Coronation Minerals abandons Wellgreen project option

2008-10-31 11:33 ET - News Release

Mr. John Sheridan reports

CORONATION MINERALS ANNOUNCES THE EXPIRATION OF THE WELLGREEN PROJECT OPTION

Due to current market conditions, Coronation Minerals Inc. is not proceeding with the acquisition of the Wellgreen project from Northern Platinum.

The company is maintaining the 100-per-cent-owned Rory claim, consisting of 265 staked claims located contiguous and south of the Wellgreen-leased ground. This group encompassed an airborne magnetic survey and discovered an electromagnetic anomaly measuring approximately a 3.5-kilometre-by-2.5-kilometre zone. Ground truth geological investigation showed the zone is mineralized with initial prospecting samples running as high as 3.96 per cent Cu and elevated Ni values ranging from 65 to 193 parts per million. Gossan/skarn and floats of massive sulphides were reported by the company's geological team.

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