Coro Announces Propipe Makes Berta Option Payment and Acquires 10% of SCM Berta
June 11th 2013, Coro Mining Corp. (“Coro” or the “Company”) (TSX Symbol: COP) is pleased to announce that, as described in the Company’s news release dated 8th May 2013, its partner ProPipe SA, (“ProPipe”) has made the US$500,000 option payment due to the underlying owner of the Berta property. As a result, Propipe has acquired an initial 10% shareholding in SCM Berta, a new company established to develop and operate the Berta property which hosts a copper oxide deposit and is located approximately 20km west of the village of Inca de Oro, in the III Region of Chile. Propipe has the right to earn up to a 50% interest in SCM Berta, with Minera Coro Chile Ltda., Coro’s 100% owned Chilean subsidiary, holding the remainder, by completing additional work on the property and obtaining and structuring project financing.
Alan Stephens, President and CEO of Coro commented, “We are delighted that ProPipe has made this initial investment in Berta. ProPipe is currently undertaking additional metallurgical test work and engineering & environmental studies for the project aimed at advancing it rapidly to a production decision. A resource update, incorporating the Berta Central deposits, is nearing completion and will be announced shortly.”
Berta is a modest sized, near surface, copper oxide deposit, with mineralization, as defined by drilling, mapping and geochemistry, occurring in three principal areas; Berta Sur, Central and Norte. Mineralization is associated with sub-vertical, elongate, potassically altered porphyry intrusive bodies and related hydrothermal and intrusive breccias, emplaced into a tonalite stock. At Berta Sur, this mineralization is present within a roughly horseshoe shape area with oxidation extending from surface to depths of 50m to 100m. Berta Central comprises several smaller bodies, located immediately north of Berta Sur, which were the focus for previous small scale copper oxide production. Berta Norte comprises several, discreet, NW oriented zones of mineralization, individually 25-85m in width, 100-250m in strike length and partially gravel covered.
Coro announced a NI43-101 compliant resource estimate for the Berta Sur area, in its news release dated December 6th 2012, the results of preliminary metallurgical test work in its news release dated November 5th 2012, and the signing of a Letter of Intent with ProPipe in its news release dated May 8th 2013. There are additional resources on the property in the Berta Central deposits, and there is potential elsewhere on the property and in the surrounding district to augment these.
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.
Alan Stephens, FIMMM, President and CEO of Coro, a geologist with more than 37 years of experience, is the Qualified Person for Coro who has reviewed and approved the contents of this news release.
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 Berta copper development project and the Payen, El Desesperado, Llancahue exploration properties all located in Chile; and the advanced San Jorge copper-gold project, 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 resources, the potential for additional resources and the timeline to a production decision, 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.