Sun Valley Gold LLC: Control and Direction Over Common Shares and Warrants of Coventry Resources Inc.

SUN VALLEY, IDAHO -- (Marketwired - May 3, 2013) - Sun Valley Gold LLC ("Sun Valley") announced today that on February 22, 2013 it acquired control and direction over 6,000,000 units ("Units") of Coventry Resources Inc. ("Coventry") on behalf of Sun Valley Gold Master Fund, Ltd. (the "Master Fund"), a client account over which it has discretionary trading authority. The Units were acquired as part of a public offering by Coventry of a total of 18,750,000 Units for a subscription price of $0.32 per Unit. Each Unit consisted of 0.3 common shares (each whole share, a "Common Share") of Coventry and one subscription receipt (a "Subscription Receipt"). On April 19, 2013, each Subscription Receipt was automatically exercised, without payment of any additional consideration, for 0.7 Common Shares and one half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one Common Share at a price of $0.45 per share until October 19, 2014. The net result of the offering and subsequent exercise of Subscription Receipts is that Sun Valley acquired control and direction over an aggregate of 6,000,000 Common Shares and 3,000,000 Warrants, in each case for and on behalf of the Master Fund.

Following completion of the offering and subsequent exercise of Subscription Receipts, Sun Valley exercises control and direction over an aggregate of 13,635,654 Common Shares and 3,000,000 Warrants for and on behalf of the Master Fund. The 13,635,654 Common Shares over which Sun Valley exercises control and direction for and on behalf of the Master Fund represent approximately 14.99% of the issued and outstanding Common Shares. If exercised, the 3,000,000 Warrants over which Sun Valley exercises control and direction for and on behalf of the Master Fund would, together with the 13,635,654 Common Shares over which Sun Valley exercises control and direction for and on behalf of the Master Fund, represent approximately 17.70% of the issued and outstanding Common Shares (after giving effect to the exercise of such Warrants, but not the exercise of any other warrants previously issued by Coventry).

The sole holders of common shares of the Master Fund are Sun Valley Gold International, Ltd., of which Sun Valley is the Investment Manager, and Sun Valley Gold, L.P., of which Sun Valley is the General Partner. Sun Valley is the investment manager for the Master Fund, and has discretionary trading authority over the securities of Coventry issued to the Master Fund.

The securities of Coventry were acquired for investment purposes. Sun Valley and the Master Fund may increase or decrease their ownership of securities of Coventry depending upon future market conditions.

FOR FURTHER INFORMATION, OR TO OBTAIN A COPY OF THE EARLY WARNING REPORT FILED BY SUN VALLEY AND THE MASTER FUND UNDER APPLICABLE SECURITIES LEGISLATION, PLEASE SEE THE CONTACT INFORMATION BELOW.



Contact

Sun Valley Gold LLC
Linda J. Kish, Chief Legal Officer
(208) 726-2399
(208) 726-0842 (FAX)