Coro Submits an Update to Its Approved Environmental Impact Study for the San Jorge Project
July 30 2012 - 10:17AM
Marketwired
Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to
announce that it has submitted an update to its approved
Environmental Impact Study ("EIS") to the government of Mendoza,
Argentina, in relation to the San Jorge Bi-provincial Leach Project
("the SJBP Leach Project"). The results of the Company's
Preliminary Feasibility Study for this Project were announced in
our news release dated March 5th 2012.
The SJBP Leach Project comprises 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 in cathode. The update describes the impacts and
operation of the proposed railway line to transport ore from the
San Jorge quarry to a planned solvent extraction/electro-winning
plant located in San Juan. The aspects of the approved EIS related
to the original San Jorge flotation project are unchanged and will
be held in abeyance until such time as that project is able to
proceed. The Company is confident that the SJBP Leach 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, 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 policy of reducing
imports.
Alan Stephens, President and CEO of Coro commented, "The SJBP
Leach Project can be operated in full compliance with all existing
laws and regulations in both provinces, and applicable royalties
will be paid to the province of Mendoza. Additionally, as no
mineral processing will take place in Mendoza, no substances banned
by the 7722 law will be employed there. We look forward to the
expeditious approval of this simple update by the Mendoza
authorities, so that we can then prepare and submit a further EIS
for the proposed plant facilities in San Juan province. For
clarification, San Jorge is located at an elevation of
approximately 2,600m and is not in the high Andes; therefore it
will not be affected by the recent Argentinean legislation designed
to protect the country's glaciers."
San Jorge Legal Update
As stated in our news release of April 17th 2012, the Company
requested that Oikos, a local environmental NGO opposed to the
project, issue a public retraction of certain defamatory remarks
made by it during the EIS approval process in 2011 and make a
donation to a charity of our choosing. Unfortunately, no such
retraction was forthcoming and so Minera San Jorge has initiated
legal proceedings against Oikos and its representative, Eduardo
Sosa, for defamation and libel, and is seeking consequential
damages. Coro maintains its rights to seek legal redress and
compensation from the Mendoza government and certain other
individuals, resulting from the unlawful denial of the ratification
of the Company's valid and approved EIS in August 2011.
The 7722 law, which required the ratification of the Company's
approved EIS, is currently subject to legal challenges of its
constitutionality by Coro and several other parties. These lawsuits
are now approaching the final stages of court proceedings and the
Company continues to anticipate a judgment in the second half of
2012. In the event that the courts find that the law is indeed
unconstitutional, the denial of legislative ratification of the
Company's EIS for the San Jorge flotation project may be deemed to
be null and void.
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, legal challenges and proceedings, 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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