TORONTO, Aug. 29 /CNW/ - Coronation Minerals Inc. (TSX-V: CMV) ("Coronation") and Guyana Goldfields Inc. (TSX: GUY) ("Guyana") are pleased to announce that Coronation has received the approval of the TSX Venture Exchange to complete the acquisition of the remaining 50% interest of the Coppermine River Project (the "Coppermine Agreement") from Coppercorp Inc. ("CCI"), a wholly owned subsidiary of Guyana. Coronation acquired its initial 50% in the Coppermine River Project in 2002. Terms of the Coppermine Agreement require Coronation to: (i) issue 5,000,000 common shares to CCI; (ii) grant to CCI a 1.5% net smelter return royalty over the unpatented claims comprising the Coppermine River Project; and (iii) grant to CCI a right of first refusal to participate in future financings of Coronation. It is anticipated that the closing of the transactions contemplated by the Coppermine Agreement and the issuance of the 5,000,000 common shares is expected to occur in late September 2008. Further details in respect of this transaction were disclosed in a joint press release issued by Coronation and Guyana on June 26, 2008.
About Coronation Minerals Inc.
Coronation Minerals Inc. is a Canadian based resource company whose focus is to explore for and develop mineral deposits throughout the Coronation Gulf Region, Nunavut Territory, Canada and on the Wellgreen Property in the Yukon Territory, Canada.
About Guyana Goldfields Inc.
Guyana Goldfields Inc. is a Canadian based mineral exploration company primarily focused on the exploration and development of gold deposits in the Guiana Shield of South America. The Guiana Shield is in the northern part of the Amazon Craton and covers parts of Guyana, Venezuela, Suriname, French Guyana and northern Brazil. Guyana holds advanced exploration projects in various stages of development and has been operating in Guyana continuously since 1996.
Additional Information
Information is available on Guyana's website at www.guygold.com and on www.sedar.com, and through Guyana's offices by contacting:
J. Patrick Sheridan, President and Chief Executive Officer 141 Adelaide Street West, Suite 1205 Toronto, ON M5H 3L5 Tel: (416) 628-5936 Fax: (416) 628-5935 E-mail: psheridan@guygold.com The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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