Hope Bay Resources

The tables below summarize the reported resources at the Hope Bay Project as at December 31, 2006

HOPE BAY INDICATED MINERAL RESOURCES AT DECEMBER 31, 2006

Area/Deposit/Zone	Indicated Tonnes         g Au/t		Cut-off	Contained
			g Au/t	Ounces Au
Madrid Deposits
Naartok East	11,353,900	3.7	1.5	1,350,727
Naartok West	6,794,400	3.7	1.5	797,672
Rand	2,957,000	2.5	1.5	239,910
Suluk	11,427,700	3.6	1.5	1,313,989
South Patch	0	0.0	0.0	0
Subtotal Madrid	32,533,000	3.5		3,702,298
Doris Deposits
Doris Hinge(2)	345,000	34.7	8.0	385,000
Doris North/Connector	n/a
Doris Central	824,000	12.9	5.0	341,000
Doris Pillars	n/a	n/a	0.0	N/A
Subtotal Doris	1,169,000	19.3		726,000
Boston Deposits
Boston B2	1,949,000	11.4	4.0	713,000
Boston B3/B4	363,000	7.3	4.0	85,000
Subtotal Boston	2,312,000	10.7		798,000
Total Inferred (3)	36,014,000	4.51		5,226,298

1. Disclosure of contained ounces is permitted under Canadian regulations; however, the United States Securities and Exchange Commission generally permits mineralization that does not constitute "reserves" to be reported only as in place tonnage and grade.
2. Includes the undiluted, unrecovered Probable Mineral Reserve for Doris Hinge referred to below.
3. Numbers may not add up exactly due to rounding.

Area/Deposit/Zone	Inferred Tonnes                   g Au/t		Cut-off	Contained
			g Au/t	Ounces Au
Madrid Deposits
Naartok East	14,368,900	2.8	1.5	1,274,903
Naartok West	5,228,100	3.4	1.5	565,276
Rand	5,373,600	2.3	1.5	403,284
Suluk	17,342,000	2.8	1.5	1,546,437
South Patch	227,000	22.5	7.0	164,202
Subtotal Madrid	42,539,600	2.9		3,954,102
Doris Deposits
Doris Hinge	28,000	10.0	8.0	9,000
Doris North/Connector	1,270,000	13.9	5.0	569,000
Doris Central	73,000	12.8	5.0	30,000
Doris Pillars	263,000	18.6	5-7	158,000
Subtotal Doris	1,634,000	14.5		766,000
Boston Deposits
Boston B2	995,000	9.1	4.0	292,000
Boston B3/B4	1,437,000	9.7	4.0	449,000
Subtotal Boston	2,431,000	9.5		741,000
Total Inferred (3,4)	46,604,600	3.64		5,461,102

1. Disclosure of contained ounces is permitted under Canadian regulations; however, the United States Securities and Exchange Commission generally permits mineralization that does not constitute "reserves" to be reported only as in place tonnage and grade. See discussion in the section on Forward Looking Statements for a description of differences between Canadian and U.S. estimate of mineral resources.
2. Inferred Mineral Resources are reported in addition to Indicated Mineral Resources.
3. Numbers may not add up exactly due to rounding.

All resource and reserve estimates have been prepared by the Miramar Hope Bay Limited staff and directly employed consultants in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by John Wakeford, P. Geo. Vice President, Exploration, for Miramar Mining Corporation. All resource models were estimated utilizing three dimensional block model methods, except for the South Suluk and South Patch 14 areas, which were estimated utilizing a two dimensional polygonal approach. In 2006 new resource models were created for Madrid to incorporate new drilling. All previous resource estimates and models are unchanged from 2004. All deposits have been subject to a capping exercise whereby capping grades were applied as determined by geostatistical analysis. Also, cut-off grades were used for all deposits and vary according to deposit size, grade and geometry. The resource estimates for the Doris group of deposits, South Patch 14 and the main portion of the Boston deposit have utilized a cut-off grade from 4.0 to 8.0 g/t gold based on the assumption that possible extraction would likely be by underground methods. The remaining Madrid group of deposits, Naartok, Rand and Suluk were modelled utilizing a lower grade cut-off of 1.5 on the assumption that likely extraction would be by open pit methods. The Madrid area deposits are presented at a range of cut-off grades with a 1.5 g/t gold cut-off used for the Resource Summary table above.

Indicated resources generally lie within 25 metres of a drill hole within detail drilled areas and inferred resources generally lie no more than 50 metres from a drill hole except for a portion of the thicker zones at Naartok have been extended up to 100m where geological confidence can been displayed. The resource estimates for the Madrid were prepared by Miramar Hope Bay Limited staff and independent consultants, and reviewed by John Wakeford P. Geo., Vice President and Qualified Person for Miramar Mining Corporation as defined in NI 43-101.

Included within the above numbers are approximately 158,000 ounces at 18.6g/t of gold that are included in possible mine pillars at Doris. Pillars lie within 30 m of lake bottoms (Pillars) and are unlikely to be mined without significant economic and permitting challenges. The regulations for pillars under lakes in Nunavut require the Mines Inspection Branch to provide a variance for mining within 100m of a lake bottom. There can be no certainty that such a variance will be granted.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred resources will be converted to measured and indicated categories through further drilling, or into mineral reserves once economic considerations are applied.