold production of 29,177 oz of Gold at Cash Costs of US$262/oz



MAE - TSE

MAENF-OTC Bulletin Board



Apr 25, 2001, 01:00 ET from Miramar Mining Corporation

    VANCOUVER, April 25 /PRNewswire/ - Miramar Mining Corporation announced
 today that its Yellowknife operations, the Con and Giant Mines, produced a
 total of 29,177 ounces of gold at a cash cost of US$262 per ounce in the first
 three months of 2001, versus 26,152 oz of gold at a cash cost of US$284/oz in
 the same period in 2000. In addition, approximately 6,000 oz of gold were
 produced and stockpiled in concentrates and are awaiting processing in the
 autoclave.
     "Despite the temporary shut down of the autoclave for brick relining
 having been advanced into the first quarter, the Con and Giant mines performed
 well during the first three months of 2001," said Tony Walsh, Miramar's
 President & CEO. "Higher than planned grades combined with good performance
 from the refractory circuit allowed us to do better than budget during the
 autoclave shut down." Costs for the remainder of the year are anticipated to
 fall below current levels as autoclave operations have resumed and the
 approximately 6,000 oz of refractory concentrate stockpiles will be
 processed(x).
 
     Grade Continues to Outperform
     Performance for the quarter at the Con Mine continued to be driven by
 solid free milling ore performance. The Con Mine delivered 74,134 tons grading
 0.42 oz/ton gold, higher than projected reserve grade. At the Giant Mine,
 performance continued to be better than forecast. Giant operations delivered
 17,778 tons grading 0.44 oz/ton gold for processing. Combined, the mines
 delivered 35,164 recoverable ounces of gold, which was well in excess of
 budget.
 
     Significant Refractory Concentrate Inventory
     It was previously reported that the autoclave would be shut down for
 brick relining during the second quarter, however it was more efficient to
 advance this shutdown into March. During this period processing of refractory
 ores continued to generate a significant stockpile of refractory concentrates
 containing an estimated 5,987 oz of gold. Autoclave repairs were completed in
 March and production has returned to normal. Stockpiled concentrates will be
 processed over the remainder of the year, incrementally to the budgeted
 refractory production(x).
 
     Accelerated Arsenic Treatment
     Independent engineering consultants, Fluor Daniel Wright, have completed
 an accelerated arsenic treatment plan to process all of the Con arsenic wastes
 within approximately a two year period, as opposed to the 3-4 years originally
 planned, through the optimization of the autoclave circuit(x). This approach
 should result in the elimination of the environmental liability associated
 with these arsenic wastes much earlier than planned for little incremental
 cost difference. Fluor Daniel has been retained to supervise the successful
 implementation and execution of this accelerated plan, which is now underway.
 In conjunction with this accelerated treatment of arsenic waste, Miramar is
 reviewing opportunities to enhance short-term cash flow opportunities from the
 Con and Giant operations(x).
 
     Year End Reserve & Resource Estimates
     Reserves and resources have been estimated for both the Con and Giant
 mines as of December 31, 2000 based on gold price of US$300 per ounce at the
 Con Mine, and US$280 per ounce at the Giant Mine, the lower price for the
 Giant reflecting the very short-term nature of planned operations. These
 reserve and resource estimates are summarized below and are detailed in the
 attached schedule(x).
 
                                          Con Mine    Giant Mine      Total
                                          --------    ----------      -----
                                                     (Supercrest)  Yellowknife
                                                                   -----------
     Proven & Probable Mineral Reserves
     ----------------------------------
      - Tonnes (000's)                     1,138         117          1,255
      - Grade (g/t Au)                      12.0        12.7           12.1
      - Contained Oz Au (000's)              442          48            490
 
     Additional Measured & Indicated Mineral Resources
     -------------------------------------------------
      - Tonnes (000's)                     1,195         364          1,559
      - Grade (g/t Au)                      11.2         7.8           10.4
      - Contained Oz Au (000's)              431          90            521
 
 
     Miramar's 2001 mineral reserve and resource statement for the Con and
 Giant Mines is based on the new reporting requirements of National Instrument
 43-101 and the Canadian Institute of Mining and Metallurgy classification
 system, incorporating economics and confidence level in reporting information.
 Mineralization at Con and Giant mines is classified as Reserve only if it is
 in the current mine plan as of December 31st, 2000. Mineralization at the Con
 and Giant Mines that is unsupported by a mine plan is classified as a
 resource. Reserves in the current mine plan incorporate historic and projected
 mining and milling costs and gold recovery assumptions.
     Qualified persons responsible for the reserve and resource estimates
 include Dean McDonald, PhD, P.Geo., Exploration Manager and Dave Arthur,
 Senior Production Geologist for Con Mine. Dean McDonald, Dan Rousseau, Senior
 Mine Planner and Morris Robinson, Chief Production Geologist are responsible
 for Giant Mine. The above qualified persons have verified the data disclosed
 in this news release.
     The mineral reserves and resources detailed in this announcement are not
 materially affected by any known environmental, permitting, legal, title,
 taxation or any other relevant issues. Mineral resources that are not mineral
 reserves do not have demonstrated economic viability. Additional low-grade
 mineralization at both the Con and Giant mines has been classified as an
 additional mineral inventory and is not reported herein.
 
     Outlook for 2001(x)
     Gold production in 2001 is forecast to be approximately 125,000 ounces at
 cash costs of approximately US$260 per ounce(x). Miramar continues to review
 options to further improve short-term cash flow generation from these
 operations. For further information on this news release or other Miramar news
 please see our website at www.miramarmining.com.
 
     (x)This News Release contains forward-looking statements within the
 meaning of the United States Private Securities Litigation Reform Act of 1995
 concerning the Company's plans for the operation of the Con and Giant Mines
 and projected production and cost information. Reserve and resource estimates
 also may be deemed to be forward-looking statements because they reflect
 estimates of amounts of precious metals that will be found to be present in
 mineral deposits, and, in the case of reserves and resources, the assessment
 that the deposit can be mined profitably in the future. 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
 this forward-looking statement, including, without limitation, risks and
 uncertainties relating to fluctuating precious and base metals prices;
 uncertainties in interpreting drilling and other test results; uncertainty as
 to the actual ore grade and recovery rates; accidents, equipment breakdowns,
 labour disputes and severance costs or other unanticipated difficulties with
 or interruptions in production possible problems with the arsenic waste
 processing program; the possibility of unexpected costs and expenses relating
 to environmental issues, uncertainties relating to the need for government
 approvals and the cooperation of government agencies in regards to the
 environmental liabilities of the Giant mine and other risks and uncertainties,
 including those described in the Company's Annual Report for the year ended
 December 31, 2000, on Form 20-F for the year ended December 31, 1999 and
 Reports on Form 6-K filed with the Securities and Exchange Commission.
     All resource estimates reported in this disclosure are calculated in
 accordance with Toronto Stock Exchange 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, and reported reserves under US requirements differ from
 those reported herein. The terms "Resource(s)" and "Reserve(s)" normally may
 not be included in documents filed with the Securities and Exchange Commission
 or are referred to as "mineralization" or "mineral deposits".
     Statements under the heading "Outlook for 2001 and beyond" are forward
 looking statements. Certain other forward-looking statements in this report
 are indicated with an "(x)"
 
                          Miramar Mining Corporation
                          --------------------------
 
                     Mineral Reserve & Resource Estimates
                     ------------------------------------
                            (At December 31, 2000)
 
     -------------------------------------------------------------------------
                                          Con Mine   Giant Mine      Total
                                          --------   ----------      -----
                                                    (Supercrest)  Yellowknife
                                                                  -----------
     -------------------------------------------------------------------------
     Mineral Reserves
     ----------------
     Proven
      - Tonnes (000's)                       290           35          325
      - Grade (g/t Au)                      12.0         14.0         12.2
      - Contained Oz Au (000's)              112           16          128
 
     Probable
      - Tonnes (000's)                       848           82          930
      - Grade (g/t Au)                      12.0         12.2         12.0
      - Contained Oz Au (000's)              330           32          362
 
     -------------------------------------------------------------------------
     Total Proven & Probable
      - Tonnes (000's)                     1,138          117        1,255
      - Grade (g/t Au)                      12.0         13.0         12.1
      - Contained Oz Au (000's)              442           48          490
     -------------------------------------------------------------------------
 
     Additional Mineral Resources
     ----------------------------
     Measured
      - Tonnes (000's)                       317          106          423
      - Grade (g/t Au)                      12.5         10.5         11.3
      - Contained Oz Au (000's)              118           35          153
 
     Indicated
      - Tonnes (000's)                       804          258        1,062
      - Grade (g/t Au)                      10.6          6.6          9.7
      - Contained Oz Au (000's)              275           55          329
 
     Measured Metallurgical
      - Tonnes (000's)                        74            -           74
      - Grade (g/t Au)                      16.1            -         16.1
      - Contained Oz Au (000's)               39            -           39
 
     -------------------------------------------------------------------------
     Total Measured & Indicated
      - Tonnes (000's)                     1,195          464        1,695
      - Grade (g/t Au)                      11.2          7.7         10.4
      - Contained Oz Au (000's)              432           90          522
 
     -------------------------------------------------------------------------
 
 

SOURCE Miramar Mining Corporation
    VANCOUVER, April 25 /PRNewswire/ - Miramar Mining Corporation announced
 today that its Yellowknife operations, the Con and Giant Mines, produced a
 total of 29,177 ounces of gold at a cash cost of US$262 per ounce in the first
 three months of 2001, versus 26,152 oz of gold at a cash cost of US$284/oz in
 the same period in 2000. In addition, approximately 6,000 oz of gold were
 produced and stockpiled in concentrates and are awaiting processing in the
 autoclave.
     "Despite the temporary shut down of the autoclave for brick relining
 having been advanced into the first quarter, the Con and Giant mines performed
 well during the first three months of 2001," said Tony Walsh, Miramar's
 President & CEO. "Higher than planned grades combined with good performance
 from the refractory circuit allowed us to do better than budget during the
 autoclave shut down." Costs for the remainder of the year are anticipated to
 fall below current levels as autoclave operations have resumed and the
 approximately 6,000 oz of refractory concentrate stockpiles will be
 processed(x).
 
     Grade Continues to Outperform
     Performance for the quarter at the Con Mine continued to be driven by
 solid free milling ore performance. The Con Mine delivered 74,134 tons grading
 0.42 oz/ton gold, higher than projected reserve grade. At the Giant Mine,
 performance continued to be better than forecast. Giant operations delivered
 17,778 tons grading 0.44 oz/ton gold for processing. Combined, the mines
 delivered 35,164 recoverable ounces of gold, which was well in excess of
 budget.
 
     Significant Refractory Concentrate Inventory
     It was previously reported that the autoclave would be shut down for
 brick relining during the second quarter, however it was more efficient to
 advance this shutdown into March. During this period processing of refractory
 ores continued to generate a significant stockpile of refractory concentrates
 containing an estimated 5,987 oz of gold. Autoclave repairs were completed in
 March and production has returned to normal. Stockpiled concentrates will be
 processed over the remainder of the year, incrementally to the budgeted
 refractory production(x).
 
     Accelerated Arsenic Treatment
     Independent engineering consultants, Fluor Daniel Wright, have completed
 an accelerated arsenic treatment plan to process all of the Con arsenic wastes
 within approximately a two year period, as opposed to the 3-4 years originally
 planned, through the optimization of the autoclave circuit(x). This approach
 should result in the elimination of the environmental liability associated
 with these arsenic wastes much earlier than planned for little incremental
 cost difference. Fluor Daniel has been retained to supervise the successful
 implementation and execution of this accelerated plan, which is now underway.
 In conjunction with this accelerated treatment of arsenic waste, Miramar is
 reviewing opportunities to enhance short-term cash flow opportunities from the
 Con and Giant operations(x).
 
     Year End Reserve & Resource Estimates
     Reserves and resources have been estimated for both the Con and Giant
 mines as of December 31, 2000 based on gold price of US$300 per ounce at the
 Con Mine, and US$280 per ounce at the Giant Mine, the lower price for the
 Giant reflecting the very short-term nature of planned operations. These
 reserve and resource estimates are summarized below and are detailed in the
 attached schedule(x).
 
                                          Con Mine    Giant Mine      Total
                                          --------    ----------      -----
                                                     (Supercrest)  Yellowknife
                                                                   -----------
     Proven & Probable Mineral Reserves
     ----------------------------------
      - Tonnes (000's)                     1,138         117          1,255
      - Grade (g/t Au)                      12.0        12.7           12.1
      - Contained Oz Au (000's)              442          48            490
 
     Additional Measured & Indicated Mineral Resources
     -------------------------------------------------
      - Tonnes (000's)                     1,195         364          1,559
      - Grade (g/t Au)                      11.2         7.8           10.4
      - Contained Oz Au (000's)              431          90            521
 
 
     Miramar's 2001 mineral reserve and resource statement for the Con and
 Giant Mines is based on the new reporting requirements of National Instrument
 43-101 and the Canadian Institute of Mining and Metallurgy classification
 system, incorporating economics and confidence level in reporting information.
 Mineralization at Con and Giant mines is classified as Reserve only if it is
 in the current mine plan as of December 31st, 2000. Mineralization at the Con
 and Giant Mines that is unsupported by a mine plan is classified as a
 resource. Reserves in the current mine plan incorporate historic and projected
 mining and milling costs and gold recovery assumptions.
     Qualified persons responsible for the reserve and resource estimates
 include Dean McDonald, PhD, P.Geo., Exploration Manager and Dave Arthur,
 Senior Production Geologist for Con Mine. Dean McDonald, Dan Rousseau, Senior
 Mine Planner and Morris Robinson, Chief Production Geologist are responsible
 for Giant Mine. The above qualified persons have verified the data disclosed
 in this news release.
     The mineral reserves and resources detailed in this announcement are not
 materially affected by any known environmental, permitting, legal, title,
 taxation or any other relevant issues. Mineral resources that are not mineral
 reserves do not have demonstrated economic viability. Additional low-grade
 mineralization at both the Con and Giant mines has been classified as an
 additional mineral inventory and is not reported herein.
 
     Outlook for 2001(x)
     Gold production in 2001 is forecast to be approximately 125,000 ounces at
 cash costs of approximately US$260 per ounce(x). Miramar continues to review
 options to further improve short-term cash flow generation from these
 operations. For further information on this news release or other Miramar news
 please see our website at www.miramarmining.com.
 
     (x)This News Release contains forward-looking statements within the
 meaning of the United States Private Securities Litigation Reform Act of 1995
 concerning the Company's plans for the operation of the Con and Giant Mines
 and projected production and cost information. Reserve and resource estimates
 also may be deemed to be forward-looking statements because they reflect
 estimates of amounts of precious metals that will be found to be present in
 mineral deposits, and, in the case of reserves and resources, the assessment
 that the deposit can be mined profitably in the future. 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
 this forward-looking statement, including, without limitation, risks and
 uncertainties relating to fluctuating precious and base metals prices;
 uncertainties in interpreting drilling and other test results; uncertainty as
 to the actual ore grade and recovery rates; accidents, equipment breakdowns,
 labour disputes and severance costs or other unanticipated difficulties with
 or interruptions in production possible problems with the arsenic waste
 processing program; the possibility of unexpected costs and expenses relating
 to environmental issues, uncertainties relating to the need for government
 approvals and the cooperation of government agencies in regards to the
 environmental liabilities of the Giant mine and other risks and uncertainties,
 including those described in the Company's Annual Report for the year ended
 December 31, 2000, on Form 20-F for the year ended December 31, 1999 and
 Reports on Form 6-K filed with the Securities and Exchange Commission.
     All resource estimates reported in this disclosure are calculated in
 accordance with Toronto Stock Exchange 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, and reported reserves under US requirements differ from
 those reported herein. The terms "Resource(s)" and "Reserve(s)" normally may
 not be included in documents filed with the Securities and Exchange Commission
 or are referred to as "mineralization" or "mineral deposits".
     Statements under the heading "Outlook for 2001 and beyond" are forward
 looking statements. Certain other forward-looking statements in this report
 are indicated with an "(x)"
 
                          Miramar Mining Corporation
                          --------------------------
 
                     Mineral Reserve & Resource Estimates
                     ------------------------------------
                            (At December 31, 2000)
 
     -------------------------------------------------------------------------
                                          Con Mine   Giant Mine      Total
                                          --------   ----------      -----
                                                    (Supercrest)  Yellowknife
                                                                  -----------
     -------------------------------------------------------------------------
     Mineral Reserves
     ----------------
     Proven
      - Tonnes (000's)                       290           35          325
      - Grade (g/t Au)                      12.0         14.0         12.2
      - Contained Oz Au (000's)              112           16          128
 
     Probable
      - Tonnes (000's)                       848           82          930
      - Grade (g/t Au)                      12.0         12.2         12.0
      - Contained Oz Au (000's)              330           32          362
 
     -------------------------------------------------------------------------
     Total Proven & Probable
      - Tonnes (000's)                     1,138          117        1,255
      - Grade (g/t Au)                      12.0         13.0         12.1
      - Contained Oz Au (000's)              442           48          490
     -------------------------------------------------------------------------
 
     Additional Mineral Resources
     ----------------------------
     Measured
      - Tonnes (000's)                       317          106          423
      - Grade (g/t Au)                      12.5         10.5         11.3
      - Contained Oz Au (000's)              118           35          153
 
     Indicated
      - Tonnes (000's)                       804          258        1,062
      - Grade (g/t Au)                      10.6          6.6          9.7
      - Contained Oz Au (000's)              275           55          329
 
     Measured Metallurgical
      - Tonnes (000's)                        74            -           74
      - Grade (g/t Au)                      16.1            -         16.1
      - Contained Oz Au (000's)               39            -           39
 
     -------------------------------------------------------------------------
     Total Measured & Indicated
      - Tonnes (000's)                     1,195          464        1,695
      - Grade (g/t Au)                      11.2          7.7         10.4
      - Contained Oz Au (000's)              432           90          522
 
     -------------------------------------------------------------------------
 
 SOURCE Miramar Mining Corporation