Coronation Minerals Provides Strategy Update

    TORONTO, June 18 /CNW/ - Coronation Minerals Inc. (TSX-V: CMV)
("Coronation" or the "Corporation") is pleased to announce that it has adopted
a new corporate strategy focusing upon the potential acquisition of early
stage properties which are prospective for mineralization in Guyana, South
America, and surrounding regions. The Corporation will consider acquiring
properties that it considers prospective based on criteria such as the
exploration history of the properties, the location of the properties, or a
combination of these and other relevant factors. This proposed strategy
involves the potential for growth through the acquisition of additional
property interests coupled with the implementation of recommended programs
with respect to such properties, all while leveraging the experience of its
management team in acquiring, exploring and developing properties in the
targeted regions of South America. In the event that the Corporation is
successful in identifying and acquiring additional interests in such mineral
properties in the future, it is anticipated that there will be a greater
emphasis placed on the exploration of such interests, with the long-term goal
of developing the properties and achieving production.
    Guyana Goldfields Inc. (TSX: GUY) ("GGI") owns 17,113,500 common shares
of Coronation, (representing approximately 17% of all issued and outstanding
shares of Coronation as of June 18, 2009) and has agreed to provide
established logistical and geological support to Coronation in connection with
Coronation's new strategic direction. GGI and Coronation have signed an "Area
of Influence" agreement which restricts Coronation from participating in
property acquisition and development within a defined area of GGI's
exploration and development activities in Guyana. In addition, GGI will have a
"Right of First Opportunity" to acquire advanced stage properties in which
there is a defined resource.
    In connection with the above-noted strategy, shareholders will be invited
at the upcoming annual and special shareholders meeting of the Corporation
scheduled to be held on June 18, 2009, to consider and, if thought fit,
approve the change of name of the Corporation to "Guyana Precious Metals
Inc.", which management believes better reflects the proposed activities of
the Corporation.

    This press release contains forward looking statements which involve
known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievement of the Corporation to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include, among
others, risks related to the availability of prospective mineral properties in
the locations in which the Corporation is focused upon terms acceptable to the
Corporation or at all, changes in project parameters as plans continue to be
refined, future prices of precious metals and other minerals, economic and
political stability in Canada, Guyana and other applicable regions,
environmental risks and hazards, increased infrastructure and/or operating
costs, labour and employment matters, government regulation, and the
availability of future financing upon terms acceptable to the Corporation or
at all.

    Neither TSX Venture Exchange not its Regulation Services Provider (as
    that term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of this release.

    %SEDAR: 00008455E

For further information:

For further information: John Patrick Sheridan: President, Coronation
Minerals Inc., Suite 1205, 141 Adelaide Street West, Toronto, Ontario, M5H
3L5, Attn: John Patrick Sheridan, Tel: (416) 628-5936, Fax: (416) 628-6835,

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