News Release 16-02
April 27 2016, Marimaca Copper Corp. (“Coro” or the “Company”) (TSX Symbol: COP) is pleased to provide the following update on its Berta operation.
As announced on February 9, 2016, the Nora plant commissioning was successfully completed and the SCMB continues to process dump material from various sources surrounding the Nora plant. Nora has not yet achieved commercial production and it is expected to do so when trucking of higher grade material from the Berta deposit commences in the second quarter of 2016.
Production for the three months ended March 31, 2016 was 342 tonnes of copper from dump material and existing spent ore stock piles at the Nora site. Production during the quarter was negatively affected by inadequate performance of the Nora primary crusher, and to rectify this, SCMB has leased a 1mtpy capacity semi mobile crusher to augment production.
SCMB is currently developing a revised mine plan for the trucking of higher grade material from Berta; this plan is based on recently completed detailed shallow grade control drilling and, together with additional metallurgical and geotechnical information, will be incorporated into a Preliminary Feasibility Study that is scheduled for completion in the second quarter of 2016. In addition, SCMB is in the process of expanding the capacity of the Nora plant from 3 to 5ktpy of cathode copper.
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 Planta Prat and Marimaca projects; the Llancahue prospect, optioned to Industrias Peñoles; and a royalty on the San Jorge copper-gold project located in Argentina.
For further information please either:
- Visit the Company’s website at www.coromining.com
- Contact Michael Philpot, Executive Vice-President at (604) 682 5546 or email@example.com or
- Contact François Perron at Renmark Financial Communications Inc at (416) 644-2020 or (514) 939-3989 or firstname.lastname@example.org or www.renmarkfinancial.com
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 commercial production, expansions and timing of production. 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.