Coronado Resources Ltd.
TSX VENTURE : CRD

Coronado Resources Ltd.

May 04, 2010 09:15 ET

Coronado Resources Ltd. Ships 82.5 Metric Tons of Copper to Korea and Begins Gold Shipment to Kinross Plant in Washington, USA

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 4, 2010) - Coronado Resources (TSX VENTURE:CRD) completes a shipment of 196 dry metric tons containing an indicated grade of 45% copper which calculates to a total of 82.5 metric tons of copper (1 Metric ton equals 2,204 pounds) to Korea. H&H metals have sent Coronado Resources a 90% provisional payment and have secured a price of $3.52 a pound for that amount. The remaining tonnage will be priced on a 30 day average once the shipment has reached Korea and weights and assays are adjusted.

The decline is presently at the gold zone identified in the February 3rd, 2010 news release that showed an average of .481 oz/t au and development is underway to prepare the gold bearing section for shrinkage stope mining. The funds received from the copper shipment will be more than sufficient to fully prepare for the mining procedure outlined above.

A contract has been signed with the Kinross processing plant, located in Republic, WA, USA, to process the oxide gold ore stored on surface. The shipment has commenced for a minimum of 1020 tons grading .491 oz/t au and will take approximately 4 to 5 weeks to complete.

Coronado continues to make progress on the "Panique Gold Project" located in the prolific mining area of Masbate in the Philippines and a detailed update is forthcoming. Recently more concessions in the same area have been made available to Coronado and they are presently under review.

About: Coronado Resources Ltd. is a debt-free Canadian-based exploration, development and mining company trading on the TSX Venture Exchange. Its wholly-owned Madison property in Montana, USA is receiving revenue from high-grade gold and copper shipments which have, since 2008, funded the development of its underground workings to a vertical depth of 400 ft while limiting share dilution. Coronado is now extending the decline to access the rich gold mineralization encountered from recent drilling and continues to explore the system, which is open at depth and on strike. Coronado Resources continues to make great progress, perusing and evaluating a number of mining concessions in prolific gold mining areas of the Philippines.

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 and are used due to proximity and quick turnaround results. Eugene Larabie, P. Eng. is the "qualified person" overseeing the project.

On Behalf of the Board

Eugene Larabie, P. Eng., President

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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