Coronet Provides Update on Projects Focus on White Caps Gold in Nevada

Vancouver, British Columbia--(Newsfile Corp. - July 14, 2014) - Coronet Metals Inc. (TSXV: CRF) (FWB: 2CM) (OTCQX: CORMF) ("Coronet" or the "Company") provide updates on the status of its projects.

White Caps Gold Project

The White Caps Gold Project is key to the Company's future. Since Coronet acquired White Caps in late 2012, the Company has assembled 123 patented and unpatented claims in the Manhattan District in Nevada. Coronet believes that, by resolving complex land ownership in the district, it could unlock the potential of the Manhattan District where there is excellent exploration potential as a past producing area with many under-explored areas.

In June 2013, Coronet submitted a Plan of Operations to re-permit the Manhattan Mill. Initially the plan would be to process tailings and mine dumps on the White Caps property in order to fund evaluation of the Manhattan District. Initial comments were received by the Bureau of Land Management ("BLM") which required more baseline studies to be completed. The Company is currently evaluating the requirements by the BLM together with possible partnership arrangements which could provide the necessary funding to move the project forward.

Coronet Metals Peru

Coronet is pleased to report progress in completing the sale of Coronet's Yanamina Gold project in Peru to Argus Metals Corp. As previously announced, upon completion, Coronet will hold 40% of Argus and have the right to maintain that ownership through any future financings by Argus. Closing of the transaction is subject to a number of conditions precedent, including satisfactory completion of final due diligence and exchange approval. The exact timing is outside Coronet's control but the Company anticipates the transaction will close during the summer.

Liberty Processing

Coronet is continuing to evaluate options for the project, including alternative sources of feed material, partnering with operating mines or the possible sale of the lease and operating agreement. During this evaluation, operations have been suspended and the Company's focus is on preserving cash. Discussions with IMG Gold Recovery Inc. (See May 12, 2014 news release) about a partnering arrangement with Coronet at the Liberty facility has been terminated.

Corporate

The makeup of the Board and management team is being evaluated based on the new focus of the Company.

About Coronet Metals Inc.

Coronet Metals Inc. is currently re-evaluating the focus of the Company with emphasis on its White Caps Gold Project. The makeup of the Board and management team is being evaluated based on this new focus of the Company.

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