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| | September 29, 2009
BARRICK TO BEGIN DRILLING ON NORMA SASS, CORTEZ GOLD TREND, NEVADA
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| | Coral Gold Resources Ltd. ("Coral") is pleased to announce that Barrick Cortez Gold Mines ("Barrick") have notified Coral that the planned drilling program at Coral's 2/3 owned Norma Sass property (Levon Resources Ltd. 1/3) will commence in the first week of October.
The current proposed drilling will consist of two mud rotary holes with target depths on the order of approximately 1,800 to 2,000 feet to test structural and geochemical targets in the Lower Plate carbonate sequence, with the potential to go deeper as the rock dictates.
The Norma Sass property is situated in the Crescent Valley, Nevada, USA approximately 1 mile south west of Barrick's former producing Gold Acres, open pit mine and two miles west of Barrick's currently producing Pipeline Mine.
Barrick is currently earning an interest of up to 75% in the Norma Sass property under the terms of the September 28, 2008 agreement.
Barrick may earn a 60% interest by incurring total exploration expenditures of at least US$3 million in annual installments by December 31, 2014. Barrick may earn an additional 10% (for an aggregate interest of 70%) by incurring an additional US$1.5 million by December 31, 2015. Barrick may earn an additional 5% (for an aggregate interest of 75%) by carrying Coral and Levon through to commercial production.
Alternatively, at the time of earning either its 60% or 70% interest, Barrick may be given the option to buy-out Coral's and Levon's joint interest by paying US$6 million and granting them a 2% net smelter return royalty.
The drill contractor is Lang Exploratory Drilling of Elko, Nevada using an LM120 rig.
The program is expected to take six weeks.
This news release is prepared by Chris Sampson, P.Eng, Qualified Person for NI43-101 and VP Exploration of Coral.
Coral is a natural resources company, primarily engaged in the acquisition, exploration and development of natural resources properties, focusing on gold exploration. Its principal business activities have been the exploration of mineral properties located in Nevada, USA, including the Robertson Property, Norma Sass Property, and Ruf Claims.
For further information contact Coral Gold Resources Ltd. at (604) 682-3701, or log onto our website www.coralgold.com.
ON BEHALF OF THE BOARD
"David Wolfin"
David Wolfin
President
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the accuracy or adequacy of this release. |
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