TORONTO, June 18 /CNW/ - Coronation Minerals Inc. (TSX-V: CMV) ("Coronation" or the "Corporation") is pleased to announce that it has adopted a new corporate strategy focusing upon the potential acquisition of early stage properties which are prospective for mineralization in Guyana, South America, and surrounding regions. The Corporation will consider acquiring properties that it considers prospective based on criteria such as the exploration history of the properties, the location of the properties, or a combination of these and other relevant factors. This proposed strategy involves the potential for growth through the acquisition of additional property interests coupled with the implementation of recommended programs with respect to such properties, all while leveraging the experience of its management team in acquiring, exploring and developing properties in the targeted regions of South America. In the event that the Corporation is successful in identifying and acquiring additional interests in such mineral properties in the future, it is anticipated that there will be a greater emphasis placed on the exploration of such interests, with the long-term goal of developing the properties and achieving production.
Guyana Goldfields Inc. (TSX: GUY) ("GGI") owns 17,113,500 common shares of Coronation, (representing approximately 17% of all issued and outstanding shares of Coronation as of June 18, 2009) and has agreed to provide established logistical and geological support to Coronation in connection with Coronation's new strategic direction. GGI and Coronation have signed an "Area of Influence" agreement which restricts Coronation from participating in property acquisition and development within a defined area of GGI's exploration and development activities in Guyana. In addition, GGI will have a "Right of First Opportunity" to acquire advanced stage properties in which there is a defined resource.
In connection with the above-noted strategy, shareholders will be invited at the upcoming annual and special shareholders meeting of the Corporation scheduled to be held on June 18, 2009, to consider and, if thought fit, approve the change of name of the Corporation to "Guyana Precious Metals Inc.", which management believes better reflects the proposed activities of the Corporation.
This press release contains forward looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to the availability of prospective mineral properties in the locations in which the Corporation is focused upon terms acceptable to the Corporation or at all, changes in project parameters as plans continue to be refined, future prices of precious metals and other minerals, economic and political stability in Canada, Guyana and other applicable regions, environmental risks and hazards, increased infrastructure and/or operating costs, labour and employment matters, government regulation, and the availability of future financing upon terms acceptable to the Corporation or at all.
Neither TSX Venture Exchange not its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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