Coral Gold Secures Drilling Contract

VANCOUVER - Coral Gold Resources Ltd. reported that it has entered into a contract for 37,600-feet of reverse circulation drilling on the Company's 100% owned Robertson property at Crescent Valley, Nevada. The agreement, signed with Lang Exploratory Drilling of Salt Lake City, Utah, is expected to begin in April following permit approval from the U.S. Bureau of Land Management.
"This contract represents Phase I of an ambitious, two-phase program for 2008," said Coral president David Wolfin. "In the first phase, we expect to drill 52 reverse circulation holes. Phase II, for which we already have a contract with Boart Longyear, will include 11,000 feet of diamond drilling."
Both Phase I and Phase II are aimed at expanding and upgrading Robertson's 2.3 million-ounce inferred resource. In February 2008, Beacon Hill Consultants reported the Robertson resource, to date situated in a small portion of the property, had increased by more than 110% from the previous calculation. The updated resource was calculated from work completed in 2006 and 2007. With the 2008 drilling, Coral hopes to upgrade a significant portion of the inferred resources into the measured and indicated categories.
The reverse circulation drilling of Phase I will range in depth from 500 to 1,200 feet. This work will focus on key, shallow-lying zones locally exposed on surface and also potentially in an open pit mining configuration.
"Both drilling phases are expected to continue well into the fall," says David Wolfin. "Management is confident that this season's drilling will be successful and expand our inferred resource and increase our measured reserve."
The company's address is Suite 400, 455 Granville Street, Vancouver, BC V6C 1T1, (604) 682-3701, fax: (604) 682-3600, email: [email protected].