Corona Gold Corporation

May 23, 2012 09:56 ET

Corona Completes Sale of Sugar Zone Property

TORONTO, CANADA--(Marketwire - May 23, 2012) - Corona Gold Corporation ("Corona") (TSX:CRG) is pleased to announce that it has received $2.5 million from Harte Gold Corp. ("Harte") (TSX:HRT), thus completing the sale to Harte of Corona's 51% joint venture interest in the "Sugar Zone Property" located in the Dayohessarah Lake area, Ontario. As a result, the joint venture agreement between Corona and Harte is now terminated and Harte is responsible for the payment of any net smelter royalties to which the Sugar Zone Property is subject. All prior obligations that were entered into by Corona in connection with the property have also been formally assumed or settled by Harte.

Murray John, President & CEO of Corona, commented that "Over the last several years, we have focused on realizing the value of Corona's historic properties. With the completion of the sale of the Sugar Zone Property the process is now complete. Corona is in a strong financial position with approximately $16 million in cash and $10 million in marketable securities. Corona maintains some exposure to its historical exploration properties through its approximate 2.4 million common share position in Harte and 4.6 million common share position in Treasury Metals Inc."

Contact Information

  • Murray John
    President, Corona Gold Corporation
    (416) 482-8606