Coral Gold Resources Ltd.

Coral Gold Resources Ltd.
Levon Resources Ltd.

Levon Resources Ltd.

January 19, 2005 09:30 ET

Coral Gold Resources Ltd. and Levon Resources Ltd.: Joint News Release


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CORAL GOLD RESOURCES LTD.

TSX VENTURE SYMBOL: CGR
OTC Bulletin Board SYMBOL: CGREF

AND LEVON RESOURCES LTD.

NEX BOARD SYMBOL: LVN.H

JANUARY 19, 2005 - 09:30 ET

Coral Gold Resources Ltd. and Levon Resources Ltd.:
Joint News Release

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 19, 2005) - Coral Gold
Resources Ltd. (TSX VENTURE:CGR)(OTCBB:CGREF) and Levon Resources Ltd.
(NEX:LVN.H)

Coral Gold Resources Ltd. ("Coral") holds a 2/3rd interest and Levon
Resources Ltd. ("Levon") holds a 1/3rd interest in certain mining claims
known as the Norma Sass Property, consisting of a leasehold interest in
73 unpatented mining claims, and the ownership rights to two additional
unpatented mining claims, all located in Lander County, Nevada
(collectively, the "Norma Sass Property"). A third party holds a 3% net
smelter returns royalty on the production from some of these mining
claims, up to a limit of USD$1,250,000.

Coral and Levon have assigned and sub-leased and granted a mining lease
to a subsidiary of Agnico-Eagle Mines Ltd. ("AGE") of the Norma Sass
Property, in consideration of the following minimum advance royalty
payments (in US dollars) and minimum work commitments:



Advance
Date Royalty Minimum Work

Execution of the Agreement $ 25,000 13,000 ft of drilling
First anniversary $ 30,000 15,000 ft of drilling
Second anniversary $ 50,000 17,000 ft of drilling
Third anniversary $ 75,000 -
Fourth anniversary $ 75,000 -
Fifth anniversary $150,000 -


A minimum of 13,000 ft of exploration drilling is guaranteed to be
completed as part of the first year's minimum work commitment. The
initial advance royalty payment has been paid and received. Upon making
the second and third year's anniversary advance royalty payments, AGE
will be obligated to complete the associated minimum work commitment for
that year. After the third anniversary, or at anytime after the
completion of at least 45,000 ft of drilling, AGE will have earned a 51%
interest in the Norma Sass Property.

AGE at its option may provide the funds to acquire the leased claims
from the underlying owners of such claims for the benefit of AGE, Coral
and Levon, to earn an additional 24% interest (bringing AGE's total
interest to 75%). AGE will then have the option of acquiring the
remaining 25% interest by producing a positive feasibility study and
making a positive production decision.

At the fifth anniversary and every year thereafter until production
occurs, the advance royalty payment will be $150,000 per annum. All
advance royalty payments will be credited towards AGE's payment of a
royalty of 2.5% net smelter returns from production to Coral and Levon.
AGE has reserved the right to purchase 1% of this net smelter returns
royalty (to reduce the royalty to Coral and Levon to 1.5%) for a cash
payment of USD$1.0 million. Coral and Levon have agreed to share in any
benefits from the agreement with AGE in proportion to their current
respective interests in the Norma Sass Property.


ON BEHALF OF THE BOARD OF DIRECTORS OF CORAL GOLD RESOURCES LTD.

Louis Wolfin, Chief Executive Officer of Coral

ON BEHALF OF THE BOARD OF DIRECTORS OF LEVON RESOURCES LTD.

Louis Wolfin, President of Levon


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Coral Gold Resources Ltd. and Levon Resources Ltd.
    Louis Wolfin
    (604) 682-3701
    (604) 682-3600 (FAX)
    Website: www.coralgold.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.