CORONADO RESOURCES LTD. - Progress update at the Madison Mine in Montana, USA
Trading Symbol: TSX.V-CRD
VANCOUVER, June 23, 2011 /PRNewswire/ - Coronado Resources Ltd. has shipped and processed 950 tons of copper/gold/silver ore at a floatation mill located in Phillipsburg Montana. An estimated 200 dry tons of concentrates were produced grading .980 oz/t of gold, 9.2 oz/t of silver and 19.2% copper. An ore buyer has advanced operation funds and is expected to begin shipping on or about June 27th, 2011. A considerable amount of time has been spent rehabilitating the mine to MSHA (Mine Safety & Health Administration) standards. A second escape way, as requested is now completed and mining of ore is now in full stride with regular production of copper/gold/silver ore expected.
A shipment of gold ore is presently underway and a minimum 600 tons of ore grading 0.60 oz/t of gold per ton is expected to be processed at a facility located 26 miles away by the end of this month. A second gold shipment is anticipated to be sent and processed during the month of July with exact tonnage to be determined.
The company has plans to begin an active exploration program at the Madison Mine as well as pursue outside operations most likely in the Philippines where earlier interests are still available using funds generated from ore shipments at Madison and not equity financing.
Coronado has granted a further 175,000 options to those previously announced at $0.15 to officers and employees exercisable for a period of three years.
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.
Assay work was completed by Norris Labs, a local Montana lab using the dry assay method. Norris Labs is not registered by the international standards organization and are used due to proximity and quick turnaround results. Eugene Larabie, P. Eng. is the "qualified person" overseeing the project.
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.