Coronet Renegotiates Yanamina Agreement, Pursues Additional Acquisitions
November 02 2011 - 2:00AM
Marketwired
Mr. Joel Dumaresq, CEO, reports:
Coronet Metals Inc. (TSX VENTURE:CRF) ("Coronet") is pleased to
announce that it has completed an amended Share Purchase Agreement
with Latin Gold Limited ("Latin"), reducing Coronet's purchase
price of the Yanamina advanced gold project ("Yanamina") in Ancash
province, Peru.
Coronet and Latin have renegotiated the terms such that Coronet
will retain US$2.25 million of the US$3.75 million that was held by
Coronet at closing. US$1.5 million will be released to Latin after
they place their Coronet shares in escrow. (See below). Also, as
part of the amendment, Coronet will issue Latin US$1 million worth
of Coronet shares after the first gold pour at Yanamina. This
amendment effectively reduces the original US$14 million purchase
consideration to US$12.75 million.
Per the amended agreement, Latin agrees to place 6,533,386
shares in escrow for an extended period of time. Half of shares
will now be released from escrow on October 2, 2012 and the
remainder will now be released on October 2, 2013.
Mr. Joel Dumaresq, CEO of Coronet Metals states: "With the
purchase terms renegotiated, Coronet has hired an experienced team
of Peruvian social specialists to engage with the local community
to obtain the approvals and permits necessary to move the Yanamina
project towards production. Our team is confident that they can
establish broad community support for the project."
Coronet's management team has extensive experience in moving
advanced stage projects through to production. The focus of
Coronet's search for additional Peruvian acquisitions is for
permitted or near permitted gold and silver assets with existing
resources, the prospect of near-term cash flow, and the potential
to expand.
The Company is continuing due diligence and negotiations on
three advanced-stage projects that meet its acquisition criteria.
The Company anticipates additional updates in Q4, 2011 regarding
these acquisition targets.
About Coronet Metals
Coronet Metals is well-funded and positioned to build a
substantial junior gold mining and exploration enterprise by
acquiring advanced, near production, low cost assets in Latin
American countries. The proven management team has a strong base of
contacts in South America, and experience in all aspects of the
development and financing of resource projects.
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.
Neither the TSX Venture Exchange nor its regulation services
provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Coronet Metals Inc. Joel Dumaresq Chief Executive
Officer and Director +1 604 306
4000joel@coronetmetals.comwww.coronetmetals.com Doyle Investments
Inc. +1 604 608 0824 or Toll free: +1 877 608
0829ir@doyleinvestments.com
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