VANCOUVER, BC -- 05/21/08 --
Coronado Resources Ltd. (TSX-V: CRD) has
received payments for a total of $209,253.00 US from the third shipment to
Golden Sunlight processing plant. They were broken down as follows: 386.98
dry tons grading 0.694oz. of gold per ton with a settlement recovery of
85.38% and a gold price of $926.50 per oz. of gold, which after processing
cost resulted in a payment of $160,069. The second payment for 189.26 dry
tons grading .391oz./ton of gold with a settlement recovery of 94.23% and a
price of $926.50 per oz. of gold after processing resulted in a payment of
$49,184.00. Processing cost increases as grade increases in this case from
$135.64 per ton to $81.54 per ton respectively. Raise development towards
the hi-grade copper has reached its target; a sample from the first round
of 20 tons produced 27.9% copper. Rock support is needed to continue on
this zone which should lower dilution. Copper mineralization is being
developed and mined above this zone from the first level. Rock stability is
a factor in the copper zone; however, a screen on the crushing plant has
been replaced to allow sorting of low grade material. A laboratory test
indicated that grades between 15% and 17% copper can be obtained, leaving
lower grade copper for milling. A contract to sell copper has been verbally
agreed upon and should be signed before the end of May with shipping
starting immediately thereafter. Details of the contract will be released
after signing. A cross-cut numbered 500 North from the second level has
encountered a mineralized gold zone which differs in nature from the
previous mined gold zone. This is one of four separate mineralized zones
described in a news release dated Feb. 15, 2007. Four samples taken along a
20 ft. length of the wall averaged .24oz./ton of gold. One sample on the
opposite wall ran 1.06 oz/ton gold with a face sample ran 2.08oz./ton of
gold. An initial recovery test indicated an 84% recovery rate for gold;
more tests are presently being completed. All funds received will be used
towards further development and mining.
Unless noted, assay work was completed by Norris Labs, a local Montana lab
using the dry assay method. Norris Labs is not registered by the
International Standards Organization; they are used due to proximity and
quick turnaround results. All Assays referring to payments were performed
in-house by Golden Sunlight Mines.
Eugene Larabie, P. Eng. is the "qualified person" overseeing the project.
For more information and photos please visit the company's website at
www.coronadoresourcesltd.com on the web.
On Behalf of the Board
Eugene Larabie,
President
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release. The
foregoing information may contain forward-looking statements relating to
the future performance of Coronado Resources Ltd. Forward-looking
statements, specifically those concerned with future performance, are
subject to certain risks and uncertainties, and actual results may differ
materially. These risks and uncertainties are detailed from time to time in
filings with the appropriate securities commission.
Distributed by Filing Services Canada and retransmitted by Marketwire
Eugene Larabie
CORONADO RESOURCES LTD.
# 507 - 595 Howe Street
Vancouver, BC V6C 2T5
Tel: 604.683.6338
