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when a student makes a pronunciation mistake you can ask him a question including the word he mispronounced. ex.: the student pronounced the word "read" as "red" you can ask him why is it important to read? and what are the latest books you have "read"? this way you show him the different pronunciation forms and their usage; if the case needs further clarification you can point the class' attention to that the past form of read is "read" which is pronounced like the color "red" (homonyms concept).
Avoid directly correcting the student or making him feel ashamed because oral skills are hard to develop without practice.