Corona and Laramide Close Thunder Lake Transaction

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

    TORONTO, Oct. 4 /CNW/ - Further to their press release of September 24,
2007, Corona Gold Corporation (CRG-TSX, "Corona") and Laramide Resources Ltd.
(LAM-TSX, "Laramide") are pleased to announce that they have closed the
transaction pursuant to which Laramide has purchased, through its wholly-owned
subsidiary, Divine Lake Exploration Corp. ("NewGoldCo") 100% of Corona's and
Teck Cominco Limited's (TCK.B-TSX, "Teck Cominco") respective interests in the
Thunder Lake West, Thunder Lake East and certain adjacent properties in and
around Dryden, Ontario (collectively the "Properties") under the terms
previously announced.
    On closing Corona received from Laramide cash consideration of
approximately $5,000,000. Under the terms of the agreement Corona will further
receive from Laramide aggregate cash consideration of $10,000,000 and a 10%
interest in NewGoldCo after it becomes a public company. Teck Cominco received
cash consideration of approximately $1,137,299 at closing and will further
receive aggregate cash consideration of $2,274,598 and a 2.27% interest in
NewGoldCo. Laramide will also transfer to NewGoldCo Laramide's adjacent
Goliath property and certain of Laramide's other non-uranium assets.

    The balance of consideration for the Properties will be payable as

    -   A cash payment of $6,137,229, 60 days after the closing date;
    -   A cash payment of $6,137,229, 120 days after the closing date; and
    -   12.27% of the common shares of NewGoldCo issued and outstanding on
        completion of a transaction pursuant to which NewGoldCo becomes a
        public company. If such a transaction is not completed by March 31,
        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 NewGoldCo.

    Corona's sale of its interest in the Thunder Lake Properties and its
continuing investment in NewGoldCo 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

    %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