Corona and Laramide extend Final Payment Date of Thunder Lake Transaction



    Corona Gold Corporation - CRG on the TSX
    Laramide Resources Ltd. - LAM on the TSX

    TORONTO, March 19 /CNW/ - Corona Gold Corporation (CRG-TSX, "Corona") and
Laramide Resources Ltd. (LAM-TSX, "Laramide") announce that they have agreed
to extend the date of the final cash payment of the purchase price payable to
Corona and Teck Cominco Limited ("Teck Cominco") under the terms of a certain
Purchase Agreement dated September 24, 2007 (the "Agreement"). As previously
announced on October 4, 2007, Laramide purchased, through its wholly-owned
subsidiary, Treasury Metals Inc. (formerly, Divine Lake Exploration Corp.)
("Treasury Metals") 100% of Corona's and Teck Cominco's respective interests
in the Thunder Lake West, Thunder Lake East and certain adjacent properties in
and around Dryden, Ontario (collectively the "Thunder Lake Properties").
    Under the terms of the Agreement, Corona and Teck Cominco were to receive
a final cash payment of $6,137,229 on or before February 3, 2008 which was
subsequently extended. The Agreement has been amended to extend the date for
the final cash payment to April 30, 2008 upon which Corona will receive
$5,000,000 and Teck Cominco will receive $1,137,229, as well as certain
extension fee payments totalling up to an aggregate of approximately $128,000.
In addition, Corona and Teck Cominco will receive in the aggregate 12.27% of
the common shares of Treasury Metals issued and outstanding on completion of a
transaction pursuant to which Treasury Metals becomes a public company. If
such a transaction is not completed by April 30, 2008, Corona and Teck Cominco
have the option of requiring Laramide to issue to Corona and Teck Cominco
common shares of Laramide with a market value of $6,135,000 ($5,000,000 to
Corona and $1,135,000 to Teck Cominco) in-lieu of their respective interests
in Treasury Metals.
    Corona's sale of its interest in the Thunder Lake Properties and its
continuing investment in Treasury Metals are consistent with Corona's stated
intention to maximize the value of its existing properties and to explore new
resource-based exploration and investment initiatives. Laramide's completion
of this acquisition will form the basis of the intention expressed in the
Laramide announcement of April 3, 2007 to spin off its non-uranium assets to
Treasury Metals.

    %SEDAR: 00012331E




For further information:

For further information: Corona Gold Corporation, Murray John,
President, Tel: (416) 482-8606; Laramide Resources Ltd., Marc Henderson,
President, Tel: (416) 599-7363


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890