September 16 2016, Marimaca Copper Corp. (“Coro” or the “Company”) (TSX Symbol: COP) announces the retirement of Michael Philpot, who has resigned as Executive Vice President and Director. He has generously agreed to continue as a consultant for a period of 6 months, extendable by mutual consent, in order to continue to manage the Company’s investor communications while we seek his replacement.
Alan Stephens, President and CEO of Marimaca Coppercommented, “Michael and I founded Marimaca Copperin 2005 and we have weathered a number of major storms together in order to achieve our objective of becoming a copper producer, which we finally did earlier this year. In addition, we now stand on the brink of significant success at Marimaca. Michael must take much of the credit for our success and I am pleased that he has agreed to stay on to assist in our succession planning. On behalf of my fellow directors and employees, I wish him a long, healthy and enjoyable retirement.”
Michael Philpot commented, “I am proud of what Marimaca Copperhas achieved to date and look forward as a major shareholder to its continued growth as Marimaca is brought to account. I am also very pleased to be able to play a role in the strengthening of the management team over the coming months.”
CORO MINING CORP.
President and CEO
About Marimaca Copper Corp.:
Coro’s strategy is to grow a mining business through the discovery, development and operation of “Marimaca Coppertype” deposits. These are defined as projects at whatever stage of development, that are well located with respect to infrastructure and water, which have low permitting risk, and which have the potential to achieve a short and cost effective timeline to production. Our preference is for open pit heap leach copper projects, where we will seek to minimise capital investment rather than maximise NPV, where we will prioritise profitability over production rate, and finally, where the likely capital cost is financeable relative to our market capitalization. The Company’s assets include its 65% interest in SCM Berta; the Marimaca project; the Llancahue prospect, optioned to Industrias Peñoles; and a royalty on the San Jorge copper-gold project located in Argentina.
For further information please visit the Company’s website at www.coromining.com or contact Michael Philpot, Executive Vice-President at (778) 240 2555 or (604) 682 5546 or [email protected] or François Perron at Renmark Financial Communications Inc at (416) 644-2020 or (514) 939-3989 or [email protected] or www.renmarkfinancial.com.
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Such forward-looking statements or information, include but are not limited to those with respect to the geological potential and size of Marimaca. Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Coro’s ability to predict or control and may cause Coro’s actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the operation of the Nora Plant, copper price volatility, and changes in debt and equity markets. Such forward-looking statements are also based on a number of assumptions which may prove to be incorrect, 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.
Accordingly, readers should not place undue reliance on forward-looking statements. Marimaca Copperundertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.