VANCOUVER, BRITISH COLUMBIA, Feb. 11, 2010 (Marketwire) -- Coronado Resources Ltd. (TSX VENTURE:CRD) is progressing on the due diligence to acquire several gold mining concessions located in the prolific Masbate gold region of the Philippines. At this time Coronado has three separate concessions totaling 60 hectares, Panique, Rudy and Capsay. The Panique concession is located just 600m east of one of the open pits at CGA Mining's "Masbate Gold Project", Rudy concession is located just 1.2km north east and Capsay is located 3.5Km directly to the south. All three concessions lying within a 3.5km wide mineralized gold zone which includes CGA Mining's "Masbate Gold Project" will be referred to as the "Panique Gold Project". The company is also pursuing an additional mining concession totaling 300 hectares in the same region.
The company has taken several samples from the epithermal quartz/calcite veins from old mine adits on two of the concessions that contain visible gold. While visiting the properties the president was presented with a two gram bead of 76% pure gold produced by the owners of the concessions.
CGA Mining Ltd. is an Australian based company trading on the Toronto and Australian stock exchanges. Canadian and Australian based financiers have raised significant amounts of the debt and equity used to bring the Masbate Gold mine into production. The Masbate Gold mine's first gold pour began in May 2009 just two years after acquisition.
The Philippines hosts large mining deposits brought about by three faults that run through the Archipelago from north to south. The company will concentrate its efforts on known mining areas and is currently evaluating two gold properties near Baguio City totaling 10,530h that have recently been made available.
Update from Coronado's Producing Madison Gold/Copper Mine:
The Madison Gold/Copper mine is continuing its development towards the recently drilled gold zone and is expected to be mining this zone in the second quarter of 2010. Final preparations are being made to ship 190 tons of ore, grading 48% cu, on surface and ready for processing in China.
About the Philippine Masbate Prolific Gold Mining District:
The Masbate Gold region is largely located in Barangay Puro, Aroroy, and Masbate. The oldest mining district in the Philippines, Aroroy is approximately 360 kilometers southeast of Manila, Philippines. The properties of interest for Coronado are adjacent to CGA Mining's world class mine, Masbate Gold Project, which is expected to produce 200,000 oz in 2010. The resources identified to date by CGA Mining Ltd. on its Masbate Gold Project are reported to be 9m ozs (including greater than 1m ozs of historical production 1980-94).
The Philippines is rich in natural resources, with large scale gold, copper and nickel deposits attracting investment from a number of major international mining companies including Anglo American, AngloGold Ashanti, Xstrata, BHP Billiton, Sumitomo and others. The Philippines Government has been very supportive of the development of natural resources within the country and offers many attractive tax incentives.
About Coronado: Coronado Resources Ltd. is a Canadian based mineral exploration and development company that is focused on its 100% owned Madison Gold/Copper property in Montana, USA. Madison is a former producer that is now producing cash flow from high grade copper and gold shipments which commenced in 2008. The company remains focused on expanding the Madison project with continued exploration and development drilling being funded from the cash flow. Our proven management team is actively pursuing new mining opportunities for its shareholders.
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.
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.
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