VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 11, 2008) - Coral Gold Resources Ltd. ("Coral" or the "Company") (TSX
VENTURE:CLH)(OTCBB:CLHRF)(BERLIN:GV8)(FRANKFURT:GV8) announces that it
has received the final NI 43-101 compliant Mineral Resource Estimate
for the Robertson Property, Lander County, Nevada report prepared by
Beacon Hill Consultants Ltd. ("Beacon Hill") of Vancouver, British
Columbia. The new estimate, based on a gold price of US$600 per ounce,
raises the Robertson property inferred resource to over 2.3 million
ounces of gold - an increase of 110% over the previous NI 43-101
estimate from April 2006. A portion of the oxide resources are locally
exposed at the surface and are potentially in an open pit mining
configuration. Some of the new resources remain open to expansion on
strike and at depth. 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.
"Any way you look at it, the new resource estimate is a
significant development for the Company," said Coral President David
Wolfin. "We have so much ground yet to explore, and it seems everywhere
we drill we hit new mineralization. As you can imagine, we're very
happy about the progress made in 2007 and we are excited about the
upcoming drill season."
Beacon Hill reported the following updated resource estimate:
For details on claim and gold zone locations, please see corresponding maps and diagrams at www.coralgold.com.
Resource estimate parameters:
- Gold ounces were calculated on the basis of US$600/oz Au and 70% Au recovery.
- The 0.015 oz Au/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 oz Au/ton (2.33 g Au/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.
Coral commissioned Beacon Hill to not only update the Robertson
resource estimate but to also outline a program for continued
development of the Core claims in 2008 and beyond. Beacon Hill
recommended a three-pronged development approach:
1) Additional exploratory and definition drilling to increase
the resource base and also the level of confidence in the resource to
the indicated and/or measured categories.
2) Complete a metallurgical program to enhance the metallurgical data.
3) Commence a Preliminary Assessment Study on the mineralized
zones within the Robertson Property to determine which of the zones
have the greater potential for viability. The zones can then be
prioritized for development.
Based on these recommendations, Coral is preparing for a major
round of drilling on the Core claims, expected to begin later in 2008.
"Beacon Hill has outlined an ambitious, two-phase drilling
program," says Wolfin. "We have the funding in place, and we're ready
to go once all permits are secured."
Beacon Hill has recommended the following drilling on the Core claims:
Phase I: 52 RC holes ranging in depth from 500 ft to 1,200 ft and totaling 37,600 ft., to focus on:
- 39A Zone: Ten holes totaling 8,400 ft drilled along the
southeast and northeast margins of the zone to test for additional
high-grade mineralization.
- Distal Zone: Ten holes totaling 12,000 ft drilled in the
Distal Zone, which remains open for discovery of high-grade
mineralization in all directions.
- Altenburg Hill/South Porphyry Area: Twenty holes totaling
10,000 ft as infill and offset drilling on the northeast flank of
Altenburg Hill and in the gravel- covered area south of the Porphyry
Zone.
- Triplet Gulch: Twelve wide-spaced RC holes totaling 7,200 ft
to test potential continuity and grade of inferred mineralization.
Phase II: should consist of 21 diamond core holes (HQ diameter)
ranging from 300-ft to 1,000-ft-deep and totaling 11,900 ft. The
purpose of core drilling is to provide geological data on the controls
of mineralization, acquire geotechnical data (RQD and specific
gravity), confirm grade and continuity and provide material for
metallurgical testing. Drilling has been recommended as follows:
- 39A Zone: Six "twin" core holes totaling 5,000 ft focused in areas of higher grade mineralization.
- Distal Zone: Four pre-collared "twin" core holes totaling 2,400 ft drilled to confirm grade and geological controls.
- Altenburg Hill/South Porphyry Area: Six (or more) "twin" core
holes totaling 3,000 ft to provide ore-grade oxide mineralization for
metallurgical studies and confirm the grade and continuity of
mineralization.
- Gold Pan Zone: Five shallow "twin" core holes totaling 1,500
ft drilled mainly to provide ore-grade oxide mineralization for
metallurgical studies and to confirm grade, continuity and geological
controls for mineralization.
"As the resource at Robertson continues to grow, the property
will become more and more attractive to major mining companies in
Nevada," Wolfin says. "We have the huge Cortez Pipeline mine right next
door, for example, and there are many other mines in the region that
will want new mill feed as their deposits wind down. We have put
ourselves in an excellent strategic position."
Mr. Garth D. Kirkham, P.Geo., and Mr. Peter Stokes, P.Eng., of
Beacon Hill Consultants (1988) Ltd. and Mr. Robert McCusker, Consultant
Geologist and Project Manager, are responsible for preparing the report
and are Qualified Persons in accordance with NI 43-101. Messrs Kirkham,
Stokes and McCusker 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.
