Coronet Signs Agreement to Re-Process Gold Tailings
November 16 2011 - 2:00AM
Marketwired
Coronet Metals Inc. (TSX VENTURE:CRF) ("Coronet" or "the Company")
is pleased to announce that its wholly owned subsidiary, Coronet
Metals Peru S.A.C ("Coronet Peru") has entered into a non-binding
agreement with Compania Minera Nueva California S.A. to evaluate
re-processing up to 950,000 tonnes of vat leach gold tailings in
Peru.
This project is located in the Rio Santo Valley 16 km below
Coronet's Yanamina Project where the Company's experienced team of
Peruvian social specialists is engaging with the local communities.
As well as meeting cash flow objectives, the tailings project would
give Coronet the opportunity to demonstrate social, environmental
and employment best practices in the area.
Mr. Joel Dumaresq of Coronet states: "This low-capital project
could move Coronet into gold and silver production with the
objective of generating sufficient free cash flow to cover the
Company's overhead. The contractors are already permitted and
completion of due diligence is targeted for Q1, 2012. The personnel
operating out of Coronet Peru's office have the technical and
metallurgical expertise to develop this project".
The Company is currently evaluating two advanced-stage projects
that meet its acquisition criteria. The Company anticipates
additional updates in the coming months regarding these acquisition
targets.
About Coronet Metals Inc.
Coronet Metals Inc. is well-funded and positioned to build a
substantial junior gold mining and exploration enterprise by
acquiring advanced, near production 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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