|By Marketwired .||
|February 12, 2013 01:01 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/12/13 -- Coronet Metals Inc. (TSX VENTURE:CRF)(OTCQX:CORMF)(FRANKFURT:2CM) ("Coronet") is pleased to announce that it has entered into a Lease with an Option to Purchase the fully permitted 50 tons per day Liberty Precious Metals Testing and Processing Facility (the "Liberty Facility") located in the Amargosa Valley, 2 hrs north-west of Las Vegas, Nevada. The Liberty Facility is part of Coronet's strategy of acquiring precious metals projects which it expects will generate near-term production and cash flow with significant upside potential. Liberty is permitted to process up to 50 tons per day of precious metals feed including high grade ore and flotation/gravity concentrates from Nevada and out-of-state facilities. For any processing enquires contact Stephen Stine at +1 303 905 1770.
Coronet plans to toll process precious metals materials to produce Dore in order to generate cash flow to cover corporate overhead and preparation for the refurbishment of its White Caps Mill & Tailings Project (See October 31, 2013 news release) in Manhattan, Nevada. Once White Caps is operating, Coronet plans to process loaded carbon at the Liberty Facility.
Coronet has assembled a strong operations team composed of Roger Graham, Stefan Beck, Jim Murray, Richard Kunter and Jeff Hermann to manage and develop Liberty. Several precious metals feed materials are under review for processing and equipment is being optimized to begin desired levels of production in the second quarter of 2013.
With the completion of this transaction, Coronet plan for growth involves:
-- Tolling and joint venture processing of precious metals materials to generate production and cash flow, which can then be expanded. -- Commence re-permitting application for White Caps - first quarter 2013. -- Complete White Caps Technical Report under National Instrument 43-101 and Preliminary Economic Assessment in parallel with permitting. -- Refurbish and upgrade the existing 250 tonnes per day White Caps mill and build a new tailings impoundment in order to process the existing White Caps tailings and mine dumps, with loaded carbon processed at the Liberty Facility to produce gold and silver Dore.
Further growth opportunities include exploration at White Caps, consolidation of the Manhattan Mining District and Manhattan district exploration.
Meanwhile Coronet continues to accumulate data and work to establish strong community relations in anticipation of advancing the Yanamina gold project in Peru.
Mr. Theo van der Linde, President and CFO of Coronet states, "Completing the Liberty agreement further establishes Coronet in the mining friendly state of Nevada. High precious metals prices have given rise to the re-opening of historical mines, but there is a shortage of processing capacity. The White Caps and Liberty transactions put Coronet in a strong position to advance operations in Nevada, strengthening its ability to expand through internal growth or additional acquisitions and continue to advance Yanamina."
About Coronet Metals Inc.
Coronet Metals Inc. is well-funded and positioned to build a substantial junior gold mining and exploration enterprise by acquiring additional advanced, near production assets in the Americas. The proven management team has extensive experience in all aspects of the development and financing of resource projects in Latin and North America. Coronet has the Yanamina Gold Project in Peru, the White Caps Gold Mining Company Inc. Gold Project in Nevada and the Liberty Precious Metals Testing and Processing Facility in Nevada.
This news release contains certain forward-looking statements, and such statements involve risks and uncertainties. The results or events predicted may differ materially from actual results or events. Any forward-looking statement speaks only as of the date of this news release. Except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results, or any other occurrence.
Neither the TSX Venture Exchange nor 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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