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| | July 12, 2006
Coral Gold Announces Encouraging Drill Results and a new President
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| | Coral Gold Resources Ltd. (the "Company") has provided the results from holes CR06-10, CR06-13, CR06-14, and CR06-15, which are part of the current drill program at the company's Robertson property on the Battle Mountain-Cortez-Eureka gold trend Nevada, United States.
Bob McCusker, a qualified person under National Instrument 43-101, reports as follows:
Holes CR06-10 and CR06-13 were drilled along the northwest side of the 39A zone in order to delineate the margin of the zone.
Holes CR06-14 and 15 were drilled in the southern part of the 39A zone along the east margin of the zone (as defined to date). They indicate hole CR06-14 (65ft/0.067 oz Au/t) and hole CR06-15 (35ft/0.082 oz Au/t) that mineralization remains open for further expansion to the east.
The principal intersections of gold mineralization were calculated using a cut-off grade of 0.015 ounce per ton Au (except where indicated) to calculate the average grade and thickness of the gold-bearing zones as follows:
Hole No. |
From (ft) |
To (ft) |
Thickness (ft) |
Gold Grade oz/ton |
CR06-10 |
405 |
450 |
45 |
0.043 |
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520 |
535 |
15 |
0.027 |
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605 |
620 |
15 |
0.053 |
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|
|
|
|
CR06-13 |
90 |
125 |
35* |
0.025 |
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300 |
365 |
65 |
0.022 |
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395 |
420 |
25 |
0.028 |
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485 |
520 |
35 |
0.032 |
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595 |
640 |
45 |
0.034 |
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|
|
|
|
CR06-14 |
105 |
115 |
10 |
0.075 |
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565 |
630 |
65 |
0.067 |
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|
|
|
|
CR06-15 |
630 |
650 |
20 |
0.041 |
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665 |
700 (TD) |
35 |
0.082 |
*Oxide mineralization; grade/thickness calculated using 0.01 oz Au/t cutoff grade.
Because of the flat-lying nature of mineralization, the intersections cited above are thought to represent true thickness.
The samples were fire assayed at ALS Chemex Lab, Sparks, Nevada.
This report was prepared by Chris J. Sampson, P. Eng., Director and V.P. Explorations, Coral Gold Resources Ltd., a qualified person for National Instrument 43-101.
The Company is also pleased to announce that following the Company's Annual General & Special Meeting held on July 11, 2006, Mr. Louis Wolfin, founder of Coral Gold has been appointed as President of the Company. Mr. Wolfin brings many years of experience to the office of President, a position he has held in the past with great success. Mr. Matt Wayrynen, former President, has been appointed as Vice President of the Company.
Coral has been exploring a portfolio of strategically located claim blocks along the Battle Mountain-Eureka/Cortez gold trend in north-central Nevada. These properties are situated in the active Crescent Valley region, adjoining the large Cortez (Pipeline) gold mine.
On behalf of the Board of Directors
of Coral Gold Resources Ltd.
"Lloyd Andrews"
Lloyd Andrews,
Chairman
Safe Harbour Statement - This news release contains "forward-looking information" and "forward-looking statements" (together, the "forward looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995, including our belief as to the extent and timing of various studies including the PEA, and exploration results, the potential tonnage, grades and content of deposits, timing and establishment and extent of resources estimates. These forward-looking statements are made as of the date of this news release and the dates of technical reports, as applicable. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. While we have based these forward-looking statements on our expectations about future events as at the date that such statements were prepared, the statements are not a guarantee that such future events will occur and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements.
Such factors and assumptions include, among others, the effects of general economic conditions, the price of gold and silver, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgments in the course of preparing forward-looking information. In addition, there are known and unknown risk factors which could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in metal prices; title matters; uncertainties and risks related to carrying on business in foreign countries; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain of our officers, directors or promoters of with certain other projects; the absence of dividends; currency fluctuations; competition; dilution; the volatility of the our common share price and volume; tax consequences to U.S. investors; and other risks and uncertainties. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.
Cautionary Note to United States Investors - The information contained herein and incorporated by reference herein has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States securities laws. In particular, the term "resource" does not equate to the term "reserve". The Securities Exchange Commission's (the "SEC") disclosure standards normally do not permit the inclusion of information concerning "measured mineral resources", "indicated mineral resources" or "inferred mineral resources" or other descriptions of the amount of mineralization in mineral deposits that do not constitute "reserves" by SEC standards, unless such information is required to be disclosed by the law of the Company's jurisdiction of incorporation or of a jurisdiction in which its securities are traded. U.S. investors should also understand that "inferred mineral resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. Disclosure of "contained ounces" is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures.
Neither 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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