Coro Provides Update on Projects
January 12 2012 - 12:00PM
Marketwired
Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to
provide an update on its projects in Chile and Argentina, and
progress on the identification and acquisition of new
opportunities.
San Jorge Project
As stated in our news release of August 27th, 2011, Coro has
been reviewing its alternatives for seeking legal redress and
compensation from the Mendoza government resulting from the
unlawful denial of the ratification of the Company's valid and
approved Environmental Impact Declaration. This legal review has
now been completed and Coro will make a decision whether to file
suit against the Mendoza government and certain individuals,
shortly. The Company is also finalizing an engineering study which
defines an alternative development strategy for San Jorge, and
which we intend to present to the Argentinean authorities in the
next few weeks. Results of this study, and the outcome of these
discussions, will be released in Q1 12.
Berta Project
Located approximately 20km west of the village of Inca de Oro in
the III Region of Chile, Coro announced the terms for the 100%
acquisition of Berta in its news release of June 13th 2011 and
released encouraging assay results from a 24 hole RC drilling
program completed at the Berta Sur section of the property, on
September 27th, 2011. The Company has now completed a grid
geochemistry sampling program, an IP survey, initial reconnaissance
mapping, and has expanded the property position by staking. In
addition to the mineralization drilled at Berta Sur, this work has
resulted in the identification of several strongly feldspar altered
porphyritic intrusives containing disseminated, oxidized
chalcopyrite with coincident strong copper geochemistry, exposed
intermittently over a strike length of 2,000m, and open to the
south, adjacent to a major NNE oriented strand of the Chivato
fault, (See Figure 1). The northernmost 700m of this mineralized
trend has a coincident strong IP chargeability anomaly, open to the
NNE. This newly identified mineralization has essentially not been
drill tested previously. Additional geochemical and geophysical
anomalies and associated mineralization requiring follow up, have
also been identified both on the optioned property and on the newly
staked ground. Detailed mapping is in progress prior to the
initiation of a second round of drilling later in Q1.
Chacay Project
Located 12km southeast of Teck Resources Relincho copper
project, and 50km east of the city of Vallenar in the III Region of
Chile, Coro announced continuing encouraging diamond drill results
in its news release of October 12th, 2011. The Company has now
completed an extensive petrographic review of drill samples and
will be completing detailed surface mapping aimed at providing a
better understanding of the project's geology, particularly the
interrelationships of the various mineralized porphyry types that
have been identified to date. The review of drill samples and
surface outcrops confirms that the enrichment blanket is related to
the development of extensive phyllic alteration which affects a
granodiorite host rock and various types of porphyries that intrude
it. The mapping will be succeeded by a drill program to define a
resource for the enrichment blanket and potentially, to further
explore the underlying primary copper-gold-molybdenum
mineralization, where the presence of bornite has now been
confirmed.
New Projects
Coro has identified three new porphyry copper prospects in
northern Chile, which have potential to host significant
mineralization; terms have been agreed with owners of one of these
properties and discussions are advanced on a second. Further
details will be announced once the relevant contracts have been
executed. A generative exploration program for both porphyry copper
and gold deposits is under way.
Alan Stephens, President and CEO of Coro commented, "We
anticipate that 2012 will be an exciting year for Coro as we add to
our portfolio of significant porphyry copper projects in Chile, and
systematically drill them. We also anticipate that the future of
San Jorge will become much clearer over the coming months."
As of December 31, 2011 the Company had approximately CA$12
million in cash, and is well funded to advance its projects.
CORO MINING CORP.
Alan Stephens, 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 advanced
San Jorge copper-gold project, in Argentina, and the Berta, Chacay,
Llancahue, and Celeste copper exploration properties located in
Chile.
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 the prices of copper, estimated
future production, estimated costs of future production, permitting
time lines, 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.
To view the map associated with this press release, please click
on the following link:
http://media3.marketwire.com/docs/c111.pdf
Contacts: Coro Mining Corp. Michael Philpot Executive
Vice-President (604) 682
5546investor.info@coromining.comwww.coromining.com
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