Corazon Gold Corp.
TSX VENTURE : CGW

Corazon Gold Corp.

April 19, 2011 16:40 ET

Corazon Announces Payment of Second Installment Under Concession Agreement; Appointment of New Chief Financial Officer and Corporate Secretary

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 19, 2011) - Corazon Gold Corp. ("Corazon" or the "Company") (TSX VENTURE:CGW) is pleased to announce that the Company elected to make the second installment payment of US$2,500,000 pursuant to the terms of the concession agreement with Cooperativa de Pequenos Mineros de Santo Domingo RL. A final payment of US$2,500,000 is required by April 15, 2012 in order for Corazon to complete the acquisition of a 100% interest in the Santo Domingo concession.

Corazon is also pleased to announce the appointment of Ms. Maricruz Alvarado, C.G.A., to the position of Chief Financial Officer, replacing Mr. Alec Peck, C.A.. Mr. Peck will continue to advise the company in the future and his contribution to Corazon's growth has been greatly appreciated. Ms. Alvarado will be responsible for the accounting, financial management and regulatory affairs of the Company. Corazon is also pleased to announce the appointment of Ms. Lynne Crouch who will assume the position of Corporate Secretary.

Maricruz Alvarado has over 20 years experience in accounting operations and resigned her position as CFO of a TSX listed company, with gold production of approximately 40,000 ounces per year and 150 employees, to join Corazon. Lynne Crouch left a very successful mining group in Vancouver to become Corazon's Corporate Secretary. Corazon is also pleased to announce the appointment of its new Communications Director, Ms. Ellen Iakovenko, who comes to Corazon from a TSX-V listed gold exploration company.

The Company also announces that it has granted an aggregate of 200,000 incentive stock options to officers and employees of the Company. Such options are subject to the terms and conditions of the incentive stock option plan of the Company and the policies of the TSX Venture Exchange.

About Corazon

Corazon is a Canadian-based mineral exploration company with its focus on exploration of the 650-hectare Santo Domingo property in central Nicaragua. The Santo Domingo property is located 125 kilometres northeast of the capital city of Managua, Nicaragua, and 10 kilometres east of B2Gold Corp.'s La Libertad Mine. Corazon's property is entirely surrounded by B2Gold's concession block and has long been recognized as the original gold discovery in Nicaragua.

The Santo Domingo – La Libertad area is a mining friendly jurisdiction, with B2Gold Corp. operating the largest mine (open pit) in the country at La Libertad. Until Corazon initiated work last year, no modern exploration work has been completed on the Santo Domingo property.

ON BEHALF OF THE BOARD

Corazon Gold CORP.

Per: "Patrick Brauckmann"
Patrick Brauckmann

President

Disclaimer for Forward-Looking Statements

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements in this news release include statements that: (i) an ongoing trenching and sampling program is expected to further delineate drill targets for an initial drilling program on the Santo Domingo property; (ii) that numerous high quality drill targets have been defined by the mapping and sampling program and it is the Company's intent to prioritize and test these targets in early 2011; and (iii) that the Company believes its relationship with the community of Santo Domingo will be mutually beneficial going forward. Actual results may differ materially from those currently anticipated due to a number of factors beyond the Company's control. These risks and uncertainties include, among other things: (i) an inability by the Company to undertake or complete its initial drilling program; (ii) any adverse occurrences that prevent the Company from prioritizing and testing high quality drill targets in early 2011; (iii) a breakdown in the relationship between the Company and the community of Santo Domingo; (iv) a downturn in economic conditions in Nicaragua or internationally; (v) the inherent uncertainties and speculative nature associated with mineral exploration; (vi) any number of events or causes which may delay exploration and development of the Santo Domingo property, such as environmental liabilities, weather, mechanical failures, safety concerns and labour problems; (vii) an inability by the Company to finance operations and growth; and (viii) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.

Neither the TSX Venture Exchange nor 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.

Contact Information

  • Corazon Gold Corp.
    Patrick Brauckmann
    President
    (604) 609-6160