North American Predators

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Wednesday May 29, 8:15 am Eastern Time
Press Release
SOURCE: Miramar Mining Corporation
Miramar Mining Announces $20 Million `Bought Deal' Financing
Miramar Planning an Expanded Exploration Program At the Hope Bay Project,
Nunavut
VANCOUVER, British Columbia--(BUSINESS WIRE)--May 29, 2002-- Miramar Mining
Corporation (TSX:MAE)(OTCBB:MAENF - News) today announced that a Canadian
broker, on its own behalf or on behalf of a syndicate of underwriters
(collectively the "Underwriters") has agreed to purchase 10,000,000 Units at
a price of $2.00 per Unit for gross proceeds of $20,000,000. Each Unit will
consist of one common share and one-half of one common share purchase
warrant. Each whole common share purchase warrant will entitle the holder to
acquire one additional common share at a price of $2.50 and expire one year
from closing. The Underwriters also have an option to purchase up to an
additional 2,500,000 Units at the offering price until 48 hours after
closing as well as 2,500,000 flow through common shares at a price of $2.00
per share. Miramar plans to use the net proceeds of this financing to
advance its Hope Bay project and for general working capital.

"This financing gives us the capital required to increase our exploration
activities at the Hope Bay belt," said Tony Walsh Miramar's President & CEO.
"We are currently in the planning stages for an expanded summer exploration
program at Hope Bay."

The Units and flow through common shares to be issued under this offering
will be offered by way of short form prospectus to be filed in certain
provinces in Canada pursuant to National Instrument 44-101 Short Form
Prospectus Distributions, and pursuant to an exemption from the registration
requirements of the United States Securities Act of 1933.

The offering is scheduled to close on or about June 19, 2002 and is subject
to certain conditions including, but not limited to, satisfactory due
diligence and the receipt of all necessary approvals including the approval
of the Toronto Stock Exchange.

In consideration for its services, the underwriters will receive a 6% cash
commission and an agent's option to acquire shares in an amount equal to 6%
of the number of Units and flow through common shares sold. The agent's
option will be exercisable for one year at the issue price, subject to
statutory approval.

These securities have not been and will not be registered under the United
States Securities Act of 1933 (the "US Securities Act"), as amended, or the
securities laws of any state and may not be offered or sold in the United
States or to US persons (as defined in Regulation S of the US Securities
Act) unless an exemption from registration is available.

Miramar Mining Corporation has a 100% interest in virtually the entire 80km
long Hope Bay Archean greenstone belt.

As reported on May 24, Miramar completed its business combination with Hope
Bay Gold Corporation Inc., effected by way of a statutory amalgamation
between a Miramar subsidiary and Hope Bay Gold.

Forward Looking Statements