Coro Provides Update on Sale of Chacay
April 02 2013 - 11:38AM
Marketwired
Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to
provide an update on the sale of its Chacay project to Compania
Minera Relincho SA, a subsidiary of Teck Resources Limited ("Teck")
for a total price of US$2.5 million plus a 1.5% net smelter return
("NSR"), as previously announced on February 19th 2013.
Teck and Coro have now agreed to amend the purchase price to $2
million plus a 1.5% NSR payable on closing of the sale and transfer
of the core mining claims covering the known mineralization, plus
an additional $0.5 million plus a 1.5% NSR payable on conversion of
the surrounding exploration claims to mining claims. This
conversion process is expected to be completed before the end of
2013.
Alan Stephens, President and CEO of Coro commented, "We
anticipate closing of the initial transaction within 7 to 10 days
and will be completing the conversion of the exploration claims to
mining claims expeditiously."
Alan Stephens, FIMMM, President and CEO of Coro, a geologist
with more than 37 years of 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 copper
development project and the El Desesperado, Payen, Llancahue
exploration properties all 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 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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