Subject: Miramar Mining News Release MAE-NR01-05
From: "C. Doberstein" <[email-masked]>
Date: Fri, 20 Apr 2001 11:17:49 -0700

MIRAMAR MINING CORPORATION
311 West First Street, North Vancouver, B.C. CANADA  V7M 1B5

Tel: (604) 985-2572   Fax: (604) 980-0731  Toll Free: 1-800-663-8780

 
April 20, 2001
 
NEWS RELEASE 00-05
 
MAE - TSE
MAENF-OTC Bulletin Board

Miramar Plans $3 million Flow-through Financing

- Would Provide Funding for Continued Exploration at the Hope Bay Project -
 
VANCOUVER -- Miramar Mining Corporation today announced that it has engaged
a Canadian investment dealer as its agent to offer on a best efforts basis
by way of private placement approximately 2,400,000 special warrants at a
minimum price of $1.30 per special warrant to raise gross proceeds of
approximately $3.1 million (the "Offering").  Each special warrant will be
exercisable for one flow-through common share of Miramar without payment of
further consideration.
 
"This funding will be used by Miramar to support our continued exploration
activity at the 50% owned Hope Bay project in Nunavut," said Tony Walsh,
Miramar's President and CEO.  As announced on November 23, 2000, the Hope
Bay project contains a high grade measured and indicated resource of 1.3
million oz in 2.46 million tonnes grading 16.9 g/t gold at Boston and Doris
and a further 579,000 oz 1.07 million tonnes grading 16.8 g/t gold at Doris
in the inferred category, plus additional lower grade resources.  A $10
million phase 1 program was announced on January 31, 2001 that had two
objectives:  the expansion of the three existing deposits and the discovery
of new gold deposits along the Hope Bay belt.  A significant part of this
work program has been completed and results are pending.
 
"This financing would allow Miramar to maintain its strong working capital
position and to be in a position to fund additional work programs aimed at
continuing to explore the full potential of the Hope Bay belt," said Mr.
Walsh.
 
Miramar does not have the obligation to file a news prospectus to qualify
the distribution of the flow through shares issuable upon exercise of the
special warrants.    However, if Miramar files a prospectus within 12 months
of the closing of the Offering in respect of another financing, Miramar has
agreed that it will use its best efforts to qualify by such prospectus the
distribution of the flow-through common shares issuable upon the exercise of
the special warrants together with the securities offered in such financing,
in which case the special warrants will be automatically exercised on the
fifth day after a final receipt is issued for the prospectus.  If the
distribution of the flow through shares is not qualified by a prospectus,
the special warrants will be automatically exercised 12 months from the
closing of the Offering.  The proceeds of the Offering will be released on
the closing date of the Offering and will be used to incur Canadian
Exploration Expenditures on the Hope Bay project in Nunavut.  
 
In consideration for its services, the agent will receive a 6.5% cash
commission and an agent's option to acquire shares in an amount equal to 7%
of the number of special warrants sold.  The agent's option will be
exercisable within two years at a price equal to the sale price of the
special warrants.  If Miramar files a prospectus within 12 months of the
closing of the Offering, the distribution of shares acquired upon exercise
of the agent's option will be qualified under the prospectus. 
 
The Offering is subject to receipt by Miramar of all necessary regulatory
approvals, including the approval of The Toronto Stock Exchange.
 
The special warrants and common shares will not be registered under the
United States Securities Act of 1933, as amended, or the securities laws of
any state.  These securities may not be offered or sold in the United States
or to U.S. persons without registration unless an exemption from
registration is available.  
 
This news release has been authorized by the undersigned on behalf of
Miramar Mining Corporation
 
For further information contact:
Tony Walsh
President & CEO

Miramar Mining Corporation

Tel: (604) 985-2572          Fax: (604) 980-0731

Toll Free: 1-800-663-8780

Email:   <mailto:[email-masked]> [email-masked]
 
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