Subject: Miramar Mining News Release - Year End Results
From: "C. Doberstein" <[email-masked]>
Date: Fri, 23 Mar 2001 16:08:52 -0800

March 23, 2001	 NEWS RELEASE 01-03	MAE - TSE MAENF-OTC Bulletin Board

Miramar Reports Results for the Year Ended December 31, 2000
- Continued focus on Northern Platform and Maintaining a Strong Balance
Sheet -

VANCOUVER -- Miramar Mining Corporation today announced its results for the
year ended December 31, 2000.  Miramar continues to focus its efforts on
developing its Northern gold platform, comprised of the Hope Bay project and
Yellowknife operations, while striving to maintain a strong balance sheet to
support these activities.  At December 31, 2000, Miramar had consolidated
working capital of $21.2 million.

"During the fourth quarter, our Yellowknife operations delivered excellent
results, producing 35,678 ounces of gold at a cash cost of US$242 per
ounce," said Tony Walsh, Miramar's President and CEO.  "These results
allowed us to generate positive cash flow from operations, despite the low
gold price."  During the fourth quarter of 2000, Miramar reported a cashflow
from mining operations before changes in working capital of $1.2 million,
and $2.3 million for the year, versus losses in the same periods in 1999.
"This is a direct result of our focus on generating positive cash flow from
operations, even at low gold prices, and allows us to maintain our balance
sheet so it is available to support our activities at Hope Bay," he said.  

The recent announcement of an agreement in principle to sell Miramar's
interest in Northern Orion Explorations Ltd. ("Northern Orion") is a further
step in strengthening the Company's balance sheet.  "While the proposed
transaction has resulted in a significant write down of our investment in
Northern Orion, this is a non-cash charge and the proposed transaction would
eliminate further cash and management demands by Northern Orion?.  The
contemplated sale of our interest in Northern Orion could potentially
generate additional funds to support our priority activities?," said Mr.
Walsh.

Financial Results
Miramar's consolidated loss from operations, before write-downs (including
the provision for the potential disposition of its controlling interest in
Northern Orion) and other charges, was $6,214,000 or $0.10 per share for the
year, compared to a loss of $7,779,000 or $0.14 per share for the same
period in 1999.  The reduction in the loss reflects the improved operating
performance of the Con and Giant mines during the year, as well as lower
general and administrative costs.  The fourth quarter 2000 loss, before the
other items noted above, was $1,231,000 ($0.02 per share), compared to
$2,026,000 ($0.04 per share) for the same quarter in 1999, and largely
relates to write downs of exploration properties.  The consolidated net loss
for the year was $43.4 million ($0.76 per share) including a $48.2 million
charge reflecting the write down of San Jorge in Northern Orion and a
provision against the Company's investment and advances to its majority
owned subsidiary, Northern Orion, offset by a future income tax recovery of
$5.7 million and $3.7 million in charges related to severance, mineral
exploration and other writedowns recorded in the period.  Miramar continues
to consolidate the losses and assets of Northern Orion, net of the provision
mentioned above, and will do so until the option on Miramar's shares in
Northern Orion is exercised.  

During the three-month period ending December 31, 2000, Miramar reported a
cashflow from mining operations before changes in working capital of $1.2
million, versus negative $214,000 for the same period in 1999.  The net
cashflow from mining operations for the year was $2.3 million, before
changes in working capital.  At December 31, 2000, the Company had
consolidated working capital of $21.2 million (September 30 - $24.9
million).  The reduction in working capital in the quarter is a result of
investment in Miramar's Northern Platform - capital investment related to
funding of exploration activities at Hope Bay ($2.6 million), increased cash
collateral bonding in the quarter of $537,500 for the Hope Bay land use and
water licences, losses incurred in Northern Orion in the quarter and funding
of $251,000 and the increase in the working capital deficiency in Northern
Orion of approximately $500,000.  

Gold Sales & Hedging
In the fourth quarter, Miramar realized an average selling price of C$417
per ounce of gold, which compares favourably to the average spot price of
C$411 for the quarter.  Miramar also realized an average exchange rate of
1.5357 Canadian on US dollar revenues, which also compares favourably to the
average spot rate for the quarter of 1.5257.  Miramar's hedge position at
December 31, 2000 was as follows:
						
	 	Instrument				Ounces
Price
		Spot deferred gold sales contract 	  7,300
US$275   
	Gold calls sold (July/02-June/03)	36,000		US$285
	
 For further information on operating results for the fourth quarter 2000,
please see news release MAE 01-01 dated January 17, 2001 on our website at
http://www.miramarmining.com/. 

2001 Progress
As a result of the revised operating plan for the Giant Mine, Miramar
expects 2001 gold production from its Yellowknife operations to be
approximately 125,000 oz of gold?.   Cash costs are forecast at
approximately US$260 per ounce?.  Estimates of gold production and costs for
January and February are  somewhat ahead of budget?.  Production in March
will be impacted by the temporary shutdown of the autoclave for relining,
which shutdown was originally scheduled for April?.

The production outlook for each of 2002 and 2003 remains at approximately
120-125,000 ounces at cash costs of approximately US$245 per ounce, with
costs falling due to the virtual elimination of development costs in the
final two years of the plan?.   Operations are planned to wind up in 2004
with the completion of treatment of arsenic wastes?.  Continued operation
beyond 2004 is dependent on improved gold prices and exploration success?.

This news release has been authorized by the undersigned on behalf of
Miramar Mining Corporation.  
For further information contact:
Tony Walsh, President & CEO or 
Kevin Irvine, Vice President, Finance & CFO
Miramar Mining Corporation
Tel: (604) 985-2572	Fax: (604) 980-0731
Toll Free: 1-800-663-8780