Coro Announces Agreement to Purchase Claims Adjacent to its Marimaca Copper Project, Chile
January 22, 2018 – Vancouver, B.C. - Coro Mining Corp. (“Coro” or the “Company”) (TSX Symbol: COP) is very pleased to announce that it has entered into a promise to purchase and sell agreement with a local Chilean company to acquire a 379 hectare package of mining claims (the “SM Claims”) immediately adjoining its Marimaca property to the north and south. The Marimaca project is located 22km east of the port of Mejillones in the II Region of Chile (Figure 1).
Coro will acquire the claims for a total cash consideration of US$6,000,000, comprising a payment on signature of US$100,000 (paid) and the balance of US$5,900,000 payable on completion of due diligence and certain other transfers of title. In addition, the claims will be subject to a 2% Net Smelter Return (“NSR”).
“We are very pleased to have executed this agreement which represents a major step in our development of the Marimaca district,” commented Coro President and CEO, Luis Tondo. “The claims being acquired (Figure 2), immediately adjoin the northern boundary of Marimaca and consolidate the property position in this highly prospective area. They also cover a large area of ground to the south of Marimaca where Coro has identified attractive drill targets. We plan to start drilling the SM claims as soon as the transaction is complete.
In addition, Coro has staked a new mining claim adjoining Marimaca to the south west and connecting with the large 100% owned Ivan claim block which we acquired in 2017. Finally, we have staked a large block of exploration concessions covering much of the Marimaca district.
We look forward to completing the acquisition of the SM Claims in due course so that we can pursue an aggressive drilling campaign on our consolidated property which we are confident will demonstrate the full potential of Marimaca.”
Fig 1: Marimaca Location
Fig 2: Marimaca District Coro Claim Map
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 Company’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 Company’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.
For further information:
Contact Naomi Nemeth, VP Communications/IR at +1 (647) 556 1023, +1 (604) 682 5546, Toll free +1 877 702 2676 or firstname.lastname@example.org
Visit our website site at www.coromining.com
Email us at email@example.com
Follow us on Twitter @coromining1
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 timing of future results and further programs. 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 completion of assays, drill rig availability and ability to finance. 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.