CRF Coronet Metals (delisted)

Coronet Metals Inc. (TSX VENTURE:CRF) -

Mr. Joel Dumaresq, CEO, reports:

On June 1, 2011, Coronet Metals Inc. ("Coronet") closed a non-brokered CDN$10.8
million private placement in conjunction with Coronet's US$14 million
acquisition of the Yanamina gold project ("Yanamina") in Ancash province, Peru.
US$5.5 million of the proceeds from this financing were to be used for the
initial payments to Latin Gold Limited ("Latin"), an Australian stock exchange
listed company.


Upon completion of the financing and in accordance with the share and asset
purchase agreements ("Agreements") executed by Coronet and Latin, Coronet paid
US$1.75 million cash and issued 3.3 million shares in Coronet common stock to
Latin. A further US$3.75 million was being held by Coronet subject to Latin
delivering a favourable Peruvian tax ruling on the structure of the purchase
arrangement. As of August 9, 2011 Coronet is in receipt of the necessary tax
ruling.


Coronet however, has since determined that there were issues with the level of
support from the local community for the project as well as the approvals and
permits necessary to move the Yanamina project towards production. 


These issues are expected to delay the commencement of the definition drilling
program that was outlined in the NI 43-101 technical report on Yanamina prepared
earlier this year on Coronet's behalf. 


Coronet is retaining the US$3.75 million, attempting to renegotiate the terms of
the Agreements with Latin in the hope to reach a resolution to the mutual
benefit of both companies.


Consistent with its mandate to acquire other advanced-stage gold mining
projects, Coronet has reviewed over 20 potential projects and concessions since
closing the June 1, 2011 private placement. The Company is presently conducting
due diligence and negotiations on three such advanced-stage projects that meet
its acquisition criteria. 


Coronet's management team has extensive experience in moving advanced stage
projects with existing resource bases through to production. The focus of the
Peruvian search is for permitted gold and silver producing assets or
near-permitted projects with existing resources, the prospect of near-term cash
flow, and the potential to expand.


About Coronet Metals

Coronet Metals Inc. is a TSX-Venture Exchange listed company pursuing gold
opportunities in Peru. For further information on Coronet, please visit the
Company's website at www.coronetmetals.com. 


This news release contains certain forward-looking statements, and such
statements involve risks and uncertainties. The results or events predicted may
differ materially from actual results or events. Any forward-looking statement
speaks only as of the date of this news release. Except as may be required by
applicable securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new information,
future events or results, or any other occurrence.

Grafico Azioni Coronet Metals Inc. (TSXV:CRF)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni Coronet Metals Inc. (TSXV:CRF)
Storico
Da Giu 2023 a Giu 2024