Coronation acquires remaining Coppermine interest

2008-11-06 17:00 ET - News Release

Also News Release (C-GUY) Guyana Goldfields Inc

Mr. J. Patrick Sheridan of Guyana reports

JOINT PRESS RELEASE - CORONATION MINERALS INC./GUYANA GOLDFIELDS INC. ACQUISITION OF REMAINING 50% OF COPPERMINE RIVER PROJECT

Pursuant to the purchase and sale agreement (the Coppermine agreement) between Coronation Minerals Inc. and Coppercorp Inc. (CCI), a wholly owned subsidiary of Guyana Goldfields Inc., Coronation has acquired the remaining 50-per-cent interest of the Coppermine River project. Coronation acquired its initial 50 per cent in the Coppermine River project in 2002. In accordance with the terms of the Coppermine agreement, Coronation has: (i) issued five million common shares to CCI, which shares are subject to a four-month hold period that expires on March 6, 2009; (ii) granted CCI a 1.5-per-cent net smelter return royalty over the unpatented claims comprising the Coppermine River project; and (iii) granted to CCI a right of first refusal to participate in future financings of Coronation. Further details in respect of this transaction were disclosed in joint news releases issued by Coronation and Guyana in Stockwatch on June 26, 2008, and Aug. 29, 2008 (as per SEDAR-filed news release).

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