Barrick Terminates Joint Venture With Coral Gold

VANCOUVER, BC - Coral Gold Resources Ltd. reported that, Barrick Gold Corporation has given a Notice of Termination and Release of the Exploration and Option to Joint Venture Agreement on the Gold Ridge Property dated March 7, 2014 due to budgetary constraints. Coral will continue to identify and evaluate potential partners that have the financial capability to advance the Robertson project into commercial production.

"While it's unfortunate that Barrick could not find room in this year's exploration budget to continue the program, we are still confident that the Gold Ridge property maintains considerable exploration potential. Hole RGR-0002D intersected 5 feet of 34.4 g/t Au (1 oz/t) which could be an indication of a feeder zone, however, additional exploration is required to further understand the mineralized system.

"Coral maintains 100% ownership of the Gold Ridge property as well as the adjoining Robertson property which contains a 2.7 million ounce inferred gold resource as reported in the 2012 Preliminary economic assessment. Coral also has a 39% carried interest in the nearby Excluded claim group with Barrick owning the remaining 61%. The properties are accessible via a paved road, have access to grid power and an experienced work force in neighboring towns; all favorable attributes for a mine site.

"The Company remains financially sound and is prepared to maintain the properties in good standing. When market conditions improve, Coral plans to proceed with the recommendations made in the 2012 PEA to move the Robertson Property towards the pre-feasibility stage. Coral would also consider a partnership to develop the Robertson and Gold Ridge projects with a financially strong company."

Giving results of the Barrick 2014 Gold Ridge Drilling Program, at the Ridge Anomaly, Hole RGR-0003D intersected a 130-ft.-thick zone of weakly anomalous gold values (up to 0.4ppm) from 1,238 ft., accompanied by locally anomalous levels for As (up to 745 ppm), Sb (up to 89 ppm), Hg (up to 1 ppm), and correspondingly low levels for Cu-Pb-Zn. This weakly mineralized zone is partly hosted by calcareous rocks in the Valmy Fm in the immediate footwall of a west-dipping imbricate fault in the hanging wall of the Abyss fault.