Coronado Resources Ltd.

Coronado Resources Ltd.

February 03, 2010 11:59 ET

Coronado's Underground Drill Program Proves an In-House Estimate of 18,000 Tons Averaging .481 oz/t Gold; System is Open at Depth on its Madison Gold Copper Project in Montana, USA

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 3, 2010) - Coronado Resources Ltd. (TSX VENTURE:CRD) announces gold estimates from its recent diamond drill program on its wholly owned Madison Gold/Copper property in Montana, USA. The results from this drilling allowed Coronado's chief onsite geologist/engineer to calculate an in-house estimate of 18,000 tons grading .481 oz/t gold (16.50 gm/mt au). The bulk of the gold from this estimate is at a vertical depth of 60 feet below the recently mined gold zone. Underground work is presently underway to allow this block to be extracted. The decline will be advanced 360 feet, which will take approximately two months. The mining, trucking and processing is estimated to be in the order of $325 per ton.

Drilling also confirms that the gold zone continues to plunge -70 degrees to the southwest and remains open to depth below the deepest drill hole. Coronado is extremely pleased with these results as they allow the company to move forward with limited share dilution. Several new copper zones have been encountered and are presently being assayed evaluated for additional drilling or mine development consideration.

The recent drilling consisted of five holes designed to test the size and grade of the advancing mineralization within the main gold zone with an additional three holes being exploration holes testing other promising areas. All holes reported gold intercepts as reported on the January 25th news release.

About Coronado: Coronado Resources Ltd. is a Canadian based mineral exploration and development company that is focused on its 100% owned Madison Gold/Copper property in Montana, USA. Madison is a former producer that is now producing cash flow from high grade copper and gold shipments which commenced in 2008. The company remains focused on expanding the Madison project with continued exploration and development drilling being funded from the cash flow. Our proven management team is actively pursuing new mining opportunities for its shareholders.

The estimates above are from the company's chief geologist on the Madison gold/copper project and are not National Policy 43-101 compliant. 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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