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Coronado Receives $209,253 Payment for Third Shipment of Gold
Coronado Receives $209,253 Payment for Third Shipment of Gold
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[{"type":"text","content":"Coronado Receives $209,253 Payment for Third Shipment of Gold\n\n\n\nCoronado Receives $209,253 Payment for Third Shipment of Gold\n\nVancouver, British Columbia CANADA, May 21, 2008 /FSC/ - Coronado Resources Ltd. (CRD - TSX Venture, CRDAF - OTCBB_Pink_Sheets), has received payments for a total $209,253.00 US from the third shipment to Golden Sunlight processing plant. They were broken down as follows 386.98 dry tons grading 0.694ozs. of gold per ton with a settlement recover of 85.38% and a gold price of $926.50 per oz. of gold which after processing cost resulted in a payment of $160,069. The second payment for 189.26 dry tons grading .391ozs/ton of gold with a settlement recovery of 94.23% and a price of $926.50 per oz. of gold after processing resulted in a payment of $49,184.00. Processing cost increases as grade increases in this case from $135.64 per ton to $81.54 per ton respectively. Raise development towards the hi-grade copper has reached its target, a sample from the first round of 20 tons produced 27.9% copper. Rock support is needed to continue on this zone which should lower dilution. Copper mineralization is being developed and mined above this zone from the first level. Rock stability is a factor in the copper zone, however a screen on the crushing plant has been replaced to allow sorting of low grade material. A laboratory test indicated that grades between 15% and 17% copper can be obtained, leaving lower grade copper for milling. A contract to sell copper has been verbally agreed upon and should be signed before the end of May with shipping starting immediately thereafter. Details of the contract will be released after signing. A cross-cut numbered 500 North from the second level has encountered a mineralized gold zone which differs in nature from the previous mined gold zone. This is one of four separate mineralized zones described in a news release dated Feb. 15, 2007. Four samples taken along a 20 ft. length of the wall averaged .24oz/ton of gold. One sample on the opposite wall ran 1.06 oz/ton gold with a face sample ran 2.08oz/ton of gold. An initial recovery test indicated an 84% recovery rate for gold, more tests are presently being completed. All funds received will be used towards further development and mining. \n \nUnless noted, assay work was completed by Norris Labs, a local Montana l...