Coronet's ann, very similar to Latin Gold's comments on the...

Coronet's ann, very similar to Latin Gold's comments on the renegotiation.

On June 1, 2011, Coronet Metals Inc. ("Coronet") closed a non-brokered
CDN$10.8 million private placement in conjunction with Coronet's US$14
million acquisition of the Yanamina gold project ("Yanamina") in Ancash
province, Peru. US$5.5 million of the proceeds from this financing were
to be used for the initial payments to Latin Gold Limited ("Latin"), an
Australian stock exchange listed company.

Upon completion of the financing and in accordance with the share and
asset purchase agreements ("Agreements") executed by Coronet and Latin,
Coronet paid US$1.75 million cash and issued 3.3 million shares in
Coronet common stock to Latin. A further US$3.75 million was being held
by Coronet subject to Latin delivering a favourable Peruvian tax ruling
on the structure of the purchase arrangement. As of August 9, 2011
Coronet is in receipt of the necessary tax ruling.

Coronet however, has since determined that there were issues with the
level of support from the local community for the project as well as the
approvals and permits necessary to move the Yanamina project towards
production.

These issues are expected to delay the commencement of the definition
drilling program that was outlined in the NI 43-101 technical report on
Yanamina prepared earlier this year on Coronet's behalf.

Coronet is retaining the US$3.75 million, attempting to renegotiate the
terms of the Agreements with Latin in the hope to reach a resolution to
the mutual benefit of both companies.

Consistent with its mandate to acquire other advanced-stage gold mining
projects, Coronet has reviewed over 20 potential projects and concessions
since closing the June 1, 2011 private placement. The Company is
presently conducting due diligence and negotiations on three such
advanced-stage projects that meet its acquisition criteria.

Coronet's management team has extensive experience in moving advanced
stage projects with existing resource bases through to production. The
focus of the Peruvian search is for permitted gold and silver producing
assets or near-permitted projects with existing resources, the prospect
of near-term cash flow, and the potential to expand.