Coro to Sell Chacay Property
February 19 2013 - 9:07AM
Marketwired
Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to
announce that it has agreed to sell its Chacay property, located in
the III Region of Chile, to Compania Minera Relincho SA, a
subsidiary of Teck Resources Limited ("Teck") for US$2.5 million
cash plus a 1.5% net smelter return royalty. The sale is subject
only to title due diligence and is expected to close by March 25,
2013.
Alan Stephens, President and CEO, commented, "We are pleased to
be able to monetize our Chacay property by selling it to Teck,
owners of the nearby feasibility stage Relincho project. We will
use the proceeds to further advance our exciting Berta, El
Desesperado and Payen projects. As with the sale of our Cordero
property in Mexico to Valley High Ventures in 2008, and the
subsequent disposition of our shares in the market, the sale of
Chacay for cash continues to demonstrate Coro's ability to achieve
non-dilutive financing through the sale of non-core assets."
About Chacay
Chacay is an early stage porphyry copper prospect located 50km
east of the city of Vallenar, and 12km southeast of Teck's Relincho
copper project, in the III Region of Chile. Coro completed 3
campaigns of drilling in 2010 and 2011, which resulted in the
discovery of a chalcocite enrichment blanket under a leached cap.
No resource estimate was completed for the property.
The Company also advises that it has elected not to proceed with
the El Inca project, located in the III Region of Chile. In
addition, the Company advises that it has made the second payment
on the El Desesperado project, located in the II Region of
Chile.
Alan Stephens FIMMM, President and CEO of Coro, a geologist with
more than 35 years of industry experience is the Qualified Person
for Coro who has reviewed and approved the contents of this News
Release.
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
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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