Coronet Provides Update on Liberty Operations

Vancouver, British Columbia--(Newsfile Corp. - May 12, 2014) - Coronet Metals Inc. (TSXV: CRF) (FWB: 2CM) (OTCQX: CORMF) ("Coronet" or the "Company") is pleased to report preliminary results from the gold recovery process it is testing for its Liberty processing facility in Nevada ("Liberty"). IMG Gold Recovery Inc. ("IMG") has successfully tested both the current gold concentrate from Liberty's third-party supplier and other potential feed materials at its pilot facility in Vancouver. The process has been effective in extracting gold and other precious metals from many types of material. Recovery rates well in excess of 90% are being achieved and further test work is underway.

Key benefits of the new circuit:

• The process is efficient, effective and environmentally friendly.

• Low operating costs – reduced reagent consumption and less milling required than existing circuit.

• Once the new circuit is operational, in addition to the existing milling and leaching circuit, Liberty will be able to offer additional treatment options for a variety of precious metals concentrates which will broaden the range of potential customers.

The new 25 ton per day ("tpd") circuit comprises an 8 ton per hour concentrator and a gold extraction reactor. Fabrication of the concentrator is complete and it will be delivered and installed at Liberty within the next two weeks. The reactor unit is expected to be completed in early June at which point there should be sizeable amount of concentrated feed to process through the reactor. IMG is funding the fabrication of this circuit and the two companies are in discussions about a partnering arrangement that would bring IMG's metallurgical and process expertise to Coronet's Liberty facility.

While the reactor is being installed, Coronet plans to use the concentrator to re-process all of the existing feed material on site so that there is an inventory of concentrate ready to be processed as soon as the reactor is operational.

Coronet is in discussions with several potential feed-material suppliers. These materials are currently being tested at the IMG pilot plant. Coronet is hopeful that the combination of IMG's technical expertise and its own marketing and operational knowledge will enable the company to deliver on the plan to establish Liberty as an independent processor of high grade gold concentrates.

About Coronet Metals Inc.

Coronet Metals Inc.'s objective is to become a gold development and production company. Coronet's near term cash flow strategy is to buy high value precious metals concentrates from suppliers to be processed at their Liberty facility. The management team has experience in all aspects of the development and financing of resource projects in North and South America. Coronet owns the Yanamina Gold Project in Peru, the White Caps Gold Mining, Company Inc. Gold Project in Nevada and the Liberty Precious Metals Testing and Processing Facility in Nevada.

This news release contains certain forward-looking statements about current and future operations such as costs and throughput, future expansion plans at the Liberty facility, securing additional feed material, entering into certain definitive agreements, results of the IMG circuit and revenue, and such statements involve risks and uncertainties. The results or events predicted may differ materially from actual results or events. Any forward-looking statement speaks only as of the date of this news release. Except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results, or any other occurrence.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FOR FURTHER INFORMATION AND ENQUIRIES:
Theo van der Linde
President and CFO
Tel: +1 902 403 7258
Email: tvanderlinde@coronetmetals.com
Web: www.coronetmetals.com