Miranda Gold Corp. (TSXV:MAD) announced that its 100-percent-owned Colombian subsidiary will form a strategic alliance with Agnico-Eagle Mines Ltd. (TSX:AEM). The companies have signed a non-binding Letter of Intent and plan to explore for precious metals in central Colombia.

As quoted in the press release:

Under the terms of the LOI, Agnico and Miranda share 70:30, respectively, in generative exploration expenditures with exploration activities conducted by Miranda. The alliance is for a period of three years and is renewable thereafter by mutual consent. The exploration program budget will be an aggregate amount of no less than US$1,000,000 per year.
Within the last several years Colombia has produced a very high rate of plus-million ounce gold discoveries by a relatively small group of active companies. The Agnico partnership will allow Miranda to be more aggressive in Colombia while maintaining an aggressive exploration program in Nevada.

Click here to read the full Miranda Gold Corp. (TSXV:MAD) press release.

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