Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to
announce that it has entered into an option agreement to acquire
the El Desesperado Property from a local Chilean company. The 698
hectare property hosts porphyry copper style mineralization and is
located approximately 7km northwest of the city of Calama, and 16km
southwest of the world famous Chuquicamata copper mine, in the II
Region of Chile, at an elevation of 2,500m (Figure 1:
http://file.marketwire.com/release/COPFig1.pdf). The Toki Cluster
porphyry copper deposits currently being evaluated by Codelco, are
located immediately to the east of the property. They comprise the
major Toki, Quetena, Genoveva and Opache centers of porphyry copper
mineralization, each containing several hundred million tonnes of
copper oxide resources, grading 0.4-0.5%Cu, and entirely covered by
gravels.
In December 2011, Codelco initiated the permitting process for
production of cathode copper from the combined Quetena and Genoveva
deposits. According to the publicly available Environmental Impact
Study, this will involve an open pit at each of the deposits, the
trucking of 30,000tpd of higher grade ore to the existing SXEW
facilities at Chuquicamata, and 60,000tpd of Run of Mine dump
leaching at the project site, followed by pumping of solution to
Chuquicamata. Planned production is 528,000 tonnes of cathode
copper over the 10 year life of the project, with an average
production of 62,000 tpy Cu in the first five years. Capital
investment is estimated to be US$244,000,000.
The Genoveva planned open pit rim is located approximately 1km
to the east of the El Desesperado property, while the Opache
deposit is located approximately 2km to the east-southeast (Figure
2: http://media3.marketwire.com/docs/COPFig2.pdf).
Alan Stephens, President and CEO of Coro, commented, "We are
very pleased to have acquired the El Desesperado property. We
believe that it has significant potential for the discovery of a
new member of the Toki Cluster deposits, and we intend to complete
surface exploration and a drilling program to confirm this. El
Desesperado is the latest project in our Chilean porphyry copper
exploration portfolio, which consists of the Berta project, where
we expect to initiate a second drilling campaign shortly; the
Chacay project, where we have a identified a significant chalcocite
enrichment blanket; and Llancahue, where we plan additional
drilling later this year. Together with San Jorge in Argentina,
Coro is now evaluating five porphyry copper deposits, and we expect
to add to this total in 2012."
El Desesperado Option Terms
Coro may acquire 100% of the El Desesperado property for a total
of US$13,000,000 by making the following staged option
payments;
On signing: US$200,000 (paid)
12 months from signing: US$500,000
24 months from signing: US$1,300,000
36 months from signing: US$3,000,000
48 months from signing: US$8,000,000
In addition, a 1.9% sales royalty is payable on any production
from the property, over which Coro has a first right of
refusal.
About El Desesperado
Based on outcropping alteration, lithologies and copper oxides,
Coro believes there is good potential in the untested northern part
of the El Desesperado property to host significant mineralization
of similar style to the adjacent Genoveva and Quetena deposits.
These are associated with swarms of NNE oriented Eocene porphyry
dykes and stocks, intruded into both Paleozoic volcanics and
precursor Tertiary plutons. Zones of low grade copper
mineralization associated with potassic alteration are related to
the porphyries and higher copper grades occur where this has been
overprinted by sericite alteration, or where later veining is
present. The Toki Cluster deposits have been oxidized to depths in
excess of 100m beneath the gravel cover and host major copper oxide
resources, as well as significant underlying primary sulphide
mineralization.
Small scale open pit mining and vat leaching of copper oxide
bearing breccias, took place at the Quetena Mine on the property
during the 1960-70's, and it was subsequently explored by two major
mining companies, firstly in 1997-98 prior to the discovery of the
Toki Cluster; and secondly in 2004. The first company completed
wide spaced reverse circulation and diamond drilling (11 holes,
2,582m), mostly aimed at testing geophysical targets, while the
second company completed vertical reverse circulation drilling (2
holes, 700m) which tested two conceptual targets. In neither case,
was significant mineralization intersected; however, none of the
previous drilling was completed in the highly prospective northern
part of the property.
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 porphyry copper properties
include the Berta, Chacay, Llancahue, and Celeste exploration
projects located in Chile and the advanced San Jorge porphyry
copper-gold project, in Argentina.
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.
Contacts: Coro Mining Corp. Michael Philpot Executive
Vice-President (604) 682 5546investor.info@coromining.com
www.coromining.com
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