Coro Signs Purchase Agreement for Acquisition of Ivan SXEW Plant for Marimaca Project, Chile
June 9, 2017, Vancouver, Canada- Coro Mining Corp, (“Coro or the Company”) (TSX:COP) is pleased to announce that it has signed the purchase agreement for the acquisition of Minera Rayrock Ltda (“Rayrock”), a Chilean subsidiary of Compañía Minera Milpo S.A.A (” Milpo”) a Peruvian mining company, which owns the Ivan SXEW (solvent extraction & electrowinning) processing plant, located 18km south of the Company’s Marimaca project. The formal registration of the change of ownership is expected early next week.
“The completion of the Rayrock purchase, which will enable us to accelerate production from our Marimaca project, represents another in the succession of strategic objectives that Coro anticipates achieving in 2017,” commented CEO Alan Stephens. “The Ivan plant has been on care and maintenance for the past five years and has been maintained in good condition such that we believe it may be put back into production in a reasonable time and for a reasonable cost.”
In addition to the Ivan SXEW plant, with its installed capacity of 10,000 tonne per year copper cathode, this purchase includes 23,748 hectares of mining claims (“Ivan Claims”) extending between Marimaca and Ivan. Rayrock also owns 14,505 hectares of mining claims (“Sierra Medina claims”) located some 42km north east from Ivan and 30km east from Marimaca, which are also included in this purchase. Milpo has retained a 2% net smelter return (“NSR”) on all production from the Rayrock mineral properties. Coro may acquire half the NSR for US$2m at any time and will have a right of first refusal over the NSR.
About Coro Mining Corp.:
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 any stage of development, which are well located with respect to infrastructure and water, have low permitting risk, and have the potential to achieve a short and cost effective timeline to production. The Company’s preference is for open pit heap leach copper projects, where minimizing capital investment takes priority over maximizing NPV, where profitability is prioritized over production rate, and finally, where the likely capital cost is financeable relative to the Company’s market capitalization. The Company’s assets include the Marimaca development project; its 65% interest in the SCM Berta company, which includes the Berta and Nora operations; the Planta Prat project; the Llancahue prospect; and a royalty on the San Jorge copper-gold project located in Argentina.
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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 production estimates. 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 production capacity of the Ivan Plant.
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. Coro undertakes 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.