Corona and Laramide Finalize Thunder Lake Transaction

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

    TORONTO, Sept. 24 /CNW/ - Corona Gold Corporation (CRG-TSX, "Corona") and
Laramide Resources Ltd. (LAM-TSX, "Laramide") are pleased to announce that
they have finalized and signed an agreement pursuant to which Laramide will
purchase, 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") as previously announced on April 3, 2007. Closing is expected on
or about October 1, 2007.
    Under the terms of the agreement Corona will receive from Laramide
aggregate cash consideration of $15,000,000 and a 10% interest in NewGoldCo
after it becomes a public company. Teck Cominco will receive cash
consideration of $3,411,687 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 aggregate consideration for the Properties will be payable as follows:

    -   A cash payment of $6,137,229 at closing;
    -   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