Coro Reports Resource Estimate for Berta Sur
December 06 2012 - 10:56AM
Marketwired Canada
Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce the
results of an independent National Instrument 43-101 compliant resource estimate
for the Berta Sur deposit on its Berta property, located approximately 20km west
of the village of Inca de Oro, in the III Region of Chile. Coro announced
preliminary metallurgical results from Berta Sur on November 5th 2012. The
resource estimate was completed by Propipe SA, an engineering firm based in
Santiago, Chile at a variety of total copper (%CuT) grades, as shown on Table 1,
below.
Table 1: Resource Estimate
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Measured &
Cutoff Measured Indicated Indicated Inferred
------ ----------------- ---------------- ----------------- ---------------
%CuT kt %CuT %CuS kt %CuT %CuS kt %CuT %CuS kt %CuT %CuS
---------------------------------------------------------------------------
0.10 10,672 0.32 0.21 7,725 0.17 0.10 18,397 0.26 0.17 6,465 0.16 0.10
---------------------------------------------------------------------------
0.15 8,498 0.37 0.25 4,250 0.21 0.13 12,748 0.31 0.21 3,705 0.19 0.12
---------------------------------------------------------------------------
0.20 6,736 0.42 0.29 1,814 0.25 0.16 8,550 0.38 0.26 1,363 0.23 0.14
---------------------------------------------------------------------------
0.25 5,254 0.47 0.33 691 0.31 0.20 5,945 0.45 0.31 265 0.27 0.17
---------------------------------------------------------------------------
0.30 4,170 0.53 0.37 261 0.37 0.24 4,431 0.52 0.36 21 0.32 0.20
---------------------------------------------------------------------------
In order to demonstrate the potential economic viability of the Berta Sur
resource, a series of pit optimizations using the Lersch & Grossmann algorithm
was then completed utilizing appropriate operating costs, results obtained from
the Company's previously announced preliminary metallurgical test work, and a
variety of copper prices. For a $3.00/lb copper price, the optimum pit was
determined to contain 6,101,000t at a grade of 0.40%CuT and a stripping ratio of
0.04:1. An upside case pit at $3.825/lb Cu contains 9,687,000t at 0.34%CuT and a
stripping ratio of 0.16:1. The two pit outlines are shown on Figure 1, together
with the Berta Central oxide zones, not included in the current resource
estimate. A typical block model cross section is shown on Figure 2.
To view Figures 1 and 2 please click on the following link:
http://media3.marketwire.com/docs/COP1206.pdf
Alan Stephens, President and CEO of Coro commented, "We are pleased with the
continued progress of our Berta project, where we have now demonstrated that the
Berta Sur resource, while modest in size, has a negligible stripping ratio, with
the further advantage that the preliminary metallurgy indicates quick copper
recoveries and low acid consumptions. We see potential for additional resources
on the property in the Berta Central deposits, and believe there may be
potential elsewhere on the property and the surrounding district to augment
these. Coro now intends to advance the project to the completion, by mid-late
2013, of a feasibility study for a standalone SXEW project with planned
production of 5,000 tpy copper in cathode, with attached acid plant to supply
all project power requirements."
Parameters Used in the Construction of the Mineral Resource
The NI 43-101 compliant mineral resource estimate was based on a total of
14,362.45 meters of drilling in 91 holes, (including reverse circulation (RC)
drilling completed by 2 major companies in the 1990's (23 holes); diamond
drilling completed by Grancru Resources in 2007 (2 holes); and RC drilling (66
holes) completed by the Company in 2011-12); and a total of 938.6m of surface
trenching in 11 trenches completed by one of the aforementioned major companies.
The mineral resource estimate has been generated from drill hole and trench
sample assay results and the interpretation of a geologic model which relates to
the spatial distribution of copper in the deposit. Grade estimates were made
using ordinary kriging with nominal block size measuring 2.5 meters long, 2.5
meters wide and 2.5 meters in height. Resources have been classified by their
proximity to sample locations and are reported according to CIM standards on
Mineral Resources and Reserves.
The in pit mineral resource was constructed according to technical and economic
parameters in Table 2, assuming the construction of a sulphur burning acid plant
capable of generating the project's power requirement.
Table 2: Technical and Economic Parameters
----------------------------------------
Mining $2.09/t
----------------------------------------
Processing $4.74/t
----------------------------------------
SX EW Cost $0.102/lb
----------------------------------------
G&A $0.045/lb
----------------------------------------
Sales and marketing $0.041/lb
----------------------------------------
Recovery 80%
----------------------------------------
Inter ramp pit slope 50 degrees
----------------------------------------
Copper Price $3.00/lb
----------------------------------------
An updated NI 43-101 technical report detailing the mineral resource estimate
will be completed and filed on SEDAR (www.sedar.com), and Coro's website
(www.coromining.com), within 45 days.
El Inca Project
Results have now been received from a program of reverse circulation and diamond
drilling at the Company's El Inca project, located approximately 4km northeast
of the village of Inca de Oro. A total of 7 reverse circulation holes (1,633m)
were completed, with two of these holes deepened by diamond drilling (470m).
Propylitic alteration with only sub-anomalous Cu and Au geochemistry, possibly
indicative of the margins of a porphyry system, was encountered in all holes
under thick gravel. No further work is planned.
Qualified Person Notes
The mineral resource estimates contained in this news release have been prepared
in accordance with National Instrument 43-101 Standards of Disclosure for
Mineral Projects ("NI 43-101"). The technical information in this news release,
including the information that relates to geology, mineralization, drilling, and
mineral resource estimates on the Berta deposit, is based on information
prepared under the supervision of, or has been reviewed by Sergio Rivera, Vice
President of Exploration, Coro Mining Corp, a geologist with more than 30 years
of experience and a member of the Colegio de Geologos de Chile and of the
Instituto de Ingenieros de Minas de Chile. The foregoing person is a "qualified
person" for the purposes of NI 43-101 with respect to the geology,
mineralization and drilling being reported on. The "qualified person"
responsible for the independent resource estimate at Berta Sur was Sergio
Alvarado Casas, a Consultant Geologist with more than 27 years of experience. He
is General Manager and partner of Geoinvestments SpA and served as associated
consultant for Propipe SA. He is a member of CIM, the Chilean Mining Commission,
and the Instituto de Ingenieros de Minas de Chile. The technical information has
been included herein with the consent and prior review of the above noted
qualified persons. The qualified persons have verified the data disclosed,
including sampling, analytical and test data underlying the information or
opinions contained herein.
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 (CIM) 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 News 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, Payen, 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,
metallurgical results and resources, mining and processing costs 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Coro Mining Corp.
Michael Philpot
Executive Vice-President
(604) 682 5546
investor.info@coromining.com
www.coromining.com
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