Vancouver, British Columbia, January 19, 2012 - Vancouver based Coral Gold (TSXV:CLH) (OTCBB:CLHRF) (Frankfurt:GV8) has released a Preliminary Economic Assessment report covering the company's Robertson Property, located 60 miles south west of Elko, Nevada in the United States.
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Although the company has a number of deposits located on the Robertson property, only the Altenburg Hill, Porphyry and Gold Pan deposits, which are advanced development zones, are included in this Preliminary Economic Assessment report.
According to the report, the estimated inferred resources at a cut-off of 0.005 ounces per ton, result in 78.2 million tons grading 0.0138 ounces per ton, giving an in situ gold number of 1,080,900 ounces. It is estimated that the development period to construction decision will take 5 years, followed by a mine life of 10.5 years. Leach recovery varies from 45% to 67% depending on the cut off used. The total gold available for sale should amount to 608,000 ounces. For further details on this report, please refer to the original news release issued January 18th.
The first phase of the development is recommended to be exploration drilling, metallurgical test work, environmental studies and permitting, and completion of a prefeasibility study. The cost of this work is estimated to be US $7.9 million.
David Wolfin, President and CEO of Coral, commented "The Robertson PEA study has defined a plan for further development of the project. The Base Case gives a reasonable positive return on the project while sensitivities at the higher gold prices provides for a very attractive scenario. Coral's management will be working hard over the next few years to expand resources, increase leach recovery and reduce the development schedule. All these are expected to further increase project viability."
The PEA concerns only the relatively shallow portions of these three deposits. The other deposits on the Roberson Property were not part of this study, however, they did form part of the 2011 resource calculation that reported an Inferred Mineral Resource of 191 million tonnes at 0.0143 ounces of gold per ton, containing a total of 2.741 million ounces of gold.
Infrastructure is good, with the electric power transmission lines that supply the nearby Barrick Cortez operations crossing the Robertson Property. Workers at Cortez are bussed from Elko for a 12 hour shift, four day work week, whereas personnel at the Robertson Property would enjoy a slightly shorter commute.
The Environmental Assessment process has been advancing over the past year and the company expects to submit the overall report in June 2012.
The shares currently trade at $0.40, and with approximately 33 million shares outstanding, the company is capitalized at $13 million. For more information, please visit Coral Gold's website at www.coralgold.com (http://www.coralgold.com/), phone 604-682-3701 or email ir@coralgold.com (mailto:ir@coralgold.com).
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Source: InvestmentPitch via Thomson Reuters ONE
