Coronet Metals Inc. Completes Social Baseline Study

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/23/12 -- Coronet Metals Inc. ("Coronet") (TSX VENTURE: CRF)(OTCQX: CORMF)(FRANKFURT: 2CM) is pleased to announce completion of the social baseline report (the "report") for the Yanamina advanced stage gold project ("the Yanamina Project") in Ancash, Peru.

Coronet's objective is to re-establish the required permitting to advance the Yanamina Project in harmony with the local communities. The report is an essential preliminary step in earning the support of the stakeholders. The results have been encouraging with the majority of the stakeholders supporting the development of a safe, environmentally sound and responsible gold mine.

The report provides Coronet with a comprehensive understanding of the social characteristics of the communities and stakeholders.

Coronet's Peruvian community relations team (which includes Estudio Castro & Bravo de Rueda ("ECBR")) has been deployed in the field from December 2011 through March 2012. This work consisted of collecting information, conducting research and interviewing stakeholders to help identify, analyze and define their expectations and concerns regarding mining, the Yanamina Project and Coronet.

Coronet remains intent on listening to the voices of the communities, other stakeholders and critics and finding accommodation with them. The community relations team is confident that Coronet can move the Yanamina Project forward.

The Yanamina Project incorporates a strong commitment to social sustainability that includes health & education, job training, agricultural improvement programs and the formation of community partnerships.

Coronet believes that the Yanamina Project is consistent with the government's goal of reducing poverty through the execution of responsible mining projects that ensure significant legacy benefits to the community and Coronet will commence a communications program in May, 2012 emphasizing the benefits and plans to move the Project forward.

Coronet remains well capitalized with a healthy treasury which puts them in a strong position to continue the development of the Yanamina project. At the same time, Coronet's technical team is in the process of defining and scheduling the technical work necessary to advance the Yanamina Project.

Conference Call Information

Coronet will host a conference call on Monday, April 30, 2012 at 8.00 a.m. (Pacific) or 11:00 a.m. (Eastern) to discuss this information and host a general Q&A session. Call-in information:

Dial-In Numbers: +1 416-548-6023 or 1 877-394-5901 (North America)

Access Code: 4767148

Contacts:

Coronet Metals Inc.

Joel Dumaresq

Chief Executive Officer and Director

+1 604 336-3193 or +1 604 306 4000 (cell)
joel@coronetmetals.com
www.coronetmetals.com


Doyle Investments Inc.

+1 604 608 0824 or

Toll free: +1 877 608 0829
ir@doyleinvestments.com