Coro Mining Corporation ("Coro", or the "Company") (TSX:COP) is
pleased to announce a new development alternative for San Jorge and
the highlights from the Copper Leach Project ("the Project") based
on a Preliminary Feasibility Study ("PFS") (the "Propipe PFS") by
Process and Pipeline Projects SA. ("Propipe"), based in Santiago,
Chile, which will be filed on SEDAR within 45 days. The Project is
located in the Provinces of Mendoza and San Juan, Argentina. This
announcement describes the highlights from the Propipe PFS for
development of the Project using heap leaching only, involving the
construction of an SXEW heap leach plant outside of the province of
Mendoza in the neighbouring pro-mining province of San Juan. Ore
transport would be by means of a 22km long railway line to be
constructed for the Project. Current legislation in the Province of
Mendoza prohibits the use sulphuric acid required in heap leaching
of copper ore. The Company and Propipe have received a legal
opinion that there should be no legal impediment to the transport
of ore between Mendoza and San Juan.
This PFS takes into account the outcomes of an engineering study
completed in 2008 by Ausenco Canada Inc. ("Ausenco"), as announced
in the Company's news release dated April 3, 2008, and revised and
updated by Propipe in late 2011. The Propipe PFS includes the
resources, reserves, open pit mine plan, operating and capital
costs and financial analysis for a leach Project which describes
the production of up to 25,000 tonnes (55 million lbs) per year of
copper cathode for a period of 10 years. It is a comprehensive
study of the viability of the Project that has advanced to a stage
where the mining method has been established and an effective
method of mineral processing has been determined, and includes a
financial analysis based on reasonable assumptions of technical,
engineering, legal, operating, economic, social, and environmental
factors and the evaluation of other relevant factors which are
sufficient to determine if all or part of the mineral resource may
be classified as a mineral reserve.
The Propipe PFS was prepared in conjunction with a NI 43-101
resource estimate completed by NCL Ingenieria y Construccion S.A.
("NCL"), Santiago, Chile, as announced in the Company's news
release on January 16, 2008. No additional drilling has been
completed on the Project since the date of that estimate, and the
resource has not been updated since then. The mine plan is
unchanged from the Ausenco report, and no additional metallurgical
testwork has been completed since the date of the Ausenco report.
Full particulars of all exploration data, the key assumptions,
parameters and methods used to estimate mineral resources, quality
control and data verification methods are as disclosed in the
Ausenceo report, filed by the Company on SEDAR on May 23, 2008.
All references to $ in this News Release are references to
US$.
Highlights:
-- Measured and Indicated Resources of oxide and enriched material of 58
million tonnes at 0.59% CuT containing 342,600 tonnes (750 million lbs)
of copper
-- Proven and Probable Mineral Reserves of oxide and enriched ores of 48
million tonnes at 0.61% CuT containing 294,600 tonnes (650 million lbs)
of copper
-- Mine life: 10 years
-- Total copper production: 223,400 tonnes (492 million lbs)
-- Copper price: $2.80/lb, flat
-- Average cash operating costs in years 1 to 5: $1.26/lb Cu
-- Stand-alone acid plant generating Project acid requirements and
contributing to power requirements
-- Initial capital costs: $184.5 million (with an accuracy of +/- 25%,
including $5 million in project contingency, $15 million in other
provisions and $8.2 million in working capital)
-- Pre-tax NPV(10%): $259.5 million, IRR: 41%
-- After tax NPV(10%): $132.7 million, IRR: 29%
-- Copper recovery sensitivity (+/-10%): NPV(10%): +/- $48.6 million, IRR:
+/- 6.8%
-- Operating cost sensitivity (+/-10%): NPV(10%): +/- $23.4 million, IRR:
+/- 3.4%
-- Capital cost sensitivity ( +/-10%): NPV(10%): +/- $12.6 million, IRR:
+/- 3.5%
-- Sulphur price sensitivity (+/-10%): NPV(10%): +/- $2.6 million, IRR: +/-
0.4%
-- Copper price sensitivity:
----------------------------------------------------------------------------
Copper Price, $/lb $1.96 $2.24 $2.52 $2.80 $3.08 $3.36 $3.64
----------------------------------------------------------------------------
NPV(10%) After Tax $
mill -$19.2 $33.0 $83.3 $132.7 $181.6 $230.3 $279.0
----------------------------------------------------------------------------
IRR, % 7.0 15.0 22.4 29.3 35.8 42.0 48.2
----------------------------------------------------------------------------
Alan Stephens, President and CEO of Coro commented, "Coro is
pleased with the outcome of this latest study which once again
confirms the robust nature of San Jorge. The Company is confident
that this revised San Jorge development plan can be executed in an
environmentally responsible manner to the lasting economic and
social benefit of the Provinces of Mendoza and San Juan. In
addition, the Project has the potential to more than satisfy
Argentina's current consumption of copper, and thus could be
developed in accordance with the country's stated policy of
reducing imports. We further believe that the combination of what
would essentially be a rock quarrying operation, similar to many
others currently operating in Mendoza, together with a processing
plant located in San Juan, which has a vibrant and well developed
metalliferous mining industry, should satisfy essentially all of
the objections that were raised to the previous flotation project
which was denied legislative ratification in Mendoza last year.
A copy of this news release together with an accompanying letter
will be sent to all of the members of the recently formed Federal
Organisation of Mining Provinces ("OFEMI"), which includes Mendoza,
in order that they may consider the importance of this Project to
Argentina. Upon the successful development of this leach project
the Company will consider the alternatives for a flotation
project."
I. Mineral Resources:
San Jorge is a mid-sized porphyry copper gold deposit,
containing oxide, enriched, and primary mineralization. Resources
are contained within Oxide material, which can only be processed by
heap leach methods; Enriched material, which could be processed by
heap leach or flotation; and Primary material which can only be
processed by flotation methods. The table below summarizes mineral
resources on the San Jorge property. Mineral reserves disclosed on
the following page are included in the mineral resource numbers
below. The mineral resource calculations described below are
effective as at January 16, 2008 and have remained unchanged since
this date.
Table 1: Mineral Resources
Measure & Indicated (at 0.30% CuT cut-off)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
million
tonnes CuT Au CuT Metal Au
Domain Category (Mt) (%) (g/t) (Mlb) (Mozs)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Oxide Measured 19 0.59 0.23 250 0.15
----------------------------------------------------------------------------
Oxide Indicated 13 0.46 0.20 130 0.80
----------------------------------------------------------------------------
Oxide Measured + Indicated 32 0.53 0.22 380 0.23
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Enriched Measured 24 0.67 0.21 360 0.17
----------------------------------------------------------------------------
Enriched Indicated 1.6 0.47 0.20 17 0.01
----------------------------------------------------------------------------
Enriched Measured + Indicated 26 0.65 0.21 370 0.18
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Primary Measured 36 0.49 0.23 390 0.27
----------------------------------------------------------------------------
Primary Indicated 100 0.41 0.18 910 0.58
----------------------------------------------------------------------------
Primary Measured + Indicated 136 0.43 0.19 1,300 0.85
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Totals Measured + Indicated 190 0.48 0.21 2,000 1.30
----------------------------------------------------------------------------
----------------------------------------------------------------------------
The gold and the Primary resources would not be recoverable in
the Leach Only Project, and therefore only the leachable oxide and
enriched copper resources within an economic envelope of $1.50/lb
copper are shown in Table 2 below:
To view, "Table 2: Leach Only Project Mineral Resources Within
Economic Envelope, based on a $1.50/lb Cu price", please visit the
following link:
http://media3.marketwire.com/docs/coro-0305-table-2.pdf.
II. Mineral Reserves, Mining, Processing and Production
Plan:
The Project contemplates an open pit mine to extract oxide and
enriched material and their processing by heap leach methods,
(including bacterial leaching for the enriched material) and
recovery of cathode copper via solvent extraction-electro winning
(SXEW) together with an on-site sulphur burning acid plant. Overall
ore contained in the mine plan developed by NCL is 48.4 million
tonnes, with an average grade of 0.61% CuT. The Mineral Reserves
are categorized as 83% Proven and 17% Probable of which 55% is
oxide and 45% is enriched as is set out in Table 3. The Inferred
resources are currently considered as waste. The mineral reserve
calculations described below are effective as at May 23, 2008 and
subsequently validated by NCL.
Table 3: San Jorge - Mineral Reserves by Categories and Ore
Type
----------------------------------------------------------------------------
Proven Probable Total
----------------------------------------------------------------------------
ORE COG% kt CuT% CuS% kt CuT% CuS% kt CuT% CuS% %
----------------------------------------------------------------------------
OXIDE 0.3 18,433 0.60 0.47 7,985 0.50 0.39 26,418 0.57 0.44 55
----------------------------------------------------------------------------
ENRICHED 0.2 21,583 0.66 0.13 389 0.47 0.09 21,972 0.66 0.13 45
----------------------------------------------------------------------------
TOTAL 40,016 0.63 0.28 8,374 0.50 0.37 48,390 0.61 0.30 100
----------------------------------------------------------------------------
% 83 17 100
----------------------------------------------------------------------------
The mine plan was driven by two factors; firstly to process up
to a maximum of 6.3 million tonnes per year in the crushing plant;
and secondly to minimize the overall strip ratio, especially in the
early years. This plan to place a total of 48.4 million tonnes of
oxide and enriched material on to heap leach pads was then used by
Propipe to prepare a processing plan for the production of up to
25,000 tonnes per year of copper cathodes during the Life of Mine
("LOM") as is set out in Table 4:
Table 4: Mine, Plant Processing and Production Plan
----------------------------------------------------------------------------
2015 2016 2017 2018 2019
Leach Only Year 1 2 3 4 5
----------------------------------------------------------------------------
Mine Oxide kt 6,000 5,000 5,002 2,891 2,048
Extraction Enriches kt 1,593 1,586 2,073 2,014 2,104
Total Ore kt 7,593 6,586 7,075 4,905 4,152
Waste kt 6,772 4,927 4,511 6,420 6,848
Strip Ratio 0.89 0.75 0.64 1.31 1.65
----------------------------------------------------------------------------
Plant Feed Oxide kt 5,868 5,132 4,466 2,891 2,584
CuT % 0.50 0.55 0.66 0.76 0.46
Enriched kt 0 0 0 2,068 3,716
CuT % 0.00 0.00 0.00 0.44 0.47
Total Ore kt 5,868 5,132 4,466 4,958 6,300
----------------------------------------------------------------------------
Production Avg Recovery % 85.00 85.00 85.00 79.48 73.84
Acid Cons Kg/t 21.1 22.7 31.4 26.2 17.9
Copper Cathodes t 24,999 24,129 24,997 24,661 21,532
Cash Cost (US$c/Lb 125 122 113 122 147
----------------------------------------------------------------------------
----------------------------------------------------------------------------
2020 2021 2022 2023 2024 Total
Leach Only Year 6 7 8 9 10
----------------------------------------------------------------------------
Mine Oxide kt 2,758 2,182 537 COG 0.3 CuT 26,418
Extraction Enriches kt 3,858 6,342 2,401 COG 0.2 CuT 21,971
Total Ore kt 6,616 8,524 2,938 48,389
Waste kt 4,384 2,475 738 37,075
Strip Ratio 0.66 0.29 0.25 0.77
----------------------------------------------------------------------------
Plant Feed Oxide kt 2,758 2,182 537 0 0 26,418
CuT % 0.44 0.54 0.98 0.00 0.00
Enriched kt 3,542 3,050 1,834 5,680 2,082 21,972
CuT % 0.52 0.70 1.60 0.63 0.63
Total Ore kt 6,300 5,232 2,371 5,680 2,082 48,390
----------------------------------------------------------------------------
Production Avg Recovery % 73.70 73.00 69.15 66.30 66.30
Acid Cons Kg/t 18.5 22.4 40.6 17.6 17.6 22.5
Copper Cathodes t 22,547 24,215 23,916 23,684 8,683 223,363
Cash Cost (US$c/Lb 138 121 91 144 179 126
----------------------------------------------------------------------------
The overall LOM strip ratio is relatively low at 0.77:1, peaking
at 1.65:1 in the fifth year with a minimum strip ratio of 0.25:1 in
year eight.
Since the Ausenco engineering study was published in May 2008,
the economic parameters concerning capital and operating costs and
copper price have changed significantly. Costs have increased due
to escalation of labour cost, diesel, power, consumables and
materials, plus the additional transport cost resulting from the
proposed location of the process plant 22 km from the mine. At the
same time, the copper prices have also increased significantly,
compensating for the upward trend in costs. The technical
parameters of the project remained unchanged from the Ausenco
study, except for the location of the heap leach operation. In
order to assess changes in the economic parameters since 2008, NCL
carried out an analysis of the validity of the open pit design,
reserves and mine plan evaluated in the Ausenco study, and
concluded that all those elements are valid under the conditions of
the current study. The main conclusion of the analysis is that
increases in the operating costs are mostly offset by increases in
copper price, to the extent that the selected pit from a Whittle
exercise run using the current parameters is virtually identical to
the pit selected in the 2008 Study. The validity of the Ausenco
mine plan was therefore confirmed; it preferentially extracts oxide
ore early in the mine life, delaying the mining and processing of
the enriched ore which had slower leach kinetics, as well as
deferring project capital. The production plan contains 223,400
tonnes (492 million lbs) of recoverable copper as cathode.
A total of seventeen 4 & 6 m column tests were completed at
SGS Laboratories, Santiago, Chile in 2008. The metallurgical
parameters were validated by Propipe from a diffusion controlled
leaching model developed by Ausenco in 2008. That model used a
scale-up factor of 1.5 and derivation of the projected leach cycle
of 115 days for oxide and 150 days for enriched, average acid
consumptions of 26.1 kg/t for oxide and 18.3 kg/t for enriched, and
recoveries of 85% of total copper for oxide and 66.3% of total
copper for enriched.
Capital and operating cost estimates were updated by Propipe and
reflect the market environment in Argentina (Q4 2011) for owner
mining, crushing, agglomeration, transport and stacking of ore,
acid production from a sulfur burning acid plant, cathode
production by solvent extraction and electro-winning, and cathode
transportation. After a series of trade off studies of the various
power and acid supply alternatives, it was concluded that current
and projected sulfuric acid shortages were best addressed by the
inclusion of a 140,000 ton per year on-site sulfur burning acid
plant. The acid and co-gen power plant was estimated to have a
capital cost of $23.6 million, and was sized to provide the
projected sulfuric acid requirements for the operation, and
approximately half of the 10 MW required project power. The rest of
the power will be supplied from the Argentinean grid in Calingasta
located 93 km to the north of the leaching plant, in San Juan
province, at a cost of $11.5 million.
Trade off studies were also performed to determine the most cost
efficient way of hauling ore from the mine site to the leach
process plant in San Juan. Trucking, conveyor and rail were
studied, with the lowest operational cost and optimal technical
alternative being a 22 km railway with 3,000 HP locomotive and 42
wagons of 56 tonnes capacity, for a total cost of $23.5 million.
Water will be supplied by a 20 km pipeline from the El Tigre stream
located in the Yalguaraz ranch, owned by Minera San Jorge.
III. Operating Costs:
All operating costs associated with ore transport to San Juan
and acid plant were included in the plant operating costs, as shown
in Table 5:
Table 5: Average Annual Operating Costs
----------------------------------------------------------------------------
2015 2016 2017 2018 2019
Cash Cost Summary 1 2 3 4 5
----------------------------------------------------------------------------
MINE $k 23,425 22,037 21,792 22,519 22,876
$/t ore 3.99 4.29 4.88 4.54 3.63
$/kg Cu 0.94 0.91 0.87 0.91 1.06
c/lb 42.50 41.43 39.54 41.42 48.19
$/ton mov 1.63 1.89 1.88 1.98 1.74
----------------------------------------------------------------------------
PLANT $k 35,938 33,085 31,023 34,389 37,236
$/t ore 6.12 6.45 6.95 6.94 5.91
$/kg Cu 1.44 1.37 1.24 1.39 1.73
c/lb 65.21 62.20 56.29 63.25 78.44
----------------------------------------------------------------------------
G&A $k 9,570 9,570 9,570 9,570 9,570
$/t ore 1.63 1.86 2.14 1.93 1.52
$/kg Cu 0.38 0.40 0.38 0.39 0.44
c/lb 17.36 17.99 17.36 17.60 20.16
----------------------------------------------------------------------------
TOTAL $k 68,933 64,692 62,385 66,478 69,681
c/lb 125 122 113 122 147
----------------------------------------------------------------------------
----------------------------------------------------------------------------
2020 2021 2022 2023 2024 TOTAL LOM
Cash Cost Summary 6 7 8 9 10 COST
----------------------------------------------------------------------------
MINE $k 21,931 20,410 12,494 9,153 4,165 180,802
$/t ore 3.48 3.90 5.27 1.61 2.00 3.74
$/kg Cu 0.97 0.84 0.52 0.39 0.48 0.81
c/lb 44.12 38.23 23.70 17.53 21.76 36.72
$/ton mov 1.99 1.86 3.40 1.61 2.00 1.89
----------------------------------------------------------------------------
PLANT $k 37,233 34,638 25,778 56,343 20,590 346,253
$/t ore 5.91 6.62 10.87 9.92 9.89 7.16
$/kg Cu 1.65 1.43 1.08 2.38 2.37 1.55
c/lb 74.90 64.89 48.89 107.91 107.56 70.32
----------------------------------------------------------------------------
G&A $k 9,570 9,570 9,570 9,570 9,570 95,697
$/t ore 1.52 1.83 4.04 1.68 4.60 1.98
$/kg Cu 0.42 0.40 0.40 0.40 1.10 0.43
c/lb 19.25 17.93 18.15 18.33 49.99 19.43
----------------------------------------------------------------------------
TOTAL $k 68,733 64,619 47,841 75,065 34,325 622,752
c/lb 138 121 91 144 179 126
----------------------------------------------------------------------------
IV. Capital Costs:
Initial capital costs, including mining fleet, ore transport,
plant, infrastructure, other provisions, owner costs, working
capital, and contingencies, were estimated by Propipe at $184.5
million, as set out in Table 6:
Table 6: Capital Cost Estimate
----------------------------------------------------------------------------
Initial Capital Expenditure $000's
----------------------------------------------------------------------------
10: Mining 22,050
----------------------------------------------------------------------------
20: Process 49,997
----------------------------------------------------------------------------
40: Utilities & Reagents 2,089
----------------------------------------------------------------------------
50: Onsite Infrastructure 6,549
----------------------------------------------------------------------------
60: Offsite Infrastructure 64,094
Includes: Acid and Co-generation Plant 23,598
Includes: Ore Railway transport to San Juan 23,510
----------------------------------------------------------------------------
70: Indirects 12,479
----------------------------------------------------------------------------
80: Owners Costs 6,763
----------------------------------------------------------------------------
90: Other 20,478
Includes: Working Capital 8,182
Includes: Contingency 5,000
----------------------------------------------------------------------------
Total 184,499
----------------------------------------------------------------------------
An additional $17 million in capital is expended over the life
of the Project as deferred, sustaining and closure costs. The
capital cost estimate excludes losses or gains that may arise from
foreign exchange rate variations, cost escalation, and other
factors, as detailed in the PFS.
V. Financial Analysis:
The Project has been evaluated on both a pre-tax and after-tax
basis, including export levy and provincial royalty. The base case
operating cash flow peaks at $76 million in the 2nd year with a
minimum cash flow of $23 million in the tenth year, which is the
last operating period, as shown in Table 7 below:
Table 7: Operating Cash Flows
----------------------------------------------------------------------------
2014 2015 2016 2017 2018 2019
Cash Flows - $million 0 1 2 3 4 5
----------------------------------------------------------------------------
Revenues 0 154 149 154 152 133
Operating Cost 0 69 65 62 66 70
----------------------------------------------------------------------------
Operating Cash Flows 0 85 84 92 86 63
----------------------------------------------------------------------------
Initial Capital Investment 176 0 0 0 0 0
Deferred Capital Investment 0 2 1 1 1 1
Working Capital 8 -1 -0 0 0 -0
VAT Effect 0 11 -1 -0 1 1
Export Tax 0 5 5 5 5 5
Provintial Tax 0 3 3 3 3 2
Taxes 0 0 0 15 26 19
----------------------------------------------------------------------------
Cash Flow After Tax -184 65 76 67 49 36
----------------------------------------------------------------------------
----------------------------------------------------------------------------
2020 2021 2022 2023 2024
Cash Flows - $million 6 7 8 9 10 TOTAL
----------------------------------------------------------------------------
Revenues 139 149 148 146 54 1,379
Operating Cost 69 65 48 75 34 623
----------------------------------------------------------------------------
Operating Cash Flows 70 85 100 71 19 756
----------------------------------------------------------------------------
Initial Capital Investment 0 0 0 0 0 176
Deferred Capital Investment 1 1 1 1 5 17
Working Capital -0 -2 3 -5 -4 0
VAT Effect -0 -1 -3 6 -13 0
Export Tax 5 5 5 5 2 47
Provintial Tax 3 3 3 2 1 27
Taxes 21 26 32 22 5 167
----------------------------------------------------------------------------
Cash Flow After Tax 41 52 59 40 23 322
----------------------------------------------------------------------------
A summary of the economic evaluation at the base case copper
price of $2.80/lb is shown in Table 8:
Table 8: Economic Evaluation at $2.80/lb
----------------------------------------------------------------------------
Economic Evaluation Summary - $m Base Case LT $ 2.80 /lb
----------------------------------------------------------------------------
Discount Rate 8% 10% 12%
----------------------------------------------------------------------------
Pre Tax Project NPV 302 259 222
------------------------------
IRR 41%
----------------------------------------------------------------------------
After Tax Project NPV 160 133 109
------------------------------
IRR 29%
----------------------------------------------------------------------------
Payback (years) 4
----------------------------------------------------------------------------
VI. NI 43-101 PFS:
Propipe managed the preparation of the PFS which will be
completed and filed on SEDAR and Coro's web site within 45 days of
this release.
All principal technical personnel and Qualified Persons ("QP")
participating in the development and review of this PFS have
extensive relevant experience. The various parties responsible for
supplying data and other information for the report are as
follows:
Sergio Alvarado, BSc (Hons.) Geology, Member of Canadian
Institute of Mining, Metallurgy and Petroleum (CIM), The Chilean
Mining Commission (CMC) and The Chilean Mining Engineers Institute
(IIMCh), who served as an associated consultant for Propipe, was
responsible for the overall preparation of the PFS as defined in
National Instrument 43-101, Standards of Disclosure for Mineral
Projects and in compliance with Form 43-101F1. He has no
relationship with the Company other than in the preparation of this
report.
Rodrigo de Brito Mello, FAusIMM (Consulting Geologist, RBM Ltda)
served as the Qualified Person for those parts of the PFS relating
to geology and resource estimation. Mr. Mello completed a site
visit from October 22nd to 26th 2007, when he was employed by NCL
as a geologist and served as QP for both reports mentioned above.
Mr Alvarado has no relationship with the Company other than in the
preparation of this report. He has no relationship with the Company
other than in the preparation of this report.
Eduardo Rosselot, Mining Engineer, Chartered Engineer (CEng)
Engineering Council UK, Professional Member of Institute of
Materials, Minerals and Mining (IMMM) UK, Professional Member of
Colegio de Ingenieros de Chile, who served as an associated
consultant for NCL, was responsible for the section relating to
mining. Mr. Rosselot visited the property in January 2012. He has
no relationship with the Company other than in the preparation of
this report.
Enrique Quiroga, Mining Engineer, member of Engineering School
(Chile) and The Chilean Mining Commission, who served as an
associated consultant for Propipe, was responsible for those
sections relating to mining and process design, engineering and
cost estimation. Mr Quiroga visited the property in September 2011.
He has no relationship with the Company other than in the
preparation of this report.
Jaime Simpson, employed by Propipe as Technical &
Development and Research Manager, was responsible for metallurgical
process, engineering input, capital and operational cost estimate
for plant. Mr Simpson visited the property in January 2011. He has
no relationship with the Company other than in the preparation of
this report.
Victor Araya, employed by Propipe as Project Director, was
responsible for infrastructure capital estimate and undertaking
cash flow analysis. He has no relationship with the Company other
than in the preparation of this report.
Heriban Soto, MSc, PhD, QP, Technical Director SGS, was
responsible for supervising the metallurgical test work and
reporting. He has no relationship with the Company other than in
the preparation of this report.
The financial analysis was completed by Coro management.
Collectively, Sergio Alvarado, Rodrigo de Brito Mello, Eduardo
Rosellot, Enrique Quiroga and Heriban Soto are the Qualified
Persons for purposes of National Instrument 43-101, and have
approved the San Jorge Information contained in this press
release.
Alan Stephens FIMMM, President and CEO of Coro, a geologist with
more than 36 years of industry experience is the Qualified Person
for Coro who has reviewed and approved the contents of this press
release.
All mineral resources have been estimated in accordance with the
definition standards on mineral resources and mineral reserves of
the Canadian Institute of Mining, Metallurgy and Petroleum referred
to in National Instrument 43-101, commonly referred to as NI
43-101. U.S. reporting requirements for disclosure of mineral
properties are governed by the United States Securities and
Exchange Commission (SEC) Industry Guide 7. Canadian and Guide 7
standards are substantially different. This press release uses the
terms "measured," "indicated" and "inferred" resources. Mineral
resources which are not mineral reserves do not have demonstrated
economic viability. We advise investors that while those terms are
recognized and required by Canadian regulations, the SEC does not
recognize them. Inferred mineral resources are considered too
speculative geologically to have economic considerations applied to
them that enable them to be categorized as mineral reserves.
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, El
Desesperado, Chacay, Llancahue, and Celeste copper exploration
properties located in Chile.
About ProPipe S.A.:
ProPipe is a Chilean supplier of consultancy, engineering and
project management services to its customers in the mining process,
infrastructure and environment markets. ProPipe have relevant
experience in conceptual and basic design, preliminary feasibility
and feasibilities studies, and detailed engineering for mining
companies in Chile; some of the main clients are BHP Billiton's
Minera Escondida, Antofagasta Minerals's Minera Los Pelambres,
Minera El Tesoro, Minera Esperanza, Minera Las Cenizas and Algorta
Norte. The latest Propipe's projects are Camarones 12,000 ton per
year Copper Cathodes plants, Algorta Norte 78 km Sea Water Pipeline
and Minera Escondida Coloso Filter Plant Expansion Project.
ProPipe main office is located in Santiago of Chile, and have
more than 100 professionals dedicated to the design and management
of engineering projects, allowing covering efficiently the stages
of evaluation, design and implementation of projects.
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 Company's business strategy,
the prices of copper, construction schedules, operating and capital
budgets, anticipated mineral recoveries, 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, global economic conditions, changes in
prices or demand for commodities including, in particular, copper,
changes in exchange rates, changes in national or local
governments, changes in legislation or regulation or the
implementation or interpretation of laws or regulations, changes in
tax rates, timeliness of government approvals, political or
environmental activism, the factual results of current exploration,
development and mining activities, accuracy of resource and reserve
estimates, changes in project parameters as plans continue to be
evaluated, access to skilled personnel, labour relations, costs of
labour, costs and availability of materials and equipment, changes
in refining or transportation costs, as well as those other 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. The
Company does not intend, and does not assume any obligation, to
update these forward-looking statements, except as required by
applicable laws. Actual results may differ materially from those
expressed or implied by such forward-looking statements.
Contacts: Coro Mining Corp. Michael Philpot Executive
Vice-President (604) 682 5546investor.info@coromining.com
www.coromining.com
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