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|**Newcrest** |                  
|------------ | -----------------
|             | **March 4, 2004**
|Resources    |                  
|             |                  
|Inc.         |                  

| | Mr. Kenneth D. Cunningham                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | President and Chief Executive Officer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | Miranda U.S.A., Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | Miranda Gold Corp.,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | 306-1140 Homer Street                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | Vancouver, B.C. V6B 2X6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | CANADA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | Re: Redlich Joint Venture, Esmeralda County,
      Nevada                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | Dear Mr. Cunningham:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | The purpose of this letter ("Letter
      Agreement") is to set forth binding contract terms between Miranda U.S.A.,
      Inc., a Wyoming corporation ("Miranda USA") and its parent corporation,
      Miranda Gold Corp., a British Columbia corporation ("Miranda Gold")
      (collectively, "Miranda") and Newcrest Resources, Inc., a Colorado
      corporation ("Newcrest"). Miranda changed its name from Miranda Diamond
      Corp. to Miranda Gold Corp. on March 4, 2003. The properties subject to
      this Letter Agreement are ownership and leasehold interests in unpatented
      mining claims located in Esmeralda County, Nevada, known collectively as
      the Redlich Prospect, all as described more specifically in Attachment 1
      hereto (the "Properties").
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|1536 Cole Blvd. Suite 210 
        Lakewood, Colorado 
        80401 U.S.A.
      Telephone 
        (720) 274-0978
      Facsimile 
        (720) 274-0983
      info@newcrestamer.com | 1.                                                                                                                                                                                                                                                                                                    | Grant of Exclusive Right to
        Acquire Interest in Properties and Enter into Joint Venture Agreement.Miranda USA hereby grants to Newcrest the exclusive right to acquire
        an undivided interest in the Properties, subject to the terms and conditions
        of this Letter Agreement and a Joint Venture Agreement, which shall be
        based upon the Rocky Mountain Mineral Law Foundation's Model Exploration,
        Development and Mine Operating Agreement, 1996 Edition ("Form 5A"), as
        more specifically described in paragraph 6 below.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|2.                                                                                                                                                                                      | Due Diligence Review by Newcrest.Commencing on the date by which this Letter Agreement has been executed
        by all parties hereto, and continuing for a period of 20 days thereafter
        (the "Due Diligence Period"), Miranda USA hereby grants to Newcrest the
        exclusive right to:
|                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                                                                                                                                                                                        | A.                                                                                                                                                                                                                                                                                                    | Enter upon the Properties for purposes of
        evaluating the environmental condition thereof; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

| | -1- | 
| | --- | 

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| |    | B.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Review all geological studies and reports and all title
      documents (including but not limited to copies of title reports, location
      notices and lease and option agreements) related to the
  Properties.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                    
| | 3. | Newcrest Election to Proceed. By no later than 5
      business days after the end of the Due Diligence Period, Newcrest shall
      notify Miranda USA in writing at the above address whether Newcrest elects
      to proceed pursuant to this Letter Agreement. If Newcrest elects not to
      proceed, it shall provide Miranda USA with a copy of all environmental and
      title reports on the Properties prepared for Newcrest by third party
      consultants, which reports shall constitute consideration for the
      exclusive rights granted by Miranda USA to Newcrest pursuant to paragraphs
      1 and 2 above. Such reports shall be provided by Newcrest with no
      representations or warranties as to their accuracy or completeness, and
      any use of, or reliance upon same by Miranda USA or Miranda Gold shall be
      at their sole risk and expense. If Newcrest elects to proceed, it shall
      accompany its notice to Miranda USA with a payment in the amount of
      $45,000.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                    
| | 4. | Miranda USA Conveyance.Within 30 days after
      Miranda USA's receipt of Newcrest's notice to proceed and payment pursuant
      to paragraph 3 above, Miranda USA shall deliver to an escrow agent agreed
      upon by Miranda USA and Newcrest, pursuant to an Escrow Agreement that is
      mutually acceptable to the parties hereto and the escrow agent, a duly
      executed and notarized Special Warranty Deed in the form attached hereto
      as Attachment 2, conveying to Newcrest an undivided 65% interest in the
      Properties. This Special Warranty Deed shall be returned to Miranda USA if
      Newcrest does not meet the conditions for entering into the Joint Venture
      Agreement as provided in paragraph 6 below.                                                                                                                                                                                                                                                                      
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                    
| | 5. | Newcrest Payments and Work Expenditures.In order
      to maintain this Letter Agreement in effect, Newcrest must make the
      payments and incur the work expenditures described in paragraphs 5.A and
      5.B below, respectively. If Newcrest fails in either case to do so, the
      sole effect shall be termination of this Letter Agreement as of the
      applicable deadline, except for the first $75,000 work expenditure and
      except for certain lease and claim maintenance payments, as provided in
      paragraph 5.B below.                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                    
| |    | A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Payments:The following payments to Miranda USA
      shall be due on or before the following dates:                                                                                                                

Due Date
    AmountMarch 4, 2005
    $30,000March 4, 2006
    $30,000March 4, 2007
    $30,000March 4, 2008
    $30,000  -2-


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| |  |  |    | Miranda USA shall designate an account to which such
        payments may be made by wire transfer. A payment shall be deemed to have
        been made timely by Newcrest if its wire transfer is initiated or its
        check is transmitted by express courier on or before the applicable due
        date. Miranda USA shall apply the above payments to the extent necessary
        to timely pay in full all lease and option payments due the underlying
        property owner, Gerald W. Baugham, with the result that as of the last
        $30,000 payment above, Miranda USA and Newcrest collectively shall own
        a 100% interest in the Properties, subject only to the royalty described
        in paragraph 10 below.
| |  |  | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |  |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |  |  | B. | Work Expenditures:Newcrest shall expend the
        following amounts by each of the following dates on Exploration (as defined
        in Form 5A) operations on or for the benefit of the Properties and, if
        it so elects, on preparation of a Pre-Feasibility Study (as defined in
        Form 5A):                                                                                                                                                                                                                                                                                                                                                                                                                                  

Deadline
    AmountJanuary 23, 2005
    $ 75,000January 23, 2006
    $150,000January 23, 2007
    $150,000January 23, 2008 (and by
    $200,000each January 23 thereafteruntil commencement ofCommercial Production(as defined below)


Excess amounts expended in any year
shall credit against subsequent years' requirements only until such time as
Newcrest has expended $1.8 million and earned a 65.0 percent Participating
Interest in the Joint Venture.

For purposes of this paragraph 5.B,
  "Commencement of Commercial Production" shall be deemed to have occurred at
  such time as the mine on the Properties and mill or other beneficiation facility
  constructed on or for the benefit of the Properties have operated for 60 continuous
  days at an average rate of at least 80% of the rated capacity contemplated by
  the Feasibility Study prepared by Newcrest pursuant to paragraph 7 below. If
  this Letter Agreement terminates within 60 days of the due dates for any lease
  or other contractual payments related to the Properties or within 90 days of
  the deadline for annual BLM maintenance fees for unpatented claims within the
  Properties, Newcrest shall be obligated to make those payments or pay those
  fees, as applicable. No Properties shall be dropped or released while this Letter
  Agreement remains in effect, unless both Newcrest and Miranda USA approve of
  same in writing. For purposes of determining what charges and costs will credit
  against the above expenditure requirements, the parties shall utilize the Accounting
  Procedures attached as Exhibit B to Form 5A, with the exception that the charge
  under Subsection 2.13(a)(i) of those accounting procedures for Newcrest's home
  office and general and administrative expenses

| | -3- | 
| | --- | 

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| |  |  |    |                                                                                                                                                                                                                                              | shall be a flat fee of 5.0% of all Allowable Costs (as defined in those
      Accounting Procedures). Newcrest and Miranda USA agree that this figure
      may be adjusted upward if Newcrest can demonstrate by audited statements
      that home office and general and administrative expenses related to the
      Joint Venture are greater than 5.0% of all Allowable Costs and that the
      percentage charge should be raised by at least 1.0 to a total of 6.0% or
      higher. Any such increase must be reconfirmed on an annual basis, and if
      not reconfirmed the percentage charge allowed will revert to 5.0%.                                                                                                                                                                 
| |  |  | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |  |    |                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |  |  |    | C.                                                                                                                                                                                                                                           | Responsibility for Reclamation and Environmental
        Conditions:Unless and until the parties enter into a Joint Venture
        Agreement pursuant to paragraph 6. below, Newcrest shall have sole responsibility
        and liability for reclamation of disturbances of the Properties caused
        by its Exploration operations pursuant to paragraph 5.B above; and Miranda
        shall retain sole responsibility and liability for all other environmental
        conditions of the Properties. If and at such time as the parties enter
        into the Joint Venture Agreement pursuant to paragraph 6. below, the responsibility
        and liability for the environmental conditions of the Properties, regardless
        of when created, shall be borne by the Joint Venture.
| |  |  |    |                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |  |  | 6. | Conditions for Entering into Joint Venture
        Agreement and Newcrest's Retention of 65% Interest.At such time as
        Newcrest has expended $1,800,000 and conducted a Pre- Feasibility Study
        pursuant to paragraph 5 above;
| |  |  |    |                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |  |  |    | A.                                                                                                                                                                                                                                           | The escrow agent described in paragraph 4 shall release
        the Special Warranty Deed to Newcrest;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |  |  |    |                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |  |  |    | B.                                                                                                                                                                                                                                           | The parties shall enter into a Joint Venture Agreement,
        based upon Form 5A, which shall be modified so as to be consistent with
        the provisions of this Letter Agreement and to incorporate the terms contained
        in Attachment 3 hereto;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |  |  |    |                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |  |  |    | C.                                                                                                                                                                                                                                           | Newcrest shall contribute as its Initial Contribution
        pursuant to Section 5.1 of Form 5A its undivided 65% interest in the Properties;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |  |  |    |                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |  |  |    | D.                                                                                                                                                                                                                                           | Miranda USA shall contribute as its Initial Contribution
        pursuant to Section 5.1 of Form 5A its undivided 35% interest in the Properties;
        and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |  |  |    |                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |  |  |    | E.                                                                                                                                                                                                                                           | This Letter Agreement shall terminate, and all subsequent
        operations on and for the benefit of the Properties shall be governed
        by the Joint Venture Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |  |  |    |                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |  |  |    |                                                                                                                                                                                                                                              | If Newcrest fails to expend at least $1,800,000 and
        complete a Pre-Feasibility Study by January 23, 2012, this Letter Agreement
        shall terminate as of that date, and the escrow agent described in paragraph
        4 above shall return the Special Warranty Deed to Miranda USA.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |  |  |    |                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |  |  | 7. | Newcrest's Right to Earn Additional 10%
        Participating Interest.By making a positive decision to develop what
        is determined by a feasibility study, and by other studies as                                                  

| | -4- | 
| | --- | 

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| |  |  |    | required, to be an economic deposit on the
        Property, and by delivering the feasibility study and other relevant studies
        and information that support Newcrests positive decision to develop,
        to Miranda, Newcrest will earn an additional 10.0% Participating Interest
        in the Joint Venture (as defined in Form 5A), with the result that Newcrest
        shall own a 75.0% Participating Interest in the Joint Venture as of the
        date of delivery.
| |  |  | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |  |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |  |  | 8. | Miranda USA Elections.Within 120 days
        after Newcrest delivers such reports and other relevant studies to Miranda
        USA pursuant to paragraph 7 above, Miranda USA shall notify Newcrest in
        writing that it elects one of the alternatives set forth below in paragraphs
        8.A, 8.B, 8.C or 8.D. If Miranda USA fails to so notify Newcrest, it shall
        be deemed conclusively to have chosen the alternative set forth in paragraph
        8.D below.     
| |  |  |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |  |  |    | A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |  |  |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |  |  |    | B.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |  |  |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |  |  |    | C.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |  |  |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |  |  |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |  |  |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |  |  |    | D.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |  |  |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |  |  |    | E.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

| | -5- | 
| | --- | 

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other applicable provisions of Form 5A
shall be revised to reflect the requirements of this paragraph 8.E.

| |  |  | 9. | Terms of Newcrest Loan to Miranda USA.If Miranda
        USA elects pursuant to paragraph 8.C above to receive a loan from Newcrest,
        Newcrest shall provide the loan in accordance with the following terms,
        which shall be incorporated into a promissory note and security instruments
        that Newcrest deems appropriate in the exercise of its reasonable business
        judgment:
| |  |  | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | A. | The loan shall be non-recourse to Miranda USA and Miranda
        Gold, but shall be secured by Miranda USA's Participating Interest in
        the Joint Venture and the Properties.                                                                                                                                                                             
| |  |  | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |  |    |                                                                                                                                                                                                                                                                                                                                                                   
| |  |  | B. | The loan shall bear interest, adjusted as of the first
        business day of each calendar month, at a rate equal to two percent (2%)
        above the interest rate paid by Newcrest for development funds or two
        percent (2%) above the prime rate, as published in the Money Rates, column
        of The Wall Street Journal, whichever is greater.
| |  |  |    |                                                                                                                                                                                                                                                                                                                                                                   
| |  |  | C. | 90% of Miranda USA's share of pre-tax net cash flow
        from the Joint Venture (calculated in accordance with generally accepted
        accounting provisions) shall be assigned to Newcrest until the loan, plus
        all accrued interest, has been paid in full.                                                                                       

| |  |  | 10. | Purchase of Portion of Underlying Royalty.Newcrest
        and Miranda USA understand that some or all of the Properties are burdened
        by a 3.0% royalty in net smelter returns, pursuant to the Property Option
        Agreement between Gerald W. Baughman and Miranda Diamond Corp. dated January
        23, 2003, a copy of which is attached hereto as Attachment 4. Miranda
        USA has the right to reduce that royalty to 1.0%, upon payment of $2,000,000
        to that owner. If the Management Committee of the Joint Venture determines
        that such a purchase is in the best interests of the Joint Venture, it
        shall direct the Manager to purchase same, and the Manager shall issue
        a cash call to the Participants, who shall provide the funds for that
        purchase in proportion to their respective Participating Interests at
        the time of that cash call.
| |  |  | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |  |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| |  |  | 11. | Representations and Warranties.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

| |  |  | A. | Miranda USA and Newcrest hereby incorporate by reference
        the Participants' representations and warranties contained in Section
        3.1 of Form 5A.                     
| |  |  | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |  |    |                                                                                                                                                                                    
| |  |  | B. | Miranda USA hereby incorporates by reference the representations
        and warranties of "XCO" in Section 3.2 of Form 5A.                                                        
| |  |  |    |                                                                                                                                                                                    
| |  |  | C. | Miranda USA and Miranda Gold hereby represent and warrant
        that they have received and reviewed full and complete copies of Form
        5A, including all Exhibits thereto.

| | -6- | 
| | --- | 

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| |  |  | 12. | "Dollars" and "$".All references to "Dollars"
        and "$" are to United States Dollars.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |  |  | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |  |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |  |  | 13. | Force Majeure.The provisions of Section 19.7
        of Form 5A are incorporated herein by reference with respect to obligations
        of Newcrest and time periods for work expenditures under paragraph 5.B
        above. The blank in that section, for purposes of this Letter Agreement,
        shall be "two (2)" months. Also included as Force Majeure events shall
        be the inability to gain access or permits for access to the Properties
        for Exploration operations and the inability to obtain qualified drillers
        and adequate drilling equipment for Exploration operations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |  |  |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |  |  | 14. | Miranda USA's Right to Data and Confidentiality.During the term of this Letter Agreement, Miranda USA shall have the
        right to review all data and information obtained by Newcrest regarding
        the Properties, provided that it provides Newcrest with reasonable advance
        notice of its desire to inspect same and provided further that such information
        shall be provided to Miranda USA without any representations or warranties
        by Newcrest as to the accuracy or completeness of same. Newcrest shall
        prepare and deliver to Miranda USA reports of its progress and findings
        as soon as reasonably possible, if that information is reasonably determined
        by Newcrest or Miranda to be material for disclosure purposes, and in
        any event shall be delivered to Miranda USA on at least an annual basis.
        All such information shall be kept confidential by the parties and shall
        not be disclosed except as may be necessary to comply with rules or regulations
        of any governmental agency or stock exchange. Miranda Gold shall have
        the right, subject to reasonable advance notice to, and approval by, Newcrest
        to prepare and disseminate news releases on the results and progress of
        Exploration operations on the Properties.
| |  |  |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |  |  | 15. | Guarantee by Miranda Gold.In consideration of
        the benefits to be enjoyed hereunder by Miranda Gold, as a result of being
        Miranda USA's parent, Miranda Gold unconditionally guarantees the performance
        of all of Miranda USA's obligations under this Letter Agreement and under
        the Joint Venture Agreement. In the event of any default by Miranda USA,
        Newcrest shall not be required to exercise any remedies or initiate any
        actions against Miranda USA as a precondition to seeking recourse against
        Miranda Gold under this paragraph 15.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |  |  |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |  |  | 16. | Governing Law; Jurisdiction and Venue.This Letter
        Agreement shall be governed by Nevada law, and any disputes hereunder
        shall be resolved in Nevada-State or Federal court.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

| | -7- | 
| | --- | 

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IN WITNESS WHEREOF, the parties hereto have executed this
Letter Agreement as of the date first written above.

MIRANDA U.S.A., INC., a Wyoming
corporation

By:
______________________________________Title:_____________________________________Date
of Execution:___________________________

MIRANDA GOLD CORP., a British Columbia
corporation

By:
______________________________________Title:_____________________________________Date
of Execution:___________________________

NEWCREST RESOURCES, INC., a Colorado
corporation

By: ______________________________________
  Title:_____________________________________
  Date of Execution:___________________________

| | -8- | 
| | --- | 

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ATTACHMENT 1to Letter Agreement
Between|Newcrest Resources, Inc., Miranda U.S.A., Inc. and Miranda
Gold Corp.

|1. | Leases and Agreements                                                                                                                                                              
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   | [Describe by title, parties and date and list patented
      and unpatented mining claims (with information described in 2 and 3 below)
      and other properties subject thereto]
|   |                                                                                                                                                                                    
|2. | Owned Patented Mining Claims                                                                                                                                                       
|   | [Describe by claim name and patent and mineral survey
      numbers]                                                                                                               
|   |                                                                                                                                                                                    
|3. | Owned Unpatented Mining Claims                                                                                                                                                     
|   | [Describe by claim name and county recordation and BLM
      filing numbers]                                                                                                       
|   |                                                                                                                                                                                    
|4. | Other Properties                                                                                                                                                                   
|   | [Provide legal descriptions]                                                                                                                                                       

| | -1- | 
| | --- | 

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ATTACHMENT 2to Letter Agreement
BetweenNewcrest Resources, Inc., Miranda U.S.A., Inc. and Miranda
Gold Corp.

SPECIAL WARRANTY DEED

THIS SPECIAL WARRANTY DEED, made this _________________day of
________________, 200_, between Miranda U.S.A., Inc., a ___________corporation
of the first part, and Newcrest Resources, Inc., a Colorado corporation, of the
second part: WITNESSETH, that the said party of the first part, for and in
consideration of the sum of _________________________DOLLARS and other good and
valuable considerations to the said party of the first part in hand paid by the
said party of the second part, the receipt whereof is hereby confessed and
acknowledged, has granted, bargained, sold and conveyed, and by these presents
does grant, bargain, sell, convey and confirm unto the said party of second
part, its successors and assigns forever, the properties lying and being in the
County of Esmerelda and State of Nevada, as described more particularly in
Exhibit A hereto, which by this reference is made a part hereof.

Party of the first part will WARRANT AND DEFEND TITLE TO SAID
PROPERTIES AGAINST ALL PARTIES CLAIMING BY, THROUGH OR UNDER PARTY OF THE FIRST
PART, BUT NOT OTHERWISE.

IN WITNESS WHEREOF the said party of the first part has
hereunto set its hand and seal the day and year first above written.

MIRANDA U.S.A., INC.

By:
______________________________________Title:_____________________________________

STATE OF_______________________ )
                                                                         
) ss. COUNTY
OF                                                  
)

The foregoing instrument was acknowledged before me this
_______day of ____________, 200__, by _______________________________________,
as __________________of Miranda U.S.A., Inc., a
______________corporation.

Witness my hand and official seal.

_________________________________________Notary Public

My commission expires: ______________________

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ATTACHMENT 3to Letter Agreement
BetweenNewcrest Resources, Inc., Miranda U.S.A., Inc. and Miranda
Gold Corp.

Set forth below are provisions to be inserted in the Sections
set forth below of Form 5A:

Items marked * represent the most substantive provisions.

|1.  | Section 2.2:Name under which the Assets are to be
      managed and operated by the Participants.                                                                                                                                                                                                                                                                                          
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
|    |                                                                                                                                                                                                                                                                                                                                                                                            
|*2. | Section 2.5:Maximum number of consecutive days
      that production in commercial quantities can be halted, but that Products
      still be deemed to be produced on a "continuous basis" for purposes of
      extending the Agreement's term.                                                                                                                                          
|
|
|    |                                                                                                                                                                                                                                                                                                                                                                                            
|3.  | Sections 3.2(d) and (e):Assessment year through
      which the Participant that is the owner of the unpatented claims
      represents assessment work and maintenance fees have been timely paid.                                                                                                                                                                                        
|
|
|    |                                                                                                                                                                                                                                                                                                                                                                                            
|*4. | Section 3.7(a)(v):The aggregate dollar amount
      that will be deemed to constitute a "Material Loss" for indemnification
      purposes.                                                                                                                                                                                                                                                
|
|    |                                                                                                                                                                                                                                                                                                                                                                                            
|*5. | Sections 5.1(a) and (b):Dollar amounts to be
      credited to the Participants' respective Equity Accounts as their Initial
      Contributions. In the case of the Participant that is not contributing the
      Properties, this dollar amount is the earn-in funding requirement.                                                                                                     
|
|
|    |                                                                                                                                                                                                                                                                                                                                                                                            
|6.  | Section 5.2(b):Time period during which the
      Participant that is not contributing the Properties may withdraw if it
      determines that conditions may exist on the Properties that, in its
      judgment, may result in violation of Environmental Laws.                                                                                                                          
|
|
|    |                                                                                                                                                                                                                                                                                                                                                                                            
|*7. | Section 6.3(a):Participating Interest percentage
      at which a Participant shall be deemed to have withdrawn from the Business
      and be required to relinquish its Participating Interest. Also,
      percentages of Net Proceeds and of the Reduced Participant's Equity
      Account balance as a ceiling on dollar amount of Net Proceeds to be paid
      to that Participant.
|
|
|
|
|    |                                                                                                                                                                                                                                                                                                                                                                                            
|*8. | Section 6.3(b):Percentage thresholds for
      recalculations of adjustments in Participating Interest percentages if
      money spent by the Non-Reduced Participant varies from original budgeted
      amount.                                                                                                                                                                         
|
|

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|9.   | Section 7.1:Numbers of members on Management
      Committee and members representing each party.                                                                                                                                                                        
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
|     |                                                                                                                                                                                                                                                                          
|*10. | Section 7.2:The Participating Interest percentage
      that will determine the decisions of the Management Committee.                                                                                                                                                   
|
|     |                                                                                                                                                                                                                                                                          
|11.  | Section 7.3(a):Location of Management Committee
      meetings and number of days of advance notice of same that Manager is to
      provide to the Participants.                                                                                                        
|
|     |                                                                                                                                                                                                                                                                          
|12.  | Section 7.3(b):The number of days advance notice
      either Participant may call a meeting if a prior meeting did not have a
      quorum.                                                                                                                             
|
|     |                                                                                                                                                                                                                                                                          
|13.  | Section 7.3(c):The number of days advance notice
      for putting items on the agenda and number of days for Manager to prepare
      and distribute minutes of meetings.                                                                                               
|
|     |                                                                                                                                                                                                                                                                          
|14.  | Section 8.1:Name of Manager. [Newcrest]                                                                                                                                                                                                                                  
|     |                                                                                                                                                                                                                                                                          
|*15. | Section 8.2(g):Dollar threshold of Manager's
      expenditures that requires prior approval of non-managing Participant.                                                                                                                                                
|
|     |                                                                                                                                                                                                                                                                          
|*16. | Section 8.2(i):Maximum dollar value of Assets
      that can be disposed of by Manager without non-manager's consent.                                                                                                                                                    
|
|     |                                                                                                                                                                                                                                                                          
|17.  | Section 8.2(o):Time period after completion of
      each Program and Budget in which Manager must submit a detailed final
      report.                                                                                                                                 
|
|     |                                                                                                                                                                                                                                                                          
|18.  | Section 8.4:Number of months prior notice the
      Manager must provide on resignation and number of days in which the other
      Participant shall have the right to elect to become the Manager.                                                                     
|
|
|     |                                                                                                                                                                                                                                                                          
|19.  | Section 8.4(a):The Participating Interest
      percentage threshold below which the Manager shall be deemed to have
      withdrawn.                                                                                                                                    
|
|     |                                                                                                                                                                                                                                                                          
|20.  | Section 9.3:The number of months prior to the
      expiration of a Program and Budget that a new proposed Program and Budget
      for the succeeding year must be prepared by the Manager and submitted to
      the Management Committee for review and consideration.
|
|
|
|     |                                                                                                                                                                                                                                                                          
|21.  | Section 9.4:Time period after submission of the
      proposed Program and Budget in which Participant must make its election in
      writing to approve, modify or reject the proposed Program and Budget.                                                             
|
|
|     |                                                                                                                                                                                                                                                                          
|22.  | Section 9.6(a):Time period after conclusion of a
      Program and Budget in which the Manager must report the amount of money
      spent under that Budget to a Participant who had elected not to
      participate in that Budget.                                   
|
|

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|*23. | Section 9.6(c):Percentages and time periods for a
      Reduced Participant to reinstate its Participating Interest if the Manager
      expends a certain amount less than the Adopted Budget.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
|

|24.  | Section 9.7(a):Time period for Manager to submit
      a Pre-Feasibility Study Program and Budget to the Management Committee
      after the Committee adopts a proposal for same.                                                                                                                 
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
|     |                                                                                                                                                                                                                                                                                                     
|25.  | Section 9.8(f):Time period after receipt of a
      Pre-Feasibility Study in which Management Committee must convene a meeting
      for purposes of reviewing same.                                                                                                                                
|
|     |                                                                                                                                                                                                                                                                                                     
|*26. | Section 9.9: Time period after selection of an
      Approved Alternative in which Manager must submit a Program and Budget to
      the Management Committee for preparation of a Feasibility Study.                                                                                               
|
|
|     |                                                                                                                                                                                                                                                                                                     
|27.  | Section 9.10(a):Amount of time Manager must wait
      after receipt of a Feasibility Study before submitting a Program and
      Budget that includes Development to the Management Committee.                                                                                                     
|
|
|     |                                                                                                                                                                                                                                                                                                     
|28.  | Section 9.10(b):Time period for Manager to submit
      a Bid Report to the Management Committee and the percentage limitation on
      Development costs over adopted Program and Budget.                                                                                                          
|
|
|     |                                                                                                                                                                                                                                                                                                     
|29.  | Section 9.11:Time deadline for Manager's
      submission of Program and Budget for Expansion or Modification after its
      receipt of a Feasibility Study for same.                                                                                                                              
|
|     |                                                                                                                                                                                                                                                                                                     
|30.  | Section 9.12: Percentage limitation on Budget
      overruns. [10%]                                                                                                                                                                                                                                 
|     |                                                                                                                                                                                                                                                                                                     
|31.  | Section 10.2: Number of days working capital to be
      maintained by Manager.                                                                                                                                                                                                                     
|     |                                                                                                                                                                                                                                                                                                     
|32.  | Section 10.3: Interest rate to be applied to
      delinquent cash call payments. [N/A]                                                                                                                                                                                                             
|     |                                                                                                                                                                                                                                                                                                     
|*33. | Sections 10.5(b)(i)(A) and (B):Default
      percentages for calculating dilution. [N/A]                                                                                                                                                                                                            
|     |                                                                                                                                                                                                                                                                                                     
|*34. | Section 10.5(b)(ii): Percentages of Net Proceeds
      to be received by the defaulting Participant in the event of its default
      relating to a Program and Budget cash call. [Participating Interest
      percentage at time of default multiplied by .15]                                    
|
|
|     |                                                                                                                                                                                                                                                                                                     
|*35. | Section 10.5(c):Number of days a default must run
      before a non-defaulting Participant shall have the right to elect to
      purchase the defaulting Participant's Participating Interest, and the
      percentage of fair market value for which that interest may be purchased.
      [N/A]
|
|
|
|     |                                                                                                                                                                                                                                                                                                     
|36.  | Section 10.6(a):Number of days after the end of
      each calendar year in which an audit must be completed.                                                                                                                                                                                       
|

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|37.  | Section 12.2:Length of time that must run before
      the Agreement is terminated due to deadlock because of the Management
      Committee's failure to adopt a Program and Budget.                                             
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
|
|     |                                                                                                                                                                                                                                   
|*38. | Section 12.6:Number of months in which a
      withdrawing Participant must not acquire any properties within the Area of
      Interest.                                                                                         
|
|     |                                                                                                                                                                                                                                   
|39.  | Sections 13.2, 13.3 and 13.4:Time periods for
      notice and exercise of option with respect to acquisitions within Area of
      Interest.                                                                                     
|
|     |                                                                                                                                                                                                                                   
|40.  | Sections 16.2(g)(ii):Time period within which a
      public auction of an encumbered Participating Interest must be held.                                                                                                        
|
|     |                                                                                                                                                                                                                                   
|41.  | Section 17.1:Governing law. [Nevada]                                                                                                                                                                                              
|     |                                                                                                                                                                                                                                   
|42.  | Section 17.2:Specification of forum?
      [Nevada-courts]                                                                                                                                                                        
|     |                                                                                                                                                                                                                                   
|43.  | Section 17.3:Arbitration? [No]                                                                                                                                                                                                    
|     |                                                                                                                                                                                                                                   
|44.  | Section 19.1:Addresses for notices.                                                                                                                                                                                               
|     |                                                                                                                                                                                                                                   
|45.  | Section 19.7:Time period that must run before a
      delay caused by governmental approvals can constitute Force Majeure.                                                                                                        
|
|     |                                                                                                                                                                                                                                   
|46.  | Exhibit B  Accounting Procedures, Section 2.13(a):Percentages for Management Fees during Exploration, Development and
      Major Construction and Mining Phases.                                                                
|
|     |                                                                                                                                                                                                                                   
|47.  | Exhibit D  Definitions  "Expansion" or
      "Modification":Percentage by which anticipated costs of expansion or
      modification exceed original capital costs of Development, in order to be
      deemed to be "material".
|
|
|     |                                                                                                                                                                                                                                   
|*48. | Exhibit F  Insurance:The minimum levels of
      different insurances.                                                                                                                                                           
|     |                                                                                                                                                                                                                                   
|49.  | Exhibit H  Preemptive Rights:Time periods for
      election to purchase and percentage thresholds for the transferring
      Participants and transferee's Net Worth.                                                           
|

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ATTACHMENT 4to Letter Agreement
BetweenNewcrest Resources, Inc., Miranda U.S.A., Inc. and Miranda
Gold Corp.

[Attach Copy of Royalty Instrument]

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