News Release 13-12
November 7 2013, Coro Mining Corp. (“Coro” or the “Company”) (TSX Symbol: COP) is pleased to announce that its subsidiary, SCM Berta S.A. (“SCMB”) and a third party have executed a preliminary agreement which accompanied SCMB’s submission of an Environmental Impact Declaration (“EID”) for the Berta project, located approximately 20km west of the village of Inca de Oro, in the III Region of Chile. The agreement contemplates the treatment of pregnant leach solution (“PLS”) from Berta at the third party’s SXEW operation, and the parties are working towards the completion of a definitive agreement for the proposed arrangement.
Subject to SCMB obtaining its environmental permits, execution of the definitive agreement, completion of engineering studies and arrangement of project financing, the third party would treat PLS from Berta and would supply water to Berta, for a period of 5 years. Development of the project would include the construction by SCMB of a pipeline between Berta and the third party’s processing facilities.
The EID was funded by ProPipe as part of their work commitment to earn up to a 50% interest in SCMB, and as a consequence of submitting the EID, ProPipe have earned a 13% total interest in SCMB.
Alan Stephens, President and CEO of Coro commented, “Coro is focused on expeditiously advancing Berta to production as our core development project. Under the proposed arrangement, the only processing facilities required at Berta would be a crusher, an agglomerator, the leach pads and the pipeline. The EID evaluation process is anticipated to take approximately 6 months, and a Preliminary Economic Assessment for the project is nearing completion. We look forward to SCMB executing the definitive agreement with the third party; to completing the engineering studies; to obtaining the required environmental permits; and to obtaining financing for the project, which is anticipated to produce 5,000-10,000 tonnes of cathode copper per year.”
Berta is a near surface, copper oxide deposit, with mineralization, as defined by drilling, mapping and geochemistry, occurring in three principal areas; Berta Sur, Berta Central and Berta Norte. It is associated with sub-vertical, elongate, potassically altered porphyry intrusive bodies and related hydrothermal and intrusive breccias, emplaced into a tonalite stock. Oxidation extends from surface to depths of 50m to 100m. Berta Sur comprises a single, coherent body of mineralization that has not been previously mined, while Berta Central comprises several smaller bodies, located immediately north of Berta Sur, which were the focus for previous small scale artisanal copper oxide production. Berta Norte comprises several, discreet, NW oriented zones of mineralization, individually 25-85m in width, 100-250m in strike length and largely gravel covered. A resource estimate has not yet been completed for Berta Norte. Coro has identified potential for additional copper oxide resources elsewhere on the property, and in the surrounding district.
Coro announced a NI43-101 compliant resource estimate for the Berta Sur area, in its news release dated December 6th 2012 and the results of preliminary metallurgical test work in its news release dated November 5 2012. On May 8 2013, the Company announced that it had signed a Letter of Intent (“LOI”) with ProPipe SA, (“ProPipe”) an engineering firm based in Santiago, Chile giving ProPipe the right to earn up to a 50% interest in the Berta property by funding the further development of the project. On August 7 2013, Coro announced an increased resource estimate for Berta together with the results of additional metallurgical test work. The shareholder’s agreement for SCM Berta, formed by Coro and ProPipe, is being finalized.
About ProPipe SA
ProPipe is a Chilean supplier of consultancy, engineering and project management services to its customers in the mining process, infrastructure and environment markets. ProPipe have relevant experience in conceptual and basic design, preliminary feasibility and feasibilities studies, and detailed engineering for mining companies in Chile. Some of its principal clients are BHP Billiton (Minera Escondida), Antofagasta Minerals (Minera Los Pelambres, Minera El Tesoro, and Minera Esperanza), Minera Las Cenizas and Algorta Norte. ProPipe’s recent projects include the Camarones 7,000 tonne per year copper cathode plant, the Algorta Norte 78 km sea water pipeline, and Minera Escondida’s Coloso filter plant expansion project.
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 Berta copper leach project and the Payen, El Desesperado, Llancahue, and Celeste copper exploration properties, all located in Chile, and the advanced 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 (604) 682 5546 or email@example.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 timing of environmental approvals and signing of definitive agreements, 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.