Coral Gold Resources Ltd. (TSX VENTURE: CLH)(OTCBB: CLHRF)(BERLIN:
GV8)(FRANKFURT: GV8) ("Coral" or the "Company") announces that it
has received the revised resources for Robertson Property utilizing
lower cut-off grades to reflect positive movement in the price of
gold over the last three years. These revised values are based on
the NI 43-101 Technical Report titled Mineral Resource Estimate for
the Robertson Property, Lander County, Nevada prepared by Beacon
Hill Consultants Ltd. ("Beacon Hill") of Vancouver, British
Columbia as announced in the Press Release dated February 11, 2008.
The original estimate was based on a gold price of US$600 per ounce
which was a conservative estimate of gold prices in 2007, which
estimated the inferred gold resources for the Robertson property at
over 2.3 million ounces of gold. Gold prices over the last three
years have been significantly higher than US$600 and all indicators
point towards higher prices in the near, medium and long-term
future. Therefore, it is reasonable and prudent to revise the
resource estimate with a higher gold price and by extension,
cut-off grade which is the threshold gold grade at which the
resources are reported and considered to have a reasonable
expectation of economic extraction.
Based on more reasonable gold prices that reflect the rolling
average for the preceding three years, it was decided that of
US$850 per ounce should be used at this time to more accurately
represent the resources that may be reasonably expected to be
extracted. Based on this lower gold cut-off value of 0.0106, the
gold resource at Robertson increases to 3.4 million ounces, which
is a 47% increase from the previously reported figure. It should be
noted that changes in operating costs may change this figure. No
work has been done to reflect and change in operating costs as
estimated in the Beacon Hill study on which the cut-off grade
calculation was based.
Robertson is located along the Cortez Gold trend of
north-central Nevada near the town of Crescent Valley.
The zones included in the Beacon Hill estimate are located
within the Robertson's Core claims only. The Company's other claim
blocks, including Norma Sass, Lander Ranch, Ruf, Blue Nugget and
the Excluded claims (joint ventured with Cortez Gold Mines), were
not part of the estimate.
"It is encouraging that gold prices have increased, stayed
steady and continue to hold which gives us comfort and assurance
that our estimates continue to be reasonable. It is also important
that Coral's loyal shareholders may benefit from the stability and
movement in the gold prices," said David Wolfin, President.
Beacon Hill reported the following updated resource estimate
using 0.0106 Au opt cut-off:
----------------------------------------------------------------
Zone Tons Ounces per Ton Ounces of Au
----------------------------------------------------------------
Distal 13,310,451 0.0287 382,010
----------------------------------------------------------------
39A 38,945,698 0.0228 887,962
----------------------------------------------------------------
South Zone 9,993,853 0.0209 208,872
----------------------------------------------------------------
Outside 5,422,131 0.0156 84,585
----------------------------------------------------------------
Gold Pan Oxide 12,566,599 0.02 251,332
----------------------------------------------------------------
Altenburg Hill Oxide 12,873,976 0.0152 195,684
----------------------------------------------------------------
Porphyry Oxide 39,049,182 0.0167 652,121
----------------------------------------------------------------
Gold Pan Sulphide 32,524,592 0.0154 500,879
----------------------------------------------------------------
Altenburg Hill Sulphide 1,701,844 0.014 23,826
----------------------------------------------------------------
Porphyry Sulphide 12,535,861 0.0158 198,067
----------------------------------------------------------------
----------------------------------------------------------------
TOTAL 178,924,188 0.0189 3,381,667
----------------------------------------------------------------
Resource estimate parameters:
- Gold ounces were calculated on the basis of US$850/oz Au and
70% Au recovery.
- The 0.0106 ozAu/ton cut-off grade utilized to report the
resource was derived from a mining cost of US$1.02/ton, process
cost of US$5.00/ton and waste cost of US$1.14/ton.
- The mineral resources in the table above were estimated using
the CIM Standards on Mineral Resources and Reserves.
- The database comprised a total of 1,160 drill holes, 533,453
feet (162,638 metres) of drilling and 101,757 gold assays.
- The inferred resource covers 6 distinct and separate areas;
Distal, 39A, Gold Pan, Porphyry, Altenburg Hill, Southern Area and
then all remaining blocks outside these areas that warrant
inclusion as an inferred resource. In addition, Gold Pan, Porphyry
and Altenburg Hill were separated into oxide and sulphide zones for
analysis and modeling.
- An interpreted mineralized envelope was modeled into a solid
in MineSight 3DTM, with six area mineralized zones and then
separated into oxide and sulphide zones.
- Block dimensions of 25 feet (7.6 m) North, 25 feet (7.6 m)
East and 20 feet (6 m) vertically.
- Grade interpolation - 20 foot (6 m) composites.
- Composites greater than 0.075 ozAu/ton (2.33 gAu/tonne)
limited in influence to 100 feet (30.5 m).
- Tonnage estimates are based on 200 bulk historic density
measurements carried out by previous operators. These were assigned
to each block by zone. The resources are categorized as inferred
since the amount and distribution of bulk tonnage factor data is
sparse.
In an effort to offer perspective and comparison, the following
table lists the Robertson Deposit Resources for all zones at
varying cut-off grades and corresponding metal prices. Note that as
of the date of this press release, the gold price was at a record
high of US$1,050 per ounce.
----------------------------------------------------------------------
All Zones Au Cut-off Au Price Tons Ounces per Ton Ounces of Au
----------------------------------------------------------------------
0.009 1000 259,786,897 0.016 4,156,590
----------------------------------------------------------------------
0.0095 950 215,146,526 0.0174 3,743,550
----------------------------------------------------------------------
0.0106 850 178,924,188 0.0189 3,381,667
----------------------------------------------------------------------
0.012 750 149,133,203 0.0205 3,057,231
----------------------------------------------------------------------
0.0129 700 125,174,186 0.0221 2,766,350
----------------------------------------------------------------------
0.015 600 91,284,840 0.0253 2,309,506
----------------------------------------------------------------------
For details on claim and gold zone locations, please see
corresponding maps and diagrams at www.coralgold.com.
A program of additional in-fill drilling and metallurgical
testing is on-going as was recommended by Beacon Hill in the 2007
Technical Report.
Mr. Garth D. Kirkham, P.Geo., and Mr. Peter Stokes, P.Eng., of
Beacon Hill Consultants (1988) Ltd., are responsible for preparing
the report and are Qualified Persons in accordance with NI 43-101.
Messrs Kirkham and Stokes are independent of Coral as defined by NI
43-101.
The Company was incorporated in 1981 and is exploring claims on
Nevada's Battle Mountain-Cortez gold trend alongside the
Cortez/Pipeline gold mine. Aggressive exploration, aimed at
expanding this resource, continues.
This press release contains "forward-looking statements.
Forward-looking statements express, as at the time of this press
release, the Company's plans, forecasts, projections, expectations
or beliefs as to future events and results. Forward-looking
statements involve a number of risks and uncertainties, and there
can be no assurance that such statements will prove to be accurate.
Therefore, actual results and future events could differ materially
from those anticipated in such statements.
ON BEHALF OF THE BOARD
David Wolfin, President
This release contains statements that are forward-looking
statements and are subject to various risks and uncertainties
concerning the specific factors disclosed under the heading "Risk
Factors" and elsewhere in the Company's periodic filings with
Canadian securities regulators. Such information contained herein
represents management's best judgment as of the date hereof based
on information currently available. The Company does not assume the
obligation to update any forward-looking statement.
The TSX Venture Exchange has not reviewed and does not accept
the responsibility for the accuracy or adequacy of this
release.
Contacts: Coral Gold Resources Ltd. David Wolfin President
604.682.3701 604.682.3600 (FAX) ir@coralgold.com
www.coralgold.com
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