VANCOUVER, Aug. 15, 2012 /PRNewswire/ – Coronado Resources Ltd. (TSXV: CRD) is pleased to announce that it has closed the previously announced
non-brokered private placement of 50 million common shares at a price
of $0.12 per share for gross proceeds $6 million, subject to certain
resale and transfer restrictions under applicable securities laws and
policies of the TSX Venture Exchange. Certain subscribers are subject
to additional resale and transfer restrictions upon which 10% of the
subscribers’ securities may be traded on or after August 14, 2013 and
an additional 7.5% of the subscribers’ securities may be traded on or
after every subsequent six-month period until the remaining
subscribers’ securities may be traded on or after August 14, 2016.

The net proceeds of the non-brokered private placement will be used by
the Company to maintain current operations at the Madison property, to
identify and pursue new business opportunities and for general working
capital purposes.

Coronado also wishes to announce that upon closing of the non-brokered
private placement, as described above, TAG Oil Ltd. (TSX: TAO) became a
Control Person of the Company. Pursuant to the terms of a subscription
agreement dated August 14, 2012 between TAG and the Company, TAG
acquired 25,975,000 common shares in the capital of the Company through the non-brokered
private placement for gross proceeds of $3,117,000. The common shares
acquired by TAG pursuant to this transaction represent approximately
40.2% of the total issued and outstanding common shares of the Company
on an undiluted basis as of the date of this news release.

Furthermore, the Company reports that Mr. Eugene Larabie has tendered
his resignation as President, CEO and a director of Coronado. The
Company would like to thank Mr. Larabie for his contributions. Ms.
Laurie-Ann Larabie has also tendered her resignation as CFO and
Corporate Secretary of the Company. Mr. Daniel Brown will serve as
interim CEO and CFO of the Company, and Mr. Giuseppe (Pino) Perone
LL.B., will join the Company’s board of directors and serve as
Corporate Secretary.

The foregoing information contains forward-looking statements including
but not limited to statements regarding a proposed private placement
and the use of proceeds from such private placement. In making the
forward-looking statements in this release, the Company has applied
certain factors and assumptions that are based on information currently
available to the Company as well as the Company’s current beliefs and
assumptions made by the Company, including that the Company’s
operations at the Madison project will continue at their current
levels. Although the Company considers these beliefs and assumptions
to be reasonable based on information currently available to it, they
may prove to be incorrect, and the forward-looking statements in this
release are subject to numerous risks, uncertainties and other factors
that may cause future results to differ materially from those expressed
or implied in such forward-looking statements. Such risk factors
include, among others, that the private placement will not be
completed, that the Company’s operations at the Madison project will
not continue at their current levels, and that the Company will be
unable to obtain or will experience delays in obtaining any required
regulatory and shareholder approvals. Although the Company has
attempted to identify important factors that could cause actual results
to differ materially from those contained in forward-looking
information, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking information. The Company does not undertake to update
any forward-looking information, except in accordance with applicable
securities laws.

Neither 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.

SOURCE CORONADO RESOURCES LTD.