Coronation Minerals Inc. Acquires Remaining 50% of Coppermine River Project from Guyana Goldfields Inc.TORONTO -- Coronation Minerals Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:MSA (Metropolitan Service Area) An urban area with at least 50,000 people plus surrounding counties. There are 306 MSAs and 428 RSAs (rural service areas) in the U.S. MSAs and RSAs are used to allocate cellular licenses. ) and Guyana Goldfields n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. Inc. (TSX:GUY) are pleased to announce that they have entered into an agreement which allows for Coronation Minerals Inc. to acquire the remaining 50% of the Coppermine River Coppermine River Stream, Northwest Territories and Nunavut territory, Canada. Rising in the Barren Grounds, a subarctic prairie region, it flows north for 525 mi (845 km) into Coronation Gulf, an arm of the Arctic Ocean, near the Inuit settlement of Kugluktuk (formerly Project. Terms of the agreement call for Coronation to issue to Guyana 6,000,000 common shares. Guyana Goldfields Inc. will retain a 1.5% net smelter royalty (NSR NSR abbr. normal sinus rhythm NSR Normal sinus rhythm, see there ). Upon completion of the transaction Guyana will hold approximately 28% of the issued shares of Coronation Minerals Inc. The transaction is subject to the approval of necessary regulatory authorities. The Coppermine River Property is located in Nunavut, Canada. Two geological targets are being explored within the property: 1. Copper Sulphide Target Areas, which are high grade and structurally controlled 2. Nickel-copper-platinum group metal occurrences, hosted by a major mafic intrusion Copper Sulphide Target Areas Historical exploration programs have demonstrated and partially delineated at least 13 copper sulphide occurrences on the property. Foremost of these deposits discovered to date is known as the Dot-47 area. Relatively shallow drilling conducted in the late 1960's returned the following intersections: --------------------------------------- Hole# Grade Length --------------------------------------- S-57 4.90% Cu 129.3 feet --------------------------------------- S-58 3.92% Cu 260.2 feet --------------------------------------- S-68 3.00% Cu 220.5 feet --------------------------------------- S-54 5.17% Cu 122.0 feet --------------------------------------- During the 2003 field season additional drilling was conducted in the Dot-47 discovery zone. This program returned the following intersections: --------------------------------------- Hole# Grade Length --------------------------------------- 47-1 1.48% Cu 184.96 feet --------------------------------------- Including: 3.38% Cu 51.14 feet --------------------------------------- 47-2 1.63% Cu 238.75 feet --------------------------------------- Including: 5.27% Cu 25.35 feet --------------------------------------- 47-3 0.93% Cu 321.60 feet --------------------------------------- Including: 1.34% Cu 98.40 feet --------------------------------------- Anomalous palladium values were encountered throughout these holes. Ni-Cu-PGM Target Area This area is characterized by a large (2km X 10 km) gravity anomaly A gravity anomaly is the difference between the observed gravity and a value predicted from a model. Geodesy and geophysics In geodesy and geophysics, the usual model is the surface of a global spheroid (ellipsoid of Hayford or WGS84) by rather simple formulae (2 functions of . The area is bound by two major fault structures in which geochemical surveys have outlined anomalous values of copper, nickel, cobalt, silver and PGM's. Prospecting in the area of the Strike Lake Fault in 2002 returned high grade copper grab samples. The first grab sample graded 33.3% copper. The second sample graded 2.24% copper. A significant diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral program is being planned for the 2005 field season. The 2003 drilling program was carried out under the direction of Mr. Rory Calhoun Rory Calhoun (born Francis Timothy McCown Durgin on August 8, 1922 – April 28, 1999) was born in Los Angeles, California. As an actor he starred in more than eighty motion pictures and a large number of television episodes. , a qualified person within the meaning of National Instrument 43-101. Mr. Calhoun has reviewed the exploration results contained in this news release. About Coronation Minerals Inc. Coronation Minerals Inc. is a Canadian based resource company whose focus is to explore for and develop mineral deposits throughout the Coronation Gulf Coronation Gulf () lies between Victoria Island and mainland Nunavut in Canada. To the northwest it connects with Dolphin and Union Strait and thence the Arctic Ocean; to the northeast it connects with Dease Strait and thence Queen Maud Region, Nunavut, Canada. About Guyana Goldfields Inc. Guyana Goldfields Inc. is a Canadian based mineral exploration company primarily focused on the exploration and development of gold deposits in the Guiana Shield The Guiana[1] Shield (Spanish: Guayana) is one of the three cratons of the South American Plate. It is a 1.7 billion year old Precambrian geological formation in northeast South America that forms a portion of the northern coast. of South America. The Guiana Shield is in the northern part of the Amazon Craton craton (krā`tŏn): see continent. and covers parts of Guyana, Venezuela, Suriname, French Guyana and northern Brazil. The Company holds advanced exploration projects in various stages of development and has been operating in Guyana continuously since 1996. The Company currently has approximately (CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. ) $11 million in cash and no debt. Guyana Goldfields Inc. 347 Bay Street, Suite 301 Toronto, ON M5H 2R1 Additional Information Information is available on the Company's website at www.guygold.com and on www.sedar.com, and through the Company's offices by contacting: The TSX and TSX Venture have not reviewed and do not accept responsibility for the adequacy or accuracy of this release. Coronation Minerals Inc. (TSX VENTURE:MSA) Guyana Goldfields Inc. (TSX:GUY) |
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