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Mirasol Reports Coeurs Updated Resource Estimate for the Joaquin Project with 39.7 Million Measured + Indicated, plus 31.7 million Inferred Silver Ounces Accessible by Open Pit

VANCOUVER, Aug. 7, 2012 - Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) is pleased to announce the second National Instrument 43-101 resource estimate for the Joaquin Silver-Gold Project, Santa Cruz Province, Argentina, as prepared by an independent consultant for Mirasols joint venture partner, Coeur dAlene Mines ("Coeur"). The estimate is an in-pit resource for the La Negra and La Morocha deposits, and includes 39.7 million ounces of silver in the measured and indicated categories, and 31.7 million ounces of silver in the inferred category, when both oxide and sulphide mineralization are combined for the two adjacent deposits (Table 1, Figure 1 ).

Table 1. Resources Joaquin Project Totals

Mineral Type
and Category Tonnes
(000) Silver
g/t Silver oz.
(000) Gold
g/t Gold oz. Total of Oxides & Sulphides Measured 1,800 95.8 5,600 0.10 6,000 Indicated 11,900 89.2 34,100 0.10 36,600 Meas. + Indic. 13,700 90.1 39,700 0.10 42,600 Inferred 8,300 118.3 31,700 0.07 19,800

Mineral resources that are not mineral reserves have not demonstrated economic viability

The estimate was prepared according to NI 43-101 standards and in accordance with CIM Standards on Mineral Resources and Reserves: Definitions and Guidelines (CIM 2005) by independent consulting firm NCL Ingenieria y Construcci�n Ltda. ("NCL") of Chile, which was selected and contracted by Coeur, and who also performed the original NI 43-101 resource estimate (press release May 9, 2011).

Also, a significant amount of infill diamond drill hole data was not incorporated into the current estimate due to time constraints, particularly from the La Morocha deposit. Mirasol has received assay results from many of the omitted holes, that include the best hole (DDJ-277) containing a 35.3 metre core length intercept of 704 grams per tonne (g/t) silver and 0.24 g/t gold, which includes 15.3 metres of 2,372 g/t silver and 0.90 g/t gold. The infill holes in the Morocha deposit confirm grade and continuity, and Mirasol expects their eventual inclusion will further increase the confidence classification of the resource, and perhaps also increase the average silver grade. (Table 4 and Appendix 1).

Geological data was used to separate the mineralization into oxide and sulphide types, and discreet mineralized bodies were defined by geology and grade shells to spatially limit the assay data. At Morocha, a single tabular body, dipping moderately north-easterly, was defined. At La Negra, a sub-vertical feeder and sub-horizontal manto (planar tabular) bodies were defined.

The in-pit resources have been computer-modeled by Whittle� Pit mine shells designed using the technical parameters determined by Coeurs Technical Services Group and accepted by NCL (Table 2). They include Coeurs current estimates of the operating costs and parameters. Sufficient work has not yet been done to classify the resources as reserves and the parameters used in Table 2 are considered to be preliminary in nature. The resources are not demonstrated to have economic viability at this stage, but are believed to have a reasonable probability of doing so, when required additional engineering studies are completed.

Table 2. Parameters used for Whittle� Pits

Parameter Units May 2011 August 2012 La Morocha La Negra Open Pit Mining US$/tonne $2.00 $2.79 $2.82 Oxide Leaching $14.50 $13.93 $13.93 Sulphide Processing $28.00 $20.75 $20.75 Reclamation - $0.04 $0.04 Incremental Tailings - $0.75 $0.75 Silver - smelting $US/ounce $0.50 $0.15 $0.15 Gold - smelting $10.00 $7.50 $7.50 Transport & Refining - $2.50 $2.50 Royalty (Argentina) % - 3 3 Silver - price $US/ounce $20 $30 $30 Gold - price $1,300 $1,500 $1,500 Pit Slope Angle degrees 50 50 50 Oxide Silver Recovery % 70 70 70 Oxide Gold Recovery 85 85 85 Sulphide Silver Recovery 86 86 86 Sulphide Gold Recovery 92 92 92 Cut-off Oxide (resource reporting) grams/tonne 33 Silver equivalent 25 Silver 25 Silver Cut-off Sulphide (resource reporting) grams/tonne 51.9 Silver equivalent 37 Silver 37 Silver

Resources reported herein are only those within the pit shell designed using the parameters in Table 2, and only those within the pit shells that exceed the cut-off grade. Project-specific metallurgical test work is at preliminary stage at Joaquin. Additional test work has been performed since the initial resource estimate, however it was decided not to change the assumptions of the metallurgical recovery parameters. It was determined that lower processing costs are to be expected for the oxide mineralization than the sulphide mineralization (Table 2) and this was incorporated into the pit design. The sulphide mineralization is, however, higher grade on average. For the purposes of reporting the current resource estimate results, a cut-off grade of 25 g/t silver was used for oxide mineralization, and a cut-off of 37 g/t silver was used from sulphide mineralization for mineralization within the pit design. Most of the resource is comprised of oxide mineralization (74% of the silver ounces) with lesser sulphide mineralization (26% of the silver ounces). The majority of the sulphide mineralization is found at La Morocha where it occurs beneath oxide mineralization.

The current resources are tabulated on a project-wide basis (Table 1), as well as separately for the La Morocha (Table 3A) and La Negra (Table 3B) deposits, and are differentiated by category into those resources categorized as Measured and Indicated (with greater confidence levels) and Inferred (lesser confidence level), and by mineralization type into oxide and sulphide types. Individually, on a tonnage basis, the La Negra resource has progressed from 53% Indicated with no Measured in May 2011 to a current combined 89% Measured and Indicated classification (Figure 2). At La Morocha in May 2011 there was no Measured and 4% Indicated and this has now progressed to Measured and Indicated of 27%. On a project-wide basis, 62% of the resource tonnes have now been classified as Measured and Indicated while the remaining 38% are classified as Inferred. This is a large increase over the initial resource estimate (May 2011) in which 34% of the total tonnes were classified as Indicated and the remainder as Inferred.

Table 3A. Resources La Morocha Deposit

Mineral Type
and Category Tonnes
(000) Silver
g/t Silver oz.
(000) Gold
g/t Gold oz. Oxides Measured 500 81.2 1,400 0.05 900 Indicated 1,600 82.3 4,300 0.05 2,600 Meas. + Indic. 2,100 82.0 5,700 0.05 3,500 Inferred 5,400 98.0 16,900 0.06 9,600 � Sulphides Measured 100 275.7 900 0.14 500 Indicated 400 258.5 3,000 0.15 1,700 Meas. + Indic. 500 262.4 3,900 0.15 2,200 Inferred 1,500 222.2 10,900 0.13 6,400 � Total of Oxides & Sulphides Measured 600 113.3 2,300 0.07 1,300 Indicated 2,000 114.4 7,300 0.07 4,300 Meas. + Indic. 2,600 114.1 9,600 0.07 5,700 Inferred 6,900 125.4 27,800 0.07 16,000

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Table 3B. Resources La Negra Deposit

Mineral Type
and Category Tonnes
(000) Silver
g/t Silver oz.
(000) Gold
g/t Gold oz. Oxides Measured 1,100 84.5 2,900 0.12 4,300 Indicated 9,300 82.1 24,500 0.10 30,400 Meas. + Indic. 10,400 82.4 27,400 0.10 34,700 Inferred 1,100 77.8 2,800 0.08 2,900 � Sulphides Measured 100 106.7 400 0.09 300 Indicated 600 114.7 2,300 0.09 1,900 Meas. + Indic. 700 113.6 2,700 0.09 2,200 Inferred 300 105.3 1,100 0.09 1,000 � Total of Oxides & Sulphides Measured 1,200 86.5 3,300 0.12 4,600 Indicated 9,900 84.2 26,800 0.10 32,300 Meas. + Indic. 11,100 84.4 30,100 0.10 36,900 Inferred 1,400 84.0 3,900 0.08 3,900

Due to time constraints, NCL was unable to include 29 infill holes and 2 metallurgical holes at the Morocha deposit, and 13 infill and expansion holes at the La Negra deposit in the estimate (Figures 3 and 4). Results of infill drilling at La Morocha have been very successful in confirming the current resource, and infill drilling cut some of the longest intercepts and highest silver grades to date (Figure 3, Tables 3 and 4, and Appendices 1 and 2). Mirasol expects that incorporation of these unused holes at La Morocha will significantly increase the percentage of tonnes in the Measured and Indicated categories, which currently represent 27% of the total tonnes, to a much higher percentage, as occurred at La Negra where the percentage increased from 53% as Indicated to 89% as Measured and Indicated, when the infill holes were included (Figure 2).

Table 4. Highlights of Drill Intercepts Not Included in the Current Resource Estimate

Drill Hole Inter-
cept From
(metres) To
(metres) Intercept
length
(metres) Core
Recv.
(%) Silver
(g/t) Gold
(g/t) AgEQ
(g/t)