The Broadway mine, on the same claims immediately south of the Madison underground development, was mined from the 1880’s to the 1950’s.  It produced an estimated 450,000 tons of ore averaging .32 oz/t gold from 6000 feet of underground workings to a vertical depth of 750 feet.

In the 1980’s, exploration drilling was conducted northwest of the main Broadway underground workings. This was above a new zone being mined at the 900 level before the mine was closed in 1952. Drill programs were undertaken to outline a resource with an open pit design using lower grade mineralization cutoffs. The majority of the drill holes only tested the mineralization up to 400 feet in depth.

A Geological Summary Report to 43-101 standards was completed in August 2005. The writer concluded that “targets with relatively high grades of gold and copper exist within contact zones at the Madison Gold Property”. The report recommends exploring for continuation of excellent gold and copper grades seen in some holes and notes that many holes ended in gold or copper mineralization without determining the limits of the zone. The report also recommended conducting geophysics and deeper drilling of the porphyry target.

Coronado undertook a drilling program in 2005 with gold and copper intercepts encountered in all five holes. The most exciting results were intercepts of .380 and .354 oz/ton gold over 49 feet and 54.4 feet in two holes and an intercept of 27 feet of over 41% copper in the last hole.  Drilling in 2006 tested the vertical and eastern extension of the spectacular copper grades of Hole C05 - 6. Additional drilling was undertaken to test the limits of other high-grade gold zones along the mineralized contact. Eight diamond drilling holes were completed in 2006. The focus in 2007 was driving an underground ramp to access the high-grade zones of oxide gold and copper mineralization. Drill stations were cut in the underground ramp to further test and expand the mineralized zones. The underground decline was driven over 1500 feet at a -15% slope. A crushing plant, certified weigh scale and power were also brought to and installed on the property.

A contract was secured with Barrick’s Golden Sunlight Mine allowing oxide gold mineralization to be shipped for processing. Oxide gold mineralization totalling 2280 tons with grades to .694 oz/ton being shipped for recovery proceeds of $303,923 to February 28, 2008.  Gold and copper mineralization was brought to surface as it was encountered in the continuing underground development.

In 2008 the underground development reached its planned destination below the high grade copper zone which had an intercept of 27 feet of 41% copper from previous drilling.  In June 2008 a contract was secured with a metals broker in New York for copper mineralization to be delivered by container to a west coast port for shipment to a smelter in China. The first three shipments totalling 1310 dry short tons grading 17% to 24% copper were made in the fall of 2008. Recovery proceeds are dependent on commodity prices at settlement dates, less freight, brokerage and smelter costs. Due to the dramatic downturn in commodity prices in 2008, only $181,313 was received for settlement of these shipments.

The Company, in the fall of 2008, brought 826 tons of gold mineralization grading .650 oz/ton to surface. The Company signed a contract in January, 2009 with the Kinross refining facility in Republic, Washington to process the gold mineralization.  Shipment of the gold mineralization that was made in January and February, 2009 secured proceeds of $525,902 from the Kinross processing facility less $73,600 for trucking costs.