Coronation Minerals Inc.
TSX VENTURE : CMV

October 18, 2006 16:06 ET

Coronation Minerals Inc.: Drilling Results From Wellgreen Mine Property

TORONTO, ONTARIO--(CCNMatthews - Oct. 18, 2006) - Coronation Minerals Inc. (TSX VENTURE:CMV) (the "Company") is pleased to report the drilling results from the first three diamond drill holes completed on its Yukon Territory, Wellgreen Mine Property.



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Hole # From (m) To (m) Length (m)
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WS-143 3.05 82.14 79.10
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WS-06-143 45.97 84.68 38.71
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Including 60.96 76.20 15.24
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WS-06-145 3.05 161.85 158.80
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Including 78.74 89.76 11.02
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89.76 92.96 3.20
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92.96 138.79 45.83
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Hole # Cu ppm (%) Ni ppm (%) Pt ppm (opt) Pd ppm (opt)
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WS-143 783 (0.087) 1836 (0.184) 0.19 (0.006) 0.15 (0.005)
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WS-06-143 6354 (0.64) 2655 (0.27) 0.85 (0.027) 0.41 (0.013)
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Including 9096 (0.91) 3564 (0.36) 1.28 (0.041) 0.65 (0.021)
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WS-06-145 5429 (0.54) 2500 (0.25) 0.61 (0.020) 0.30 (0.010)
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Including 9726 (0.97) 3658 (0.37) 0.88 (0.028) 0.62 (0.020)
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3597 (3.60) 3102 (3.10) 6.57 (0.211) 2.46 (0.079)
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6815 (0.68) 2386 (0.24) 0.81 (0.026) 0.47 (0.015)
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The Wellgreen Mine Property is located 317 kilometers north-west of Whitehorse, just 10 kilometers off the Alaska Highway. A great deal of surface and underground work has been carried out on the property between the initial discovery in 1952 and limited mining in 1972 and 1973 by Hudson Bay Mining Company Limited. Three zones of Copper-Nickel-Platinum-Palladium-Cobalt-Gold-Silver have been outlined on the property. Probable and possible reserves are calculated to be 50.03 million tonnes grading 0.35% copper, 0.36% nickel, 0.54grams/tonne platinum and 0.34 grams/tonne palladium (Preliminary Feasibility Study, Watts, Griffis and McQuat Limited, April 21, 1989). Caution should be used when evaluating these reserves as they were calculated prior to NI 43-101 existing. The company is focused on drilling and bringing the historical reserves up to NI 43-101 standards.

The Wellgreen exploration and drilling program is being carried out 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. Core is split, with half sent to Als Chemex (Vancouver) for preparation and analysis using fire assay. The Company maintains an archive of half core samples and a photographic record of all cores for future reference. Sample blanks, duplicates and recognized standards were inserted into the sample stream at regular intervals.

Coronation Minerals Inc. is a Canadian based exploration and development company. The Company presently holds both the Wellgreen Mine Property, Yukon Territory and the Coppermine River Property, Nunavut Territory. Both of these projects are described as Copper-Nickel-Platinum-Palladium prospects.

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

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