January 9, 2018, Vancouver, Canada- Coro Mining Corp, ("Coro or the Company") (TSX:COP) is pleased to announce that it has finalized its agreement to acquire 100% of the Naguayan property from a local Chilean company. The property comprises a large block of exploitation claims totalling 1,075 hectares located NE and E of the Companyâ€™s Marimaca project, which in turn is located 22km E of the port of Mejillones in the II Region of Chile (Figures 1 and 2). Coro will acquire this property through its wholly-owned local subsidiary. The Company signed a Letter of Intent to acquire this property in October 2017 (see Coro press release dated October 17, 2017) for the details of this acquisition.
â€œThe acquisition of the large Naguayan claim block is an important step in the consolidation of the Marimaca district and we look forward to integrating these properties into our plans for aggressively exploring the district during 2018,â€ commented Coro President and CEO Luis Tondo.
About Coro Mining Corp.:
Coro’s strategy is to grow a mining business through the discovery, development and operation 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 Companyâ€™s preference is for open pit heap leach copper projects, where minimizing capital investment and creating profitability are priorities and, where the likely capital cost is financeable relative to the Companyâ€™s market capitalization. The Company’s assets include the Marimaca development project; its 65% interest in the SCM Berta company, which owns the Berta mine and Nora plant and the Llancahue prospect.
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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 drill programs and exploration potential. Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Coroâ€™s ability to predict or control and may cause Coroâ€™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. 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.
Fig 1: Marimaca Location
Figure 2: Naguayan Claims together with Coroâ€™s Marimaca, La Atomica & Rayrock Claim Blocks