Coronado Resources Ltd. Ships 82.5 Metric Tons of Copper to Korea and Begins Gold Shipment to Kinross Plant in Washington, USA
Posted: Friday May 7 1:45:55PM 2010
Thanks Bob! Garrett
Posted: Tuesday May 4 1:48:43PM 2010
May 4, 2010 Coronado Resources Ltd. Ships 82.5 Metric Tons of Copper to Korea and Begins Gold Shipment to Kinross Plant in Washington, USA VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 4, 2010) - Coronado Resources (TSX VENTURE:CRD) completes a shipment of 196 dry metric tons containing an indicated grade of 45% copper which calculates to a total of 82.5 metric tons of copper (1 Metric ton equals 2,204 pounds) to Korea. H&H metals have sent Coronado Resources a 90% provisional payment and have secured a price of $3.52 a pound for that amount. The remaining tonnage will be priced on a 30 day average once the shipment has reached Korea and weights and assays are adjusted. The decline is presently at the gold zone identified in the February 3rd, 2010 news release that showed an average of .481 oz/t au and development is underway to prepare the gold bearing section for shrinkage stope mining. The funds received from the copper shipment will be more than sufficient to fully prepare for the mining procedure outlined above. A contract has been signed with the Kinross processing plant, located in Republic, WA, USA, to process the oxide gold ore stored on surface. The shipment has commenced for a minimum of 1020 tons grading .491 oz/t au and will take approximately 4 to 5 weeks to complete. Coronado continues to make progress on the "Panique Gold Project" located in the prolific mining area of Masbate in the Philippines and a detailed update is forthcoming. Recently more concessions in the same area have been made available to Coronado and they are presently under review.