TORONTO, ONTARIO -- (MARKET WIRE) -- 11/27/07 -- Coronation Minerals Inc. (TSX VENTURE: CMV) (the "Company") is issuing this press release to correct a typographical error in a release that went out on November 15, 2007. The Company had reported that it recently staked 265 claims totalling approximately 4300 hectares which adjoin its Wellgreen Mine Property, located 317 kilometres north-west of Whitehorse, Yukon, Canada. The Company is very encouraged from the results of its initial reconnaissance sampling program of showings encountered on its first visit to the newly staked claims.
The initial chart in the November 15, 2007 press release had the words "east" and "west" transposed. The corrected chart, along with the balance of the press release, follows.
MAIN SHOWING: EAST AND WEST EXPOSURES
These two showings are 100 metres apart and consist of a mineralized skarn which appears to be very typical to other skarns of the Whitehorse copper belt. Both exposures are in steep cliff faces which made sampling difficult. The western most exposure consists of several near vertical dipping lenses ranging from 0.6 metres to approximately 5.0 metres in width and 20 to 30 metres high disappearing under the overburden on top. This west copper showing could not be sampled so grabs of weathered material at the base were collected for assay.
The eastern exposure is approximately 10 metres wide, disappearing into talus on both sides and at the top of the cliff and can be characterized as a mineralized skarn consisting of garnet, epidote, iron minerals and copper staining. Channel and grab samples were taken from this exposure. The following table summarizes the sample assay results.
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Cu Au Ag
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DESCRIPTION % g/t g/t
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Grab sample of mineralized gossan (east expos.) 0.682 0.36 2.7
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3 metre channel sample of gossan with malachite
(east expos.) 3.88 1.915 8.5
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Grab sample of gossan (east expos.) 0.0548 2.61 10.7
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Grab sample of garnet - epidote (east expos.) 0.371 1.065 6.3
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Grab of material at base of cliff (west expos.) 0.0535 0.771 1.1
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Grab of gossan (west expos.) 0.0651 0.228 1.2
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Grab sample of heavily mineralized and weathered
(magnetite/hematite/malachite rich) (east expos.) 0.905 0.373 2.7
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OTHER SHOWINGS:
Approximately 800 metres east southeast of the above Main showing, large pieces of gossan which had worked its way out of the talus slope was sampled. The material consists mainly of iron with copper staining and returned the following assays.
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Cu Au Ag Co
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DESCRIPTION % g/t g/t ppm
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Grab sample of material working its way
out of the hill side 0.389 0.025 0.7 402
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A further 900 metres east of the above showing the same type of material is exposed in the hill side. This sample was less weathered and was cut on a diamond saw to expose the mineralization inside which consisted of pyrrhotite, pyrite, and chalcopyrite in order of abundance. This sample returned the following grades.
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Cu Au Ag Co Ni
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DESCRIPTION % g/t g/t ppm ppm
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Grab sample of material from hill side 0.277 0.023 0.6 470 94
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The orientation and strike length of these mineralized exposures has not been determined by the Company's technical personnel due to overburden. If they follow the regional strike, all are in the same mineralized belt and would have a strike length of approximately 1.7 kilometres. The Company is planning to follow up on these mineralized areas with geophysics, mapping, and geochemical sampling in the 2008 field season.
A local prospector made Coronation Minerals Inc. aware of the mineralized showings present on these grounds and the Company has agreed to compensation of $10,000 cash and 25,000 common shares of Coronation Minerals Inc., subject to receipt of all required regulatory approval.
The Wellgreen exploration work 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 within this news release.
All of the routine analytical work is preformed by ALS Chemex in Vancouver, British Columbia. Precious metal assays use the traditional fire assay method with the exception of silver which, along with the base metals, is done by atomic absorption.
HISTORY:
In the past a great deal of surface and underground work has been carried out on the Wellgreen Property between the initial discovery in 1952 and limited mining in 1972 and 1973 by Hudson's Bay Mining Company Limited. Three zones of Copper-Nickel-Platinum-Palladium-Cobalt-Gold have been outlined on the property. Probable and possible resources (historical) are calculated to be 50.03 million tones grading 0.35% copper, 0.36% Ni, 0.54 grams per tonne platinum and 0.34 grams per tonne palladium (Preliminary Feasibility Study, Watts, Griffis and McQuat Limited. April 21, 1989). Caution should be used when evaluating these resources as they were calculated prior to NI 43-101 existing and a qualified person has not done work to classify the historical estimate as a current mineral resource.
Coronation Minerals Inc. is a Canadian based exploration and development company. The Company presently holds interests in 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 does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Coronation Minerals Inc.
Peter W. Holmes M.Sc.
Chairman/CEO
(520) 240-5306
Website: www.coronationminerals.com
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