Coronation Minerals Incorporated

Coronation Minerals Incorporated

July 21, 2005 17:03 ET

Coronation Minerals Inc.: Clarification of Historical Resource Estimate

TORONTO, ONTARIO--(CCNMatthews - July 21, 2005) - Further to the Coronation Minerals Inc. (TSX VENTURE:MSA) news release dated July 18, 2005 the Company provides additional information about the historical resource estimate and exploration target.

The historical resource estimate reported in "A Preliminary Feasibility Report" prepared for Coppermine River Limited, on the company's Copper Deposit at Hope Lake, Northwest Territories, written by J.M. Bracken, P.Eng., dated December 1, 1968. The ore reserves in this study are estimated to be 4,160,000 tons grading 2.46% copper. These reserves include an allowance of 10% for dilution. These reserves were based on 39 holes totaling some 14,969 feet. The tonnage factor used for this estimation was 11 cubic feet per ton. The total strike length of drill indicated reserves is 1,528 feet. The reserves were calculated to a maximum vertical depth of 600 feet. Coronation does not have access to any of the original drill core. This historical resource estimate does not meet NI 43-101 standards and Coronation cautions that the resource and reserve estimates are historical in nature, have not been verified by a qualified person, and should not be relied upon.

Coronation did carry out a 2000m drill program during the 2003 field season which confirmed the mineralized copper structure was in place (SEDAR File, December 18, 2003)

The Company reported that it believes that the property may host a major CU/Ni/PGE deposit. The Company retracts this statement and cautions investors from relying on it. There has been insufficient exploration done to support the statement about the exploration target, and there is no certainty that a mineral deposit like that of Noril'sk will be found through further exploration

The drilling program was carried out and reviewed under the direction of Mr. Rory Calhoun, a qualified person within the meaning of National Instrument 43-101. Mr. Calhoun has reviewed the exploration results contained in this news release.

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

Contact Information

  • Coronation Minerals Inc.
    Peter W. Holmes, M.Sc.
    Chairman and C.E.O
    (416) 628-5936
    347 Bay Street Suite 301 Toronto, Ontario M5H 2R7