Coro Announces Acquisition of Nora SXEW Plant
September 1st 2015, Coro Mining Corp. (“Coro” or the “Company”) (TSX Symbol: COP) is pleased to announce that its subsidiary, SCM Berta (“SCMB”) has completed the purchase of the Nora SXEW plant, located 5km N of the town of Diego de Almagro in the III Region of Chile.
Nora was acquired from the receivers of the previous owners for approximately $3.3m and SCMB is currently completing rehabilitation works with a view to starting production in the fourth quarter of this year at the rate of 3ktpy copper cathode. The remediation required to lift the Nora plant suspension order has been largely completed and the order is expected to be lifted shortly; this is one of the principal Conditions Precedent for Tranche 2 of the financing package provided by Greenstone Resources L.P., as described in our June 16th 2015 news release.
Alan Stephens, President and CEO of Coro commented, “We are delighted that SCMB has finally completed the purchase of Nora which is the key to the rapid development of the Berta project. In keeping with our bootstrapping approach to project development, we are actively seeking to acquire additional resources in the Berta/Nora project area in order to facilitate the extension and/or further expansion of the operation.”
We have also initiated a drilling program at Berta comprising 1000m of reverse circulation drilling to further define the Berta Central deposits and 500m of diamond drilling to provide samples for additional metallurgical test work and geotechnical information.
More detailed engineering studies have not been completed for the Berta project and so the normal progression from PEA to Preliminary Feasibility Study to Feasibility Study has not been followed in respect of making a production decision. Therefore, investors are cautioned that no mineral reserves have been declared and the level of confidence in the resources, metallurgy, engineering and cost estimation is not at a level normally associated with a project reaching a production decision.
Alan Stephens FIMMM, President and CEO of Coro, a geologist with more than 39 years of industry experience is the QP for Coro who has reviewed and approved the contents of this News Release.
Coro’s strategy is to grow a mining business through the discovery, development and operation of “Coro type” 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. Partners will be sought for any attractive projects identified that we do not have the financial capacity to develop alone. Coro’s principal assets are the Berta project, the Planta Prat copper development project and the Marimaca copper exploration prospect, all located in Chile.
CORO MINING CORP.
President and CEO
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 a proposed financing, construction and operation of the Berta project, metal prices, metallurgical results and resource estimates, 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 price of copper and iron, the factual results of current and future 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.