Coronet Metals Inc. Enters Into Consulting Services Agreement With Doyle Investments Inc. and Grants Stock Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 12, 2011) - Coronet Metals Inc. (TSX VENTURE:CRF) ("Coronet" or the "Company") announces that it has engaged Doyle Investments Inc. ("Doyle") of Vancouver, British Columbia, pursuant to which Doyle has agreed to provide guidance, marketing and strategic capital markets advice to the Company. These services include building relationships with financial professionals, institutional investors and media contacts.

The initial term of the engagement is one year, commencing October 1, 2011. In consideration for these services, the company has agreed to pay Doyle consulting fees in the amount of $10,000 per month, plus reimbursement of certain expenses, and will grant Doyle stock options to purchase 700,000 Coronet common shares within 30 days of the commencement of the engagement at an exercise price equal to the last trade price prior to the grant date. The options will be exercisable for up to four years. Doyle provides consulting services to public companies, and is at arm's length to the Company. The principal of Doyle is Paul Lathigee. Mr. Lathigee has over 30 years' experience in public markets including serving as an officer of Toronto Stock Exchange and AMEX listed mineral exploration companies and providing a variety of investor relations services.

About Coronet:

Coronet Metals is a fully-funded junior gold exploration and development company focused on "advanced stage" gold and silver projects in mining-friendly Latin American jurisdictions. The proven management team has over 150 years' collective regional development and production expertise, project funding history, and public relations experience with governmental, non-governmental and community groups. For further information, please visit the Company's website at www.coronetmetals.com.

This news release contains certain forward-looking statements, 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.
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