Copper Shipments Completed - Gold Stockpiled
Vancouver, British Columbia CANADA, October 23, 2008 /FSC/ - Coronado Resources Ltd. (CRD - TSX Venture, CRDAF - OTCBB_Pink_Sheets), has completed its first three shipments of copper mineralization to China.
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Shipment Dry
Arrival Short Grade Contained Payable Fixed
China Tons % Cu Pounds Pounds Costs
------- ------ ----- ------- ------- --------
August 513.93 17.67 181,600 143,501 $228,178
September 283.93 21.47 121,920 100,007 $127,216
October 512.75 23.91 245,197 204,624 $235,284
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Settlement is second month after arrival in China. Payable pounds times London Metal Exchange quotation less fixed costs.
Fixed costs are for processing, transportation and refining costs.
Company has been advanced $375,000 towards final settlement of shipments. Settlement for first shipment was fixed at $2.47 per pound.
The Company has approximately 450 tons of sulphide gold mineralization grading an average of 1.1 oz/ton gold stockpiled on surface. The company is in discussions with an off site refining facility to process this type of mineralization. The processing of sulphide mineralization is different that that of the oxide mineralization which has previously been shipped to the Golden Sunlight Mill sixteen miles away.
Company is now focused on sampling and assaying oxide gold mineralization on Level I. Coronado will continue to mine and stockpile sulphide and gold mineralization from Level II underground.
Assay work was completed by Norris Labs, a local Montana lab using the wet copper iodide A1 precipitation method. Norris Labs is not registered by the International Standards Organization; they are used due to proximity and quick turn around results.
Eugene Larabie, P. Eng. is the "qualified person" overseeing the project. For more information and photos please visit the company's website at www.coronadoresourcesltd.com on the web.
On Behalf of the Board
Eugene Larabie,
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. The foregoing information may contain forward-looking statements relating to the future performance of Coronado Resources Ltd. Forward-looking statements, specifically those concerned with future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in filings with the appropriate securities commission.
CORONADO RESOURCES LTD.
# 507 - 595 Howe Street,
Vancouver, BC V6C 2T5
Tel: 604.683.6338
Source: Coronado Resources (TSX-V: CRD) http://www.coronadoresourcesltd.com
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