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Mira Resources Completes Testing At Tom Shot Bank, Additional Equipment Required And Well Suspended, Shares Fall 13%

Mira Resources Corp (MRP.V) this morning announced that it had completed the Testing Program at Tom Shot Bank. Company analysis of the production models showed that due to near well bore reservoir damage during the original drilling of TSB 1 in 1980 when they took a hydrocarbon kick, additional stimulation techniques are required to increase the flow rates.

Due to the variable flow rates it was estimated it would require an additional ten days to calculate a definitive skin and permeability, therefore the test was terminated. Mire said that as additional equipment will be required, "we are unable to complete the well at this time and we will start suspending the well and will re-continue the completion as a producer in conjunction with the drilling of TSB 3 in early 2012."

Close to 3.5 million shares have changed hands.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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