Trading Symbol: TSX.V-CRD
VANCOUVER, June 23, 2011 /CNW/ - Coronado Resources Ltd. has shipped and processed 950 tons of copper/gold/silver ore at a
floatation mill located in Phillipsburg Montana. An estimated 200 dry
tons of concentrates were produced grading .980 oz/t of gold, 9.2 oz/t
of silver and 19.2% copper. An ore buyer has advanced operation funds
and is expected to begin shipping on or about June 27th, 2011. A considerable amount of time has been spent rehabilitating the
mine to MSHA (Mine Safety & Health Administration) standards. A second
escape way, as requested is now completed and mining of ore is now in
full stride with regular production of copper/gold/silver ore expected.
A shipment of gold ore is presently underway and a minimum 600 tons of
ore grading 0.60 oz/t of gold per ton is expected to be processed at a
facility located 26 miles away by the end of this month. A second gold
shipment is anticipated to be sent and processed during the month of
July with exact tonnage to be determined.
The company has plans to begin an active exploration program at the
Madison Mine as well as pursue outside operations most likely in the
Philippines where earlier interests are still available using funds
generated from ore shipments at Madison and not equity financing.
Coronado has granted a further 175,000 options to those previously
announced at $0.15 to officers and employees exercisable for a period
of three years.
About: Coronado Resources Ltd. is a Canadian-based exploration, development
and mining company trading on the TSX Venture Exchange. Its
wholly-owned Madison property in Montana, USA is receiving revenue from
high-grade gold and copper shipments which have, since 2008, funded the
development of its underground workings to access drill discoveries
while limiting share dilution.
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.
#507 - 595 Howe Street, Vancouver, BC V6C 2T5
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release. 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.
SOURCE CORONADO RESOURCES LTD.
For further information:
Coronado Resources Ltd. at firstname.lastname@example.org or telephone at 604-683-6338 or toll free at 800-811-2322 or visit website at www.coronadoresourcesltd.com