|February 28, 2008|
Coro Announces Appointment Of Auramet To Assist With Debt Financing Of Cerro Negro - NR 08-04
|February 28, 2008 Coro Mining Corp. ("Coro" or the "Company") (TSX Symbol: COP) is pleased to announce that it has engaged Auramet Trading, LLC ("Auramet") to provide financial advisory services in connection with the securing of debt financing associated with the Company's acquisition and further development of the Cerro Negro Copper Mine in Chile.|
Alan Stephens, President and CEO of Coro commented, "The appointment of Auramet as our financial advisor for the Cerro Negro acquisition will help ensure that the Company is evaluating all possible debt financing opportunities. In addition, their significant experience and relationships with Lenders, and established track record of closing deals helps reduce the Company's financing risk on this transaction."
About Cerro Negro:
Cerro Negro comprises a combined open pit and underground operation producing copper cathodes and copper sulphate via heap leach, and copper-silver concentrates via flotation, as well as toll treating third party oxide ores via an agreement with Enami, a Chilean State owned mining company. Current copper cathode production capacity, including toll treatment, is approximately 6,000 tonnes per year, concentrator production capacity is approximately 9,600 tonnes of copper-silver concentrates per year, and copper sulphate production capacity is approximately 4,200 tonnes per year.
Coro has agreed to effectively acquire 100% of Cerro Negro for a total purchase price of US$40,000,000. For further information reference should be made to the Company's 08-02 News Release - Coro Signs Option to Acquire Operating Copper Mine in Chile.
Auramet Trading LLC, a New Jersey based international metals trading and advisory group whose principals have over 100 years of industry experience and have recently completed a number of financing tasks for Canadian mining companies.
CORO MINING CORP.
President and CEO
About Coro Mining Corp.:
The Company was founded with the goal of building a mining company focused on medium-sized base metals deposits in Latin America. The Company intends to achieve this through the exploration for, and acquisition of, projects that can be developed and placed into production and it has established an experienced development and exploration team to accomplish this. The Company has two main properties; Barreal Seco, in Chile and San Jorge, in Argentina, as well as other exploration properties located in Chile and Mexico.
For further information please visit our website at www.coromining.com or contact Michael Philpot, Executive Vice-President, at (604) 682 5546 or email firstname.lastname@example.org
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to the prices of copper, estimated future production, estimated costs of future production, permitting time lines, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of copper, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's documents filed from time to time with the securities regulators in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador.