Vancouver, British Columbia, May 30, 2013 - Vancouver based Coral Gold (TSXV:CLH) (OTCBB:CLHRF) (Berlin:GV8) announced that it proposes to raise up to $750,000 by way of a non-brokered private placement, and will, under certain conditions, pay a finder's fee for units sold under this offering.
The company will place up to 5 million units at $0.15 per unit. Each unit consists of 1 common share and 1 warrant, with each warrant will be exercisable at $0.20 for a period of 2 years.
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In October 2012, when the shares were trading at $0.27 and gold was between $1,700 and $1,800, Fundamental Research gave the company a highly speculative buy recommendation and a target price of $1.18. With gold now at $1,400, Coral Gold trades at $0.19, a premium to the price of the unit offering.
Coral Gold Resources is exploring a portfolio of strategically-located claim blocks along the Cortez gold trend in north-central Nevada known as the Robertson Property. Robertson adjoins Barrick Gold Mines' Cortez Mine, which in 2012 was Barrick's lowest cost mine for the third straight year with production of 1.37 million ounces at a total cash cost of US$282 per ounce.
Over the past 25 years, Coral Gold and its various joint venture partners have spent more than $25 million exploring the Robertson property. In that time an extensive database comprised of 533,453 feet of drilling through 1,160 drill holes and 101,757 gold assays has outlined 6 near surface gold zones.
In January 2012, Coral's independent engineering firm, Beacon Hill Consultants (1988) Ltd. published a Preliminary Economic Assessment on 3 of the 10 known gold zones and determined that the Robertson Property is one of merit that warrants further development. This report is available on Sedar.com.
In April, Coral Gold submitted the final comprehensive Environmental Assessment on the Robertson Property to the Bureau of Land Development.
For more information on the Roberson Property, and Coral's other Nevada projects, please visit Coral Gold's website at www.coralgold.com (http://www.coralgold.com/), or contact David Wolfin, President & CEO at 604-682-3701 or email ir@coralgold.com (mailto:ir@coralgold.com)
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Source: InvestmentPitch via Thomson Reuters ONE
