Coronet Provides Corporate Update Plans for the Future

Vancouver, British Columbia--(Newsfile Corp. - September 17, 2014) - Theo van der Linde, President of Coronet Metals Inc. (TSXV: CRF) (FWB: 2CM) (OTCQX: CORMF) ("Coronet" or the "Company") provides the following corporate update:

Since my last update (news release July 14, 2014), Coronet's management team has reviewed and is evaluating numerous business alternatives for Coronet. At this time we are only part way through this process but we are able to provide shareholders with this near-term plan for Coronet's future.

Update on Liberty Project, Nevada

Liberty has faced numerous challenges and management has considered all options available for the project including sourcing higher grade feed material, partnering with operating mines, and selling our lease and operating agreements. The first two alternatives were not viable primarily due to Coronet's weak financial position and the absence of adequate equity financing in this difficult financial market. Therefore, management is pursuing the only other viable option, i.e. selling the lease and operating agreements to a third party. The cash proceeds, if such a sale was successful, would support near-term corporate operations allowing additional much-needed time to complete and implement a comprehensive business restructuring plan.

Update on Yanamina Gold Project, Peru and White Caps Project, Nevada

The sale of Coronet's Yanamina Gold Project to Argus Metals Corp is progressing. There is still a number of conditions precedent to be satisfied, including completion of the buyer's due diligence review and TSX Venture Exchange approval. The exact timing to completion remains uncertain; however, management's expectations are for a closing within 30 to 60 days. Assuming that both the Liberty and Yanamina dispositions close, Coronet would retain its interests in Argus Metals Corp. (40%) and the White Caps Project (100%). The White Caps project remains a core asset and management is actively evaluating the Bureau of Land Management permitting requirements as well as seeking joint venture partners to fund the next stages of exploration and development.

Corporate Reorganization

The Board and Management have determined that a major restructuring of the Company including both changes to the Board of Directors and a capital consolidation are essential to the future of the Company. At the Annual and Special General Meeting scheduled for October 10, 2014 three incumbent board members, Leonard Harris, David Kaplan and Douglas Newby, will not stand for re-election. Management will propose a five person board with only three nominees, incumbents Joel Dumaresq, Steven Stine and Theo van der Linde, to be elected at the meeting leaving two seats open for future appointments. Management will also propose a 1 for 12 consolidation of the Company's issued capital, a change of name and changes to the Company's articles.

Commentary

"As we look forward to building a new and promising future for the Company I want to extend my thanks to departing directors Leonard Harris, David Kaplan and Douglas Newby for their support, encouragement and contributions to the Company during their tenure. In spite of recent business setbacks and the continuing difficult financial markets, management remains committed to rebuilding the Company and restoring shareholder value."

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