Corona to Sell Thunder Lake Properties to Laramide for $15 million and Shares of New Company

    Trading on TSX (Symbol: CRG)
    Shares outstanding: 18,341,701

    TORONTO, April 3 /CNW/ - Corona Gold Corporation (CRG-TSX, "Corona") is
pleased to announce that it and Teck Cominco Limited ("Teck Cominco") have
entered into a letter of intent (the "LOI") to sell their interests in the
Thunder Lake West, Thunder Lake East and certain adjacent properties in and
around Dryden, Ontario (collectively the "Thunder Lake Properties") to
Laramide Resources Ltd. ("Laramide"). Corona's share of the aggregate
consideration will be $15,000,000 and a 10% interest in a new public company
("Newco") to be formed by Laramide to hold the Thunder Lake Properties,
Laramide's adjacent Goliath property and Laramide's other non-uranium assets.
Teck Cominco will receive consideration proportionate to its 18.53% interest
in the Thunder Lake Properties.
    In exchange for its interests in the Thunder Lake Properties, Corona
would receive aggregate cash payments of $5,000,000 on each of the closing
date of the sale, 60 days after the closing date and 120 days after the
closing date. Corona would also receive 10% of the common shares of Newco
issued and outstanding on completion of the transaction pursuant to which
Newco becomes a public company. If such transaction is not completed by
December 31, 2007, Corona and Teck Cominco will have the option of requiring
Laramide to issue to them common shares of Laramide with a market value, based
on the weighted average trading price of the common shares of Laramide for the
20 trading days prior to December 31, 2007, equivalent to the initial cash
    Closing of the transactions contemplated by the LOI is subject to certain
conditions including, without limitation, execution of a definitive agreement
of purchase and sale, receipt of all necessary regulatory and third party
approvals and completion of due diligence satisfactory to Laramide with
respect to the Thunder Lake Properties. Laramide has 30 days from the date of
the LOI to complete such due diligence.
    Corona's proposed sale of its interest in the Thunder Lake Properties and
its continuing investment in Newco, as well as the proposed sale of its
interest in the Sugar Zone property to Harte Gold Corp. (HRT - TSXV) 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.

    %SEDAR: 00012331E

For further information:

For further information: Corona Gold Corporation, Murray John,
President, Tel: (416) 482-8606, Fax: (416) 488-1676

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