CORONADO RESOURCES LTD - SET TO COMMENCE SHIPMENTS OF HIGH GRADE GOLD ORE TO BARRICK'S "GOLDEN SUNLIGHT" IN MONTANA, USA
Trading Symbol: TSX.V-CRD
VANCOUVER, Jan. 13 /PRNewswire-FirstCall/ - Coronado Resources Ltd. is set to ship this month, an initial 558 tons of gold ore which is stock piled on surface that has an average grade of .738 ounces of gold per ton (25.31 g/mt au) to the "Golden Sunlight" for immediate processing. Coronado has signed a contract with Barrick Gold Corp.'s "Golden Sunlight" which recently reopened and is located only 26 miles away from our "Madison Gold & Copper Project" in Montana, USA. Additional gold ore is ready for extraction from the company's underground development where numerous grab samples consistently produced assay results of 1oz/t gold. This zone is directly below hole10-02 that was announced in July, 2010 and reported a 70 foot intercept with an average grade of 0.779 oz/t gold (26.71 g/mt au) and assay recheck produced an average grade of .930 oz/t gold (31.89 g/mt au) from the same intercept.
The company is continuing metallurgical work on the gold ore containing more significant amounts of copper & silver in order to reach optimum recovery. This ore will be shipped to the "Phillipsburg Mill" for processing into concentrates that are planned to be sold to a smelter in China similar as our previous copper shipments. Selling concentrated ore to China will allow Coronado to receive payments for gold, copper as well as silver credits.
Mr. John Di Cicco has been appointed to Vice President of Coronado Resources Ltd.
About: Coronado Resources Ltd. is a debt-free 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 a vertical depth of 400 ft. while limiting share dilution. Coronado Resources continues to make great progress, perusing and evaluating a number of mining concessions in prolific gold mining areas of the Philippines.
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.