Miramar Completes Sale of Bluefish Hydroelectric Power Plant; Sale Agreement To Fund Reclamation Bonding Requirements For Con Mine.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--April 7, 2003

Miramar Mining Corporation (TSX:MAE)(AMEX:MNG) today announced that its subsidiary has completed the previously announced sale of the Bluefish hydroelectric power plant ("Bluefish") to Northwest Territories Power Corporation (the "Power Corporation"). Bluefish is a 7.0 mega Volt-Ampere hydroelectric power generating facility, located 25 miles northwest of Yellowknife, which supplies power to the Con Mine. Details of the transaction were announced in September, 2002.

Sale consideration includes a cash amount of C$10 million payable on December 31, 2004. The cash proceeds from the sale of Bluefish will be placed into a reclamation security trust to fund the reclamation of the Con Mine site upon completion of mining operations, which are currently forecast to end in early 2005. In the interim, the Department of Indian Affairs and Northern Development ("DIAND") has accepted a promissory from the Power Corporation against the $10 million payment as collateral for the bonding requirements at the Con Mine.

"Miramar is pleased that we have successfully completed the sale of Bluefish," said Tony Walsh, Miramar's President and CEO. "The cash proceeds from the sale will be used to satisfy our bonding requirements related to the Con Mine and is designed to ensure that sufficient funds are set aside to complete the abandonment and reclamation of the site on completion of operations."

Forward Looking Statements

Statements in this press release regarding the plan to place the proceeds from the sale of Bluefish into a reclamation security trust upon receipt from Power Corporation, the sufficiency of funds to complete the abandonment and reclamation of the Con Mine site and the timing of the completion of mining operations at the Con Mine are all forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation the possible default by Power Corporation on the promissory note, possibility that actual costs of abandonment and reclamation could exceed current estimates and exceed the amount of funds set aside in the reclamation security trust, the actual life of the Con Mine and other risks and uncertainties, including those described in the Miramar's Annual Report on Form 20-F for the year ended December 31, 2001 and Reports on Form 6-K filed with the Securities and Exchange Commission and Miramar's Annual Information Form ("AIF") filed with the Ontario Securities Commission, the Quebec Securities Commission, and other regulatory authorities.

Forward-looking statements are based on the beliefs, estimates and opinions of management at the date the statements are made. Miramar does not undertake to update forward-looking statements if management's beliefs, estimates or opinions or other circumstances should change.