Coronation Minerals Incorporated

Coronation Minerals Incorporated

July 18, 2005 09:55 ET

Coronation Completes Airborne Geophysical Survey on Coppermine Property, Nunavut, Diamond Drilling to Commence Immediately

TORONTO, ONTARIO--(CCNMatthews - July 18, 2005) - Coronation Minerals Inc. (TSX VENTURE:MSA:) is pleased to announce that it has recently completed airborne magnetometer and VLF electromagnetic geophysical surveys on its 75,747 acre Copper, Nickel, PGE property located 60km southeast of Kugluktuk, Nunavut, Canada.

Drilling performed in the 1960's delineated 4.16 million tons of 2.96% copper in the "Dot 47" discovery zone. This resource estimate does not meet NI-43 101 standards however, it is a significant historical estimate. Drilling only tested 500 meters of strike length to a depth of 152 meters.

A ground geophysical survey carried out in 2002 delineated a 10km by 4km 10 mgal gravity anomaly. A 2000 meter diamond drill program completed during the 2003 field season confirmed that the "DOT 47" copper discovery zone continues along strike to the northeast and southwest as well as extending down dip. Diamond drill hole 2003-47-1 returned 56.39m grading 1.48% copper, including 15.59m grading 3.38% copper. Diamond drill hole 2003-47-2 returned 72.79m grading 1.63% copper, including 7.73m grading 5.27% copper. Diamond drill hole 2003-47-3 returned 98.05m grading 0.93% copper, including 30.0m grading 1.34% copper.

The Company is presently interpreting the new airborne geophysical results. The Company is mobilizing for a 4000 meter diamond drill program on the property.

Coronation Minerals Inc. is a Company exploring for copper-nickel-platinum group ore bodies in the Canadian Arctic. Within the land package assembled by the Company there are at least 12 documented copper-silver occurrences as well as indications of platinum and gold.

The Company believes the property may host a major Cu/Ni/PGE ore body similar to that currently being mined in the Noril'sk region of Russia's high arctic which currently produces about 20% of the worlds nickel, more than one third of the worlds palladium, a quarter of its platinum and 20% of its copper.

The TSX/TSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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