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2007 Press Releases

Corona and Laramide Close Thunder Lake Transaction

Further to their press release of September 24, 2007, Corona Gold Corporation (CRG-TSX, “Corona”) and Laramide Resources Ltd. (LAM-TSX, “Laramide”) are pleased to announce that they have closed the transaction pursuant to which Laramide has purchased, through its whollyowned subsidiary, Divine Lake Exploration Corp. (“NewGoldCo”) 100% of Corona’s and Teck Cominco Limited’s (TCK.B-TSX, “Teck Cominco”) respective interests in the Thunder Lake West, Thunder Lake East and certain adjacent properties in and around Dryden, Ontario (collectively the “Properties”) under the terms previously announced.

On closing Corona received from Laramide cash consideration of approximately $5,000,000. Under the terms of the agreement Corona will further receive from Laramide aggregate cash consideration of $10,000,000 and a 10% interest in NewGoldCo after it becomes a public company. Teck Cominco received cash consideration of approximately $1,137,299 at closing and will further receive aggregate cash consideration of $2,274,598 and a 2.27% interest in NewGoldCo. Laramide will also transfer to NewGoldCo Laramide’s adjacent Goliath property and certain of Laramide’s other non-uranium assets.

The balance of consideration for the Properties will be payable as follows:

  • A cash payment of $6,137,229, 60 days after the closing date;
  • A cash payment of $6,137,229, 120 days after the closing date; and
  • 12.27% of the common shares of NewGoldCo issued and outstanding on completion of a transaction pursuant to which NewGoldCo becomes a public company. If such a transaction is not completed by March 31, 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 NewGoldCo.

Corona’s sale of its interest in the Thunder Lake Properties and its continuing investment in NewGoldCo 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 NewGoldCo.

FOR FURTHER INFORMATION CONTACT:

Corona Gold Corporation
Murray John, President
Tel: (416) 482-8606
Laramide Resources Ltd.
Marc Henderson, President
Tel: (416) 599-7363