Corona Gold Corporation - CRG on the TSX
Laramide Resources Ltd. - LAM on the TSX
Corona Gold Corporation (CRG-TSX, “Corona”) and Laramide Resources Ltd. (LAM-TSX, “Laramide”) announce that they have agreed to extend the date of the final cash payment of the purchase price payable to Corona and Teck Cominco Limited (“Teck Cominco”) under the terms of a certain Purchase Agreement dated September 24, 2007 (the “Agreement”). As previously announced on October 4, 2007, Laramide purchased, through its wholly-owned subsidiary, Treasury Metals Inc. (formerly, Divine Lake Exploration Corp.) (“Treasury Metals”) 100% of Corona’s and Teck Cominco’s respective interests in the Thunder Lake West, Thunder Lake East and certain adjacent properties in and around Dryden, Ontario (collectively the “Thunder Lake Properties”).
Under the terms of the Agreement, Corona and Teck Cominco were to receive a final cash payment of $6,137,229 on or before February 3, 2008 which was subsequently extended. The Agreement has been amended to extend the date for the final cash payment to April 30, 2008 upon which Corona will receive $5,000,000 and Teck Cominco will receive $1,137,229, as well as certain extension fee payments totalling up to an aggregate of approximately $128,000. In addition, Corona and Teck Cominco will receive in the aggregate 12.27% of the common shares of Treasury Metals issued and outstanding on completion of a transaction pursuant to which Treasury Metals becomes a public company. If such a transaction is not completed by April 30, 2008, Corona and Teck Cominco have the option of requiring Laramide to issue to Corona and Teck Cominco common shares of Laramide with a market value of $6,135,000 ($5,000,000 to Corona and $1,135,000 to Teck Cominco) in-lieu of their respective interests in Treasury Metals.
Corona’s sale of its interest in the Thunder Lake Properties and its continuing investment in Treasury Metals are consistent with Corona’s stated intention to maximize the value of its existing properties and to explore new resource-based exploration and investment initiatives. Laramide’s completion of this acquisition will form the basis of the intention expressed in the Laramide announcement of April 3, 2007 to spin off its non-uranium assets to Treasury Metals.
For further information:
Corona Gold Corporation
Murray John, President
Tel: (416) 482-8606
Laramide Resources Ltd.
Marc Henderson, President
Tel: (416) 599-7363