|May 07, 2010|
Coro Provides Update On San Jorge Project And Announces Acquisiton Of Celeste Project
|May 7, 2010, Coro Mining Corp. ("Coro" or the "Company") (TSX Symbol: COP) is pleased to provide an update on its San Jorge advanced copper gold project located in the Province of Mendoza, Argentina and announce the acquisition of the Celeste copper project, located in the III Region of Chile, from Atna Resources Ltd. ("Atna")|
San Jorge Project
The Company is pleased to confirm that it intends to make its US$2 million option payment to Lumina Copper Corp, due on May 10, 2010 and has agreed with Lumina that this payment may be made at any time prior to June 10, 2010 with no penalty.
In its news release of April 13, 2010, the Company announced that it had been advised by the Environmental Authority of the Provincial Government of Mendoza, that it required an additional study to be completed to provide further hydrological information on the project. The Company has now responded to the Authority with respect to its request and anticipates a formal response shortly. Coro is fully committed to developing San Jorge in such a way that no water resources would be affected by contamination, as required by local and national laws and regulations, and by international best practices.
Alan Stephens, President and CEO of Coro commented, "We completely understand the government's desire to have greater certainty regarding the protection of the water resources in Mendoza Province, and we are in discussions with them on how best to achieve this. Coro looks forward to continuing to advance the project through the EIS approval process."
Coro, through its subsidiary, Minera San Jorge, continues to follow a policy of complete transparency and frankness, and has stressed the economic and employment benefits of the project to Argentina, as well as a commitment to exacting industry standards in environmental management, and has invited citizen participation in the environmental monitoring of the operation. The Company has demonstrated its commitment to water conservation through the proposed use of paste tailings, which minimizes water usage through recycling. It has committed to train as many local residents as possible for employment in the future operations at San Jorge.
The Company is also pleased to announce that its 100% owned Chilean subsidiary, Minera Cielo Azul Ltda., has acquired, subject to regulatory approval, the Celeste Property, located 47km northeast of the port of Chanaral, III Region, Republic of Chile, from Atna. Coro had previously held the Property under a lease agreement from Atna, and completed an exploration program during the period 2006-2007.
The terms of the acquisition are as follows;
- Issuance of 150,000 common shares of Coro to Atna
- Payment of 0.5% Net Smelter Return royalty ("NSR") to Atna starting in the fifth year from Commencement of Commercial Production on the Property
- Assumption of underlying royalty to Teck Resources, comprising a 3% NSR from Commencement of Commercial Production on the Property, reducing to a 2% NSR from the fifth year onwards.
Alan Stephens commented, "We are pleased to have acquired Celeste on reasonable terms. Previous drilling on the Property indicates that broad zones of structurally controlled, copper sulphide mineralization are present, and will be the target for future exploration by the Company."
The Celeste Property is contiguous with and along strike to the northeast from, the ENAMI owned Cerro Negro Iron Oxide Copper Gold ("IOCG") type deposit. Small scale artisinal copper mining activity has been carried out in the Celeste area since the early 1900's. Mineralization at Celeste is also of IOCG type, and occurs predominantly within north-northeast oriented, east dipping, swarms of veins and veinlets, and as disseminations in favourable units, cross cutting Cretaceous age andesitic volcanic and intrusives. Potential for significant copper oxide mineralization is constrained by the generally shallow depth of oxidation.
In the period 1994 to 2002, Cominco, (later Teck Resources), Phelps Dodge and Atna conducted exploration activities at the Celeste Property, including the drilling of 18 RC holes for 4,161 m and 16 DD holes for 4,639 m. In 2006-2007, MCAL completed a surface exploration program and drilled 19 RC holes for a total of 3,650m, results of which were announced in the Company's news release dated December 6, 2007.
No resource estimates have been completed on the property.
Valley High Ventures
The Company continues to be encouraged by the recent results from Valley High Ventures ("Valley High") ongoing phase 2 drill program at the Cordero silver, gold, zinc and lead, porphyry district in Mexico. For full results of this ongoing drill program and development of Cordero project reference should be made to Valley High's website at www.valleyhighventures.com. Coro currently holds 9,140,353 shares (a 20.5% interest) in Valley High.
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 and precious 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. Coro's properties include the advanced San Jorge copper-gold project, in Argentina, and the Chacay, Llancahue and Celeste copper exploration properties located in Chile. The Company also holds 9,140,353 shares (a 20.5% interest) in Valley High, which holds the Cordero property in Mexico (www.valleyhighventures.com).
For further information please visit the Company's website at www.coromining.com or contact Michael Philpot, Executive Vice-President at (604) 682 5546 or 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.