Coronado Resources Ltd. - Payments Received for Ore shipments from the Madison Mine in Montana, USA
Trading Symbol: TSXV: CRD
VANCOUVER, Aug. 30, 2011 /PRNewswire/ - Coronado Resources Ltd. has received payments for two shipments of ore, one of which is $416,000 for the sale of gold ore processed at the end of June as well we have received a 90% payment of 377,185.32 for gold/copper concentrate. These funds have been directed towards a payment of $185,000 for the purchase of a 15 ton underground haulage truck as well a $20,000 down payment towards the purchase of a $195,000 underground loader. The truck is presently at the mine site while the loader will be shipped in the next 6 to 7 weeks.
200 tons of gold ore averaging 0.30 oz/t au will be shipped this month for direct processing. Mining of both ore types is continuing with more significant shipments expected to begin in September. Majority of remaining funds have been relegated towards ongoing expenses and advancements made by shareholders.
About: Coronado Resources Ltd. is a Canadian-based exploration, development and mining company trading on the TSX Venture Exchange. Its wholly-owned Madison property in Montana, USA is receiving revenue from high-grade gold and copper shipments which have, since 2008, funded the development of its underground workings to access drill discoveries while limiting share dilution.
On Behalf of the Board
Eugene Larabie, P. Eng., President
Coronado Resources Ltd.
#507 - 595 Howe Street, Vancouver, BC V6C 2T5
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. The foregoing information may contain forward-looking statements relating to the future performance of Coronado Resources Ltd. Forward-looking statements, specifically those concerned with future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in filings with the appropriate securities commission.
SOURCE CORONADO RESOURCES LTD.