Coro Provides Update on San Jorge Project
April 17 2012 - 1:19PM
Marketwired
Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to
provide an update on its San Jorge project, located in Mendoza
province, Argentina.
The results of the Company's Preliminary Feasibility Study for
the San Jorge Copper Leach Project, announced in our news release
dated March 5th 2012, have now been presented to all of the members
of the recently formed Federal Organisation of Mining Provinces
("OFEMI"), including the governments of Mendoza and San Juan. The
proposed Copper Leach Project would comprise a rock quarrying
operation in Mendoza province together with a processing plant
located in San Juan province, for the production of up to 25,000
tonnes per year of copper cathode. The Company is confident that
the Project 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, San Jorge has the potential
to more than satisfy Argentina's current consumption of copper, and
thus could be developed in accordance with the country's policy of
reducing imports.
Alan Stephens, President and CEO of Coro commented, "We intend
to expeditiously advance discussions with the governments of both
provinces and with Argentina national government authorities, with
the objective of obtaining the approval of the government of
Mendoza before year end. An Environmental Impact Study ("EIS")
would then need to be prepared and submitted for the proposed plant
facilities in San Juan province."
San Jorge Legal Update
As stated in our news release of December 30th 2010, Oikos, a
local environmental NGO opposed to the project, filed legal claims
against our subsidiary, Minera San Jorge ("MSJ") and its directors,
requesting that the San Jorge Flotation Project EIS approval
process be suspended, based on alleged non-compliance with certain
resolutions and deliberate misinterpretation of documents. Although
the EIS was approved in February 2011, the resulting Environmental
Impact Declaration ("EID") was denied legislative ratification last
August, in part due to the negative media coverage and other
protest actions provoked and fomented by Oikos, and its
representative, Eduardo Sosa.
The Company is pleased to report that the Mendoza court has
dismissed these legal claims as being without foundation or
justification, and as a consequence, MSJ has demanded that Oikos
issue a public retraction of its defamatory remarks and make a
donation to a charity of our choosing. Failure to do so may result
in MSJ launching criminal and/or civil proceedings against Oikos
and its representative for defamation and libel; and seeking
consequential damages.
The 7722 law, which required the ratification of the approved
EID is currently subject to legal challenges of its
constitutionality by Coro and several other parties. We continue to
anticipate that this lawsuit may be resolved in the second half of
2012 and in the event that the courts find that the law is indeed
unconstitutional, the denial of legislative ratification of the
Company's EID, may be deemed to be null and void. Finally, Coro
maintains its rights to seek legal redress and compensation from
the Mendoza government and certain individuals, resulting from the
unlawful denial of the ratification of the Company's valid and
approved EID in August 2011.
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.
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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