Coronado Has 518,000 Lbs of Copper Stockpiled on Surface and More Underground
Vancouver, British Columbia CANADA, July 30, 2008 /FSC/ - Coronado Resources Ltd. (CRD - TSX Venture, CRDAF - OTCBB_Pink_Sheets), has completed shipment of 500 dry tons of mineralized material containing 165,000 lbs of copper. Another 123 tons averaging 16.5% copper remains on site for early August shipment. Sampling of both the 500 dry tons shipped and the 123 tons on site was done during crushing by automatic sampler. Stored on surface at the mine site is 67 dry tons of concentrates from mill testing averaging 19% copper. Also stored on surface is 1100 dry tons averaging 9.3% containing 206,000 lbs of copper sampled by numerous grab samples. Most significant is 274 dry tons and containing 247,000 lbs of copper. Discussions are ongoing regarding shipping the above mentioned hi-grade as Coronado expects an adjusted sale contract. Percussion drill testing underground as well development of the massive chalcocite and bornite mineralization indicates that a block from which 8 samples averaged 45% copper remains underground and is developed for relatively easy mining. The block is solid chalcocite with bornite and some iron pyrite, therefore visible estimates are accurate when coupled with assay results, similarly the 274 dry tons was sample by 10 chip samples.
At the present the company has a total of 2308 dry tons stockpiled containing 518,000 lbs of copper.
Also stored on surface is 351 dry tons containing 329 ozs of gold.
Coronado is working with the contractor to increase the work force which in turn will increase production mainly of the gold. Taking into account present metal prices should enable the company to use any production profits to develop and expand the mine. The company has not completed a feasibility study and there is no certainty the company's operations will be economically viable.
Unless noted, assay work was completed by Norris Labs, a local Montana lab using the dry assay method. Norris Labs is not registered by the International Standards Organization; they are used due to proximity and quick turn around results. All Assays referring to payments were performed in house by Golden Sunlight Mines.
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.
Source: Coronado Resources (TSX-V: CRD) http://www.coronadoresourcesltd.com
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